Summer is one of the most popular times of year to buy a home. The inventory will be high, but you will also have a decent amount of competition. So, it is very important that you weigh the advantages and disadvantages of buying a home during the summertime to see if this particular time of year is the best time to buy a home for your individual situation.
Why You Should Consider Purchasing in the Summer
One of the great things about buying a home in the summer is that the kids aren't in school any longer. You can wait until the kids get out of school to sell your current house, which gives you ample time to move into a new house before the next school year starts. This also gives them time to make new friends before they even start school.
In addition, homes and neighborhoods tend to look their best during the summertime, as lawns, gardens and flowers are in full bloom. You will get to see the kids playing outside, how well lawns are taken care of, and how much the community socializes throughout the neighborhood.
Why You Should Hold Off on Buying in the Summer
During the summer, there will be more competition and the prices on homes will be higher. It may be a struggle to get around to see all the homes that you're interested in and you may feel pressured to choose a home quickly. You may also catch yourself in the middle of a bidding war and it may be possible that you will lose out on your dream home. In addition, if you're selling your home, this type of year is a hectic time to hold an open house. There are a lot of window shoppers -- those that are not necessarily looking, or motivated, to buy.
So, if possible, it may be wise to hold off until fall or winter to buy and sell. The inventory and prices are both lower for you as a buyer, then, as a seller, buyers are much more focused.
If You Decide to Buy in the Summertime...
Now, if you decide that you must purchase a home in the summer, then there is one thing that you need to make sure that you are prepared to do: make an offer as soon as possible. In fact, the sooner you can make an offer on a home for sale, the better the chances are that your offer will be selected, assuming of course that you have made a reasonable offer. Just remember that you need to keep your offer within your own limits and don't over-offer or you'll find yourself in a pinch a few months down the road after you've moved in.