Spring is Here! Did you know summer is the peak season in real-estate transactions?
There are various reasons that drive towards the seasonality.
Reasons that drive the seasonal uptick in Real-estate in Summer
More daylight and visibility: In contrast to winter months when it is cold and the days are short, summer offers a better climate to show/view houses. Additional, length of the daylight is helpful furthermore. But more importantly the warm weather allows people to make houses ready for showing and allows the buyers to see the houses in comfortable weather. In many parts of the US, the snow is a hindrance during the winter season for exploring homes.
Academic School Year: Lot of the housing moves are related to kids' academic school year. The sellers are wanting to make sure their kids can finish the school year in the current school and start the new year in a new school. The same considerations are for buyers to ensure that they can ensure that the kids are not disrupted during the academic school year.
More appealing for Moving: If you are moving cities or even within the city, it is also a better time to travel in summer to move your homes.
More inventory: While it is a chicken-and-egg scenario, the above factors contribute to having more inventory, giving more options to the buyers to look at and match with their needs better. And the higher inventory bring in more buyers into the market year after year.
Price Realization: With higher interest from buyers, the sellers can ensure that they have more interested buyers in their property, as their home is more likely to match with the higher number of buyers in the market. This ensures that the sellers have better price realization on the homes they are selling.
Check out the past market trends and seasonality in the real-estate market by using the trend charts Nationwide, state, county & metro areas.
As a savvy seller & buyer who is considering selling or buying your home during summer, the preparation should start well in advance of it.
Sellers: As a seller, if you plan to list your home for sale during summer, you should be looking to work with a realtor who can consult on what are the early steps that you can take towards best price realization. Various steps that they should take early on can be to evaluate any fixes/modifications that will entice more buyers, basic improvements like yard work, painting etc. can go a long way, ensure that you can run comparative market analysis with your realtor, ensure all the property documents are in order and more. It is a great time to consult your realtor and ensure that you can take care of these tasks early on and be ready for a successful summer outcome. Some of the sellers are also looking to upgrade to another place, and they can also benefit by preparing early as a buyer and if there are additional considerations to effectively navigate both the buying and selling needs.
Buyers: One of the most critical steps towards being prepared for making a home purchase, is to ensure the finances are in place. Working with a realtor who can guide you towards a good mortgage company is the first step. If you are an all-cash buyer with finances in place, you can potentially skip this step. Although, there might be other considerations and benefits to account for. The other important preparation is to understand and define what are your home buying needs. Having a basic sense of the areas of interest, size of the home, number of bed/bath, any specific requirements around front yard/backyard, swimming pool, view etc. are great considerations to discuss with your realtor. The early research and reviewing the available homes in the market, goes a long way when you are ready to start viewing homes. This allows you to refine your criteria and identify what are the must-haves and nice-to-have features in your home buying.
If you are interested in discussing your real-estate needs, set-up a free market consultation with me.
