Summer is one of the busiest times of the year for the real estate market. It provides the perfect opportunity for aspiring homeowners to find their dream home. The weather is warm, the kids are on vacation, and they can settle in on their new home before the school year starts.
If you are considering buying a house this summer, then this blog post is for you. Here are 3 things you need to know about buying a house in summer.
The inventory might go down
Most sellers wait until spring to list their homes, so there are lots of inventories in spring and summer. Most buyers don’t want to wait until the end of the summer to buy a house. Many of them are looking to speed up the buying process as they want to move in and settle in their new home before the school year starts.
Some sellers, on the other hand, would take their homes off the market temporarily by the end of the summer. Considering how exhausting and stressful selling a house is, they use this time to go on a vacation with their family. Expect a reduction in inventory at the end of the house. Majority of the house may have already been sold, while others were taken off the market temporarily.
Finding a big house in a good location and affordable price is a dream most aspiring homeowners share. In a tight housing market, there is often a shortage of modestly-priced, move-in ready homes. As an alternative, you may want to look at fixer-uppers. With a little elbow grease and some creativity, you can it into your dream home.
But before buying a fixer upper, we highly recommend that you hire a home inspector. A home inspection will give you a good idea about the overall condition of the property. If the house has some minor issues that can easily be fixed, then go ahead with the purchase. If
Cash is king
The competition is high during the summer. This isn’t the time for low ball offers. If you are serious about buying the house, make sure that you make the strongest offer. The best offer doesn’t always equate to the highest offer.
Cash is still king when it comes to home buying. In a hot market where there are multiple offers, sellers often choose an all cash offer over those with FHA or conventional loan financing. With the money on hand, it eliminates the risk of closing delays. Since the buyer doesn’t need to obtain a home loan, they no longer need to wait for 30 to 45 days. Closing can take place in as little as 7 days.