Since this elusive summer finally seems to be here, now is as good a time as any to discuss some of the pros and cons of buying a home over the next few months. Spring and summer are traditionally the most popular time of year to buy a new home, but are they the ‘best’ time of year to buy? That really depends on which elements are most important to you.
Summer Home Buying Pros
Naturally, summer looks and feels like a great time to get out there and buy a new home, and there are several pros to reflect that feeling.
Curb Appeal – The gardens are in full bloom, leaves are on the trees and the grass is nice and green. You’ll definitely see you’re potential new home at its best in the summer months.
School Schedules – If you have children that are in school, buying in the summer allows them to get comfortable in a new area and possibly make new friends before the new school year starts.
More Selection – Just as it feels like a great time to buy, it also feels like a great time to sell, and the selection is usually at its highest through the spring and summer months. Most prospective homebuyers like having more options to choose from.
Summer Home Buying Cons
Buying in the summer isn’t always the best scenario. Depending on your personal situation, you may want to avoid it entirely.
Higher Prices – More people looking usually means sellers can ask for more for their house and get it. You may have to pay more for the privilege of a summer purchase.
Competition – More people looking isn’t all about higher prices. The increased competition means you must be willing to act fast when you see something you like, and it can lead to bidding wars and extra stress.
Buying and Selling – If you’re in a situation where you have to sell one home and buy another, the extra inventory on the market may interfere with the process. Since the house you’re trying to sell is competing with many others, if your purchase is contingent on making that sale, it could make for some sleepless nights.
Hot Weather Tricks – Sometimes, the dry weather of summer can hide moisture issues. Everything may look dry, but it’s only because it hasn’t rained much. Look for signs like water marks on the ceiling, gaps around doors and windows or warping and swelling on wooden door and window frames. And don’t ever finalize the purchase without a proper home inspection.
Buying a home in the summer isn’t good or bad, just make sure you take a moment to look at the big picture and see how these factors apply to your family to figure out if it’s right for you.