We’re nearing the end of the summer season. This means that many homebuyers have already put in an offer on a house and finished the closing process. But if you’re still house hunting, does that mean you’re out of luck? Fortunately, buying a home at the end of the summer can be a great benefit for those who are still looking. Here’s a look at what you should keep in mind when you’re out there house hunting right now.
There are fewer buyers
The spring and summer real estate market can be very competitive, especially in places with great school districts. When you’re looking for a home in May, there are going to be many buyers looking at the same time. You could put in on offers several homes, only to be outbid by another buyer. But when you’re searching for a home at the end of the summer, there are fewer buyers, which means less competition for you.
Sellers are more motivated
If you’re looking for a bargain, then the end of the summer can be a great time to look for a home. With fewer buyers in the market, many sellers will be more motivated to accept your offer so they can close before the end of the year. And you may be able to find a great deal on a home you love. Be sure to look at listings that have been on the market for more than a month. Those sellers may be more motivated to offer a price reduction or to negotiate on other terms. In many cases, these sellers priced their homes too high to begin with, which caused them to stay on the market for too long. This is a great benefit for end-of-summer homebuyers.
One of the disadvantages of house hunting at the end of summer is that there can be lower inventory. Other buyers have snatched up many of the homes that were on the market. But don’t worry – new homes come on the market all the time. If you haven’t found the home that’s right for you, don’t throw in the towel just yet. Have a little patience and keep checking in with your real estate agent. Chances are, more new houses will come on the market each week. Stay persistent with your search.
Get pre-approved for a mortgage
No matter what time of year you are looking for a home, it’s essential that you are pre-approved for a mortgage. This signals to the seller that you are serious about your offer to buy their home. During the end of the summer, you should have your mortgage pre-approval letter ready so that when you do find a home you love you’re ready to make your offer.
Know that it isn’t too late
Finally, it’s important to keep in mind that it’s not too late to be looking for a home at the end of summer. If you want to complete your home purchase before the end of the year, then you still have plenty of time. On average, it takes approximately 45-60 days to close on a home. This means you could be celebrating the holidays this year in your new place!