Couple looking at a home during summer
Buying a House in the Summer
Most real-estate transactions take place in the spring and summer for a number of practical reasons: Pleasant weather conditions encourage people to leave their own homes to view prospective new houses. Moreover, homes tend to look their best in the summer season, with the trees and flowers in bloom. Families with school-aged children prefer moving during school summer vacation, and lastly, moving on a warm summer day avoids the mess and hassle that may be caused by a snowy day. After all, no one wants their child to struggle being the “new kid on the block”. Buying a home in the summer gives children a chance to make new friends and have the same chance to succeed as their peers on the first day of school.
Besides homes looking their best this time of year, the air smells sweet and people feel optimistic due to the budding environment and good weather. You’ll see your new home at its best. This is another reason why these months are a great sales time.
If you insist that early spring through summer is the best time to buy your house, be prepared to move quickly on an offer and do not expect the seller to lower the price easily.
Buying a house in the winter
During the winter, a buyer’s market generally prevails. Since the spring and summer are the most active real estate months, many home sellers wait until these seasons to list their homes making the winter inventory low. Though there are fewer home sellers who list their homes in the winter, they often have reasons why they can’t wait until the spring or summer to sell their homes, such as job relocation. The fewer number of home sellers and the deadlines that these home sellers face can work to the home buyer’s advantage. However, on the other hand it does limit your choices. Though this may seem to be a fault, the smaller selection can save you a lot of time. Do you really want to sift through fifty houses in search of your new home? It may be simpler to view the handful of homes for sale in the winter and choose the one that best suits your needs.
Just as there are fewer homes for sale during the winter, fewer people look to buy homes during the winter. This lack of buyers usually pressures winter home sellers to accommodate potential buyers. Use this knowledge to your advantage. Offer a relatively low (but no insultingly low) bid for the home you’ve selected, or ask for perks such as the matching furniture in the living room and the chandelier that you admire. The lack of potential buyers also gives you more time to make your decision. Whereas during the prime real estate season, you would worry about another buyer snatching a house away from you, during the winter you usually don’t have to think about such competition.
Other advantages of buying a home in the winter
Buying a home in the winter gives you a seasonal perspective. Did you feel cold while looking through the house? Is there a functioning heating system? Are there drafts coming in through the windows? Another advantage of buying a home in the off-season is the relative availability of industry professionals. Real estate agents will have more time to focus on your search for a new home. Lenders will be more accessible for questions and for providing assistance. Some lenders even waive fees during the off-season to encourage borrowers to utilize their services. Likewise, movers tend to lower their costs during the winter months.
Price
Home prices contract during the late summer and late winter months. This is because most of the homes that are on the market go on with spring contracts and those contracts are up by the end of summer. Regardless of the season, you will want a property appraiser to give you a property appraisal. The season should not make a difference as the house doesn’t change with the seasons.
If you decide to buy a home in the summer, be aware that dry weather can hide a moisture problem. Look for signs of excessive moisture by checking the ceiling and walls for water marks. Notice if gaps around doors and windows let air and moisture into the house. Check for warping around the doors and look for swelling on wooden door or window frames. Mildew is an obvious sign of moisture, but even if it has been removed, its musty smell cannot be removed so easily. Watch for green patches of grass springing up inside brown ones. This may indicate water pooling from bad drainage. Test out the gutters by hosing them down. If they cannot handle a large amount of water, then water will escape to the perimeter drainage system, possibly overloading it due to a poor gutter system.
No matter when you decide to buy, your best bet is to hire a professional home inspector who can assess the overall condition of the house. Then you can feel good about making a sound purchase.
