Summer is one of the most popular times to buy a house in most markets, second only to spring. Why is that, and should you follow suit or wait until fewer people are looking at homes? Here are the advantages and disadvantages to consider before buying a house in the summer.
Pro: There Are Plenty of Listings in the Summer
It's typical for sellers to list their homes in spring or early summer, since they know this is when most people are looking to buy. In addition, the mild weather means flowers will be in bloom and lawns will be lush, making just about every home's landscaping shine. For these reasons, you'll see lots of listings in the summer, giving you plenty of options.
Con: Home Prices May Be Higher
Inventory is high in the summer, but so is competition, since so many other home buyers are looking at homes. The result is that many sellers price their properties higher than they might in the winter. And there's a good chance they'll get top dollar due to the competition among buyers, which might mean less room for negotiation when you buy in the summer.
Pro: The Kids Are Out of School in the Summer
One of the reasons so many people plan on a buying a house in the summer is because their children are on summer break. This means they won't have to take their kids out of school midyear if they move to a new school district. This also means that neighborhood kids—and adults—are more likely to be outside enjoying the weather, which can give you a feel for who your neighbors would be before you buy a house.
Con: Moving in the Summer Can Be Costly
Due to the popularity of buying a house in the summer, you'll find that many moving companies charge higher prices to move during this season. You can save a little money by planning to move in the middle of the month, since most leases are up at the start or end of the month. But in general, you should keep this extra expense in mind if you plan on buying a house in the summer and need to hire a moving company.
Whether you plan to buy a house this summer or want to wait for another season, learn how to get a mortgage pre-approval to make the buying process as smooth as possible.
