In youโre in the market for a new home, youโve probably heard that spring and summer are the best times to buy. Thatโs when youโll find the largest inventory of homes for sale. On the flip side, youโll also have more competition from other motivated buyers. If youโre gearing up for your summer home search, hereโs what you should know.
Know what youโre looking for
Have you thought long and hard about what you really need in a house, versus what you want? Now is the time to make a list and really consider what is a deal breaker โ and what isnโt. Do you really need a pool, or is that something you can add down the line? There are probably things you need more than that dream pool. Be sure you know what they are.
Be ready to act
Once youโve compiled your must have list, itโs time to get preapproved for a mortgage. Spring and summer are the busiest times of year in the housing market, and youโll have lots of competition. You donโt want to find your dream home only to have someone else snatch it up because you werenโt preapproved. A preapproval letter submitted with your offer will demonstrate to sellers that you are serious and motivated. They will be more likely to accept your offer over someone who hasnโt yet taken that step. The bottom line is โ when you begin your home shopping in earnest, be ready to make a move as soon as you find the house you like.
Look at older listings
Spring is the peak of the market, and summer is when it starts to slow down again. For families that want to move midsummer, theyโve already made their offers on homes before Memorial Day in order to be settled for the coming school year. If youโre looking for a home, pay special attention to those houses that failed to sell before Memorial Day. If a house has been sitting on the market for more than 50 days, the seller may be more motivated and you could score a good deal. They may be willing to come down on price or cover the closing costs so you can make a bigger down payment.
Check out the neighborhood
Summer is the best time to get a good picture of what a neighborhoodโs character is like. The homes and yards will look their best and people will be out enjoying the weather. Youโll see how active the neighborhood is and what kinds of opportunities there are for kids. You may even be able to stop and chat with a neighbor or two walking their dog or riding bikes with their families.
Aim to move mid-month
Finally, moving companies tend to charge more based on demand. Knowing this, try to avoid moving at the beginning or end of the month during the summer, as youโll be charged a premium. If you can, arrange for your move to take place in the middle of the month. Youโre more likely to have more flexibility with your moving schedule, and you may score a discount or two.
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