Reasons to Buy a Home Before Summer Ends

The start-of-the-school-year timing

Even if you don’t have any kids that you’re hoping to have settled before the first day of school, this could still make an impact on your move because the sellers may be hoping to be out before the back-to-school frenzy. They may have kids they're looking to get settled in a new home before the school year starts. Thus, there's a chance they may be more inclined to accept an offer quickly instead of trying to lay the grounds for a bidding war. If you do have children, there’s the obvious benefit of not having to move school districts mid-year. 

Get in before the inventory dips

While inventory issues have persisted for at least a couple years now, traditionally there are more homes to go around in the summertime than when the market cools off in the fall. Late summer is often an optimal time to buy, since there are more homes to choose from.

Get a good look at the landscaping and lighting

Trying to get a picture for what kind of sunlight your potential home will receive in the grey, cloudy days of February can be tricky. But step into a home on a sunny summer afternoon and you’ve got your answer. You'll be able to a home's light at its full potential. It’s also a great time to consider your landscaping. Better light in the front, the back? You can start picturing your hydrangeas in the shade, your chrysanthemums in the sun, and you can see any areas that need landscape help.

Room for renovation

With lower inventory, you may find the homes that have been renovated and updated to perfection may be flying off the market. Don't despair. Check out those homes that just need some TLC and it may be worth it. You'll have time to see how a home feels and how you live in it before you decide what you'd like to have done to it. Then you can start scheduling renovations for when the market (and the weather) cools off a bit.

There’s still time to enjoy the outside space

If part of your desire to buy a home is to have some outdoor space to yourself, it's nice to get in while you can still enjoy the elements. Moving can be a major hassle, so why not move in the summer, when after a long day of unpacking you can step outside onto your back deck for a little relaxing? Or let your kids run around the backyard to blow off some steam while you unpack. It's also a great time to be able to put on a fresh coat of paint where needed,  before the cold front comes.

A better chance to meet neighbors

Not only might you enjoy walking around the neighborhood in the summertime weather, but your potential neighbors are more likely to be out and about, too. You can get a feel for the general vibe of the neighborhood, such as if there are kids riding bikes, dogs being walked, people gathered on porches or in their yards. You'll have a good chance to meet a few people and start building long-lasting relationships.

The risk of waiting on rates to fall

Interest rates have definitely reduced the number of eligible buyers, but they still remain relatively low from a historical perspective. When we think back to the all-time high of over 18% in the '80s, seeing rates climbing into the 7% range doesn't look as bad. Experts point out that with these unpredictable rates, it is pretty impossible to time the market. If you find financing you can afford, it could be beneficial to lock in a rate. There’s always the opportunity to refinance down the road if rates fall, and this way you’re building equity while you wait.

So, do you think you want to buy before fall? Let's get in touch!