Numerous factors affect your home purchase process, including factors outside your control. For example, you will likely experience a different process when buying a home in the winter compared to a summer purchase. However, you can have a good purchase process irrespective of the season if you prepare and know what to do.
Here are tips to help you buy a home in the summer.
Be Prepared to Close Fast
Things move fast during the summer season, and you should prepare to do so too. Properties don't stay on the market for long, prospective buyers have time to shop, and professionals in the real estate industry can even work overtime.
Therefore, you should prepare for closing before making purchase offers. Ensure you have the closing cash, mortgage preapproval, and down payment. Otherwise, you might lose interesting properties or breach purchase contracts because you are not ready.
Expect Competition
As mentioned above, many people shop for homes during the summer, so expect others to be interested in the same houses that interest you. Because of the expected competition, you should make your strongest offer the first time. Here are tips to strengthen your offer:
- Increase the down payment
- Preapprove your mortgage
- Don't request too many concessions from the seller
- Limit your contingencies
- Be flexible with the seller's contingencies
Otherwise, the seller might pick a competitor's stronger offer over yours.
Look Beyond Curb Appeal
The environment and weather make homes particularly attractive during the summer. The lighting is perfect, and the blooming gardens increase curb appeal. Many people also spend a lot of time outdoors during the summer, so they give the outdoors considerable TLC.
However, the summer-induced curb appeal should not cause you to overlook other parts of the homes you are interested in. Look beyond the curb appeal to ensure you get a home with good structures, working appliances, and adequate square footage for your household. Commission a home inspection to confirm the property's structural integrity.
Look For Bargains Towards the Tail End of the Season
Not all home sellers targeting summer sales will sell their homes before the season ends. Therefore, do not overlook homes with many days on the market. Some sellers reduce their prices as the season ends, so you may catch a bargain if you are keen. For example, a family looking to move before the new school year commences may reduce their asking price.
Whichever season you buy a home, involve a real estate professional. Professional realtors understand seasonal market variations and can help you overcome the challenges. For more information on residential real estate, contact a professional near you.
