Thinking about purchasing a home this summer?
Summer is the sunniest time of year! It is a great time for exploring new neighborhoods and dreaming about those future backyard BBQs. Before you start any serious browsing though, it’s important to understand what the housing market is like for buyers right now. It is also best to know what you can do to end up with the best home for the best price.
If you’re thinking about purchasing a home in summer, one unyielding fact will present itself:
With the nicer weather comes increased competition for the home you want.
San Diego can be a different kind of animal than most cities because we have great weather almost all year round, so the market tends to be great all year round. Summer is the exception though. The real estate market does tend to hibernate more during the colder months, only to return with a vengeance once the temperatures are on the rise again.
The number of new listings decreases in the Summer. Like the Fall and Winter holiday season, Summer is a big travel season for many people. But right now we are seeing a steady supply in homes and the demand is still there.
Buying a home is the American Dream after all!
Many buyers have more time to hunt for houses and move during the summer, so with the high demand for homes, we need to keep up the supply. So now is the time to sell!
But for you buyers, there comes the ‘bid war’ dilemma. During active demand periods such as summer, when more people are buying homes, so you’re more likely to find yourself in a bidding war. This means, you could put in an offer on a house, but find that someone else is promising more money. Of course, there are ways to help boost your chance to be the buyer chosen, and I would love to help you do that!
One kind of house that gets overlooked during the summer months, because of heat and work, are fixer-uppers. Buyers can get a great deal on a home that others pass by because they aren’t appealing at first look. Imagination is key here! Buyers and agents need to do some research on how much certain home improvements cost and figure out how much they would need to put in to make it their dream home, and see if it is worth it.
Want to see why San Diego is the place to buy a home? Click to learn more.
Here are a few tips for buying a home this summer:
- Be selective when choosing your Realtor.
- You need a pro in your corner during these high demand months! Contact me now to learn if we would make a great fit.
- Consider your long term plans before buying a property.
- If you are going for a fixer-upper, how long until it is ready or livable?
- Be sure you know how much house you can afford, realistically.
- This goes for any time of year, GET PRE-APPROVED!
- Know that a purchase agreement is a contract.
- Knowledge of the process is needed, but of course, I would guide you through it and help you with any and all questions.
- Know what you want, and don’t waste time
- Knowing what kind of property, home, features, everything, will help you out immensely in the long run. Wasting time being picky and choosy could lose you your dream home.
So summer could be the perfect time to buy for you! But remember the prospect of juggling the selling of a home with road trips, beach days, and family gatherings isn’t exactly desirable to sellers. So getting their home sold quick could mean a deal for you.
Any season is the best season to buy, but I want to help, so contact me now.