Mulling options to buy a new home this summer? Don’t hesitate – this might be one of the best times to buy a home for a number of reasons.
With the second half of 2019 nearly here, it’s important to understand how other potential homeowners felt heading into the spring shopping season. According to a recent survey from the National Association of Realtors®, 65% of respondents thought the market was a favorable time to buy a home.
Why Conditions Could Shift
Usually, when a majority of Americans believe it’s a good time to buy, similarly large numbers also think it’s a good time to sell. It’s classic supply-and-demand, and when buyers feel good, there’s more incentive for sellers to put their homes on the market, especially after years of home price increases and more recent mortgage rate drops. Indeed, 69% of those polled said they felt now was a good time to sell.
Benefits of Buying in Summer
While some people might think shying away from the market in summer months is advisable because that’s when competition is hottest, there are plenty of benefits to buying at this time of year. One of the biggest is that it’s also the time when the supply of homes for sale is greatest. Moreover, moving in summer is often easier from a logistical standpoint – especially if you have kids. Not only is the weather more likely to cooperate with your plans to move out of your old place and into the new one, but giving kids some extra time to adjust to their new homes before the start of school is often a priority for parents.
In addition, because of the supply issues that usually come later in the year, if you decide to wait to begin your search until summer is winding down, you might see your actual home search take longer, potentially pushing your actual purchase back to November or December.
As with any other decisions related to buying a home, it’s wise to work closely with a real estate professional to ensure you’re getting into the market at the right time and ensure you can get the best possible deal on your purchase.
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