Summer is a perfect time to buy a home. Plants are at the height of their bloom and the sunshine makes every property look warm and inviting. However, low supply and high demand may make buying a home during this season challenging, so here are a few tips to help you navigate this quickly changing market.
Tip #1: Know your market and start looking early
You may not realize it, but home prices can jump as much as 10 percent from January to June — even more depending on where you live. Knowing the median value of a home in your area and what homes have sold for in the past can help you navigate this seasonal inflation.
Tip #2: Sort out your financials before you look
No matter when you’re buying a house, having your financials in order before you enter the market can help you to tackle your loan application, and pave the way to placing a bid on the house of your dreams. Getting preapproved for a loan can help you have peace of mind when you’re on the hunt and allow you to compare competing offers before making a bid.
Tip #3: Determine your non-negotiables and budget
Simply put, there are less options to choose from in the competitive summer real estate market, so it’s important to know where you can compromise. Knowing your budget before you view properties can help you stay focused and prevent bidding on a property you can’t afford. Bring your non-negotiables and budget with you on each property viewing, and use them to guide your decision-making.
Tip #4: Don’t forget the property inspection
Good weather can mask serious issues. If you’re looking to buy property in a place with all four seasons, the warmer weather may mask issues such as moisture retention in the doors and windows during winter. Be on the lookout for any signs of mold in the basement and around ceilings, and be sure to hire a professional inspector to view the property. You can even consider asking the seller to fix any minor repairs that you find before signing a final agreement.
Tip #5: Be realistic
Because of the fierce competition, the summer months may not be the right time to buy a home. Remember, this is a big decision, and one that you will have to live with for many years. Don’t make a choice just because you feel pressured. And, if a home doesn’t fit your non-negotiables and budget, keep on looking.
While summer is a great time to look for a home, it also brings a host of potentially confusing obstacles. Ed Currie is a Certified Mortgage Planner who is here to help you navigate this important decision with confidence and ease. Call us today for a free consultation. We’ll help you take the first crucial steps towards owning your future home. For more tips and our latest updates, check us out on Facebook, Twitter, LinkedIn or Pinterest!
