If you’re planning on purchasing a home this summer, you’re not alone! Largely due to low inventory and a fiercely competitive market, a large number of local buyers weren’t able to land their dream home this spring, and we anticipate a continued busy summer season!
That said, the summer home-shopping market invariably cools following the peak months of April and May. Plenty of buyers and sellers place their real estate needs on hold for vacations (“down the shore!”) and some families are hesitant to settle after the beginning of the new school year. As a result, buyers tend to enjoy a bit less competition in the months of July and August, including far fewer bidding wars.
Another advantage to buying a home this summer is the price! It’s common for sellers to drop the price of their home in an effort to settle prior to the fall. Be on the lookout for significant price drops in July and early August! Thankfully, buyers are also expected to save money with the low interest rates. The nation’s average mortgage rate has returned to pre-recession levels, and borrowers will be able to take advantage of historically-low rates.
One important consideration for clients in the summer is the availability of their real estate agent. Since many agents take vacations in the summer, it’s especially important to discuss their schedule and ability to show homes, particularly on the weekends, with little notice. At EveryHome, our agents work together to assist each other with showing homes while traveling – as a result, you can be sure that we’re always available for you!