When it comes to buying a home, the list of things to think about can be quite extensive. On top of having many decisions to make, such as where to buy, how much you can afford, there is also the ‘when’.
While there might be some conflicting information about when exactly is the best time of year to buy a home, with summer upon us, let’s take a closer look at whether or not the summer can be an ideal time to take this step.
The Pros of Buying a Home in the Summer:
Since many listings go up in the late spring, the summer time can be an ideal time to buy a home. For those house hunters who start their search in the summer, this can mean that they may wait until the fall to make their purchase. This can then mean that there will be slightly less competition to buy a home in the summer. The occurrence of bidding wars may be lower and you may be more likely to secure the home you have been looking for with less competition.
In addition to the lowered competition, buyers may also be able to take advantage of lowered prices since many of the homes still listed may have been on the market now for several months. In this instance, sellers may be more open to negotiating prices if they think they may have already missed out on peak selling season.
Moreover, if a particular home was listed in the springtime and has not sold, this could be attributed to the fact that it had been overpriced when it initially went on the market. By summertime, however, the sellers may have reduced the price, thus allowing home buyers the ability to purchase the home for less – or at least at a more authentic value.
Another reason why summer may present a better time for the house hunter, has to do with the simple fact that shopping for a home is more pleasant in warmer weather. Additionally, if you buy a home in the summer, you can potentially move in before the fall – or at least the colder weather and this can make the actual process of moving more enjoyable as well.
Last on the list of pros for buying a home in the summer relates to the school year. If, for example, you can get into your home before the fall, this can create less disruption for your children, as they will still be on summer vacation. Depending on where you move, you won’t have to uproot them from their school mid-school year, and instead they have the opportunity to begin the next year at the same time as all the other students.
As you can see there are many positive reasons for opting to buy a home in the summer, and next let’s take a look at some of the potential downsides.
The Cons of Buying a Home in the Summer:
Just as there may be less competition in the summer version the spring, the summer can propose its own challenges when looking for a new home to call your own. While on one hand, the summer might not be as busy as the spring or even the early fall, it is likely to still be more competitive than the winter months. If for example, many buyers may have also opted not to purchase a home in the spring at an overvalued price, and instead they two may be waiting until the summer.
In this scenario, you could still find yourself in a bidding war or at least feel rushed to buy a home before you have really thought things through. If ultimately, you don’t want to feel pressured to buy a home before you’re ready, then perhaps choosing a time of year when the market is a bit slower is a better option for you.
Buying a home in the summer can also present a problem when it comes to observing any evidence of dampness in the home. While winter can also provide a ‘cover’ for various elements of the home with regards to the outside, the hot summer can do the same with both the interior of the home as well as the property itself. This perhaps is why some buyers tend to want to buy a home in the spring or the fall, as the property and the interior of the home are more authentically viewed and they are more aware of what they are getting into.
Finally, moving in the summer may end up costing you more in terms of moving expenses. While not the busiest time of year compared to the spring, the summer has still be associated with a peak time to move and as a result, movers typically charge more money for these services. While it is true that there may be some downsides to moving in the late fall or winter as well, it is common for moving companies to lower their prices when they are less busy, such as in the late fall and especially during the winter months.
Ultimately, moving in the summer may just end up costing you more compared to buying and moving during another time of year.
With that being said, if you still want to buy your home in the summer, yet know you will have a later move-in date, perhaps you can still manage to secure the services of a moving company for less even if you purchase you home during the summer months.
In the end, there are both advantages and disadvantages to buying a home in the summer. If you do want to save money as well as make the actual moving process a lot more stressful, then being aware of the pros and cons of buying a home in a particular time of the year is definitely an important part of the overall house hunting process.