What to Know About Selling or Buying a Home in the Summer
Slower than spring but busier than fall or winter, summer is a key season to buy or sell—here’s what to know about the summer housing market this year.
Selling a home in the summer? You’re likely to see lots of interest in your property as buyers flock to tour it when the weather is nice and kids are out of school.
“The summer brings increased activity across the real estate market, from prospective buyers to eager sellers who want to show off their home’s curb appeal,” says Courtney Klosterman, home insights expert at Hippo.
The summer market is busier than both fall and winter and comes at the heels of a more active spring market. Here’s what you can expect if you’re looking to buy or sell in June, July, and August, according to real estate experts.
Related: This Is the Best Time to Sell Your Home in 2023
The Busy Summer Market
Summer is a busier market than most for several reasons. Mainly, the weather makes buyers more willing to brave the elements in search of their new home.
The other part of the increased activity comes down to logistics. Children are on summer break this time of year, which often makes it easier for parents to schedule visits for home showings and bring the kids with them.
“Summer is a great time to sell,” says Lisa Pruitt, a Realtor with Better Homes and Gardens Real Estate Lifestyles Realty. “Families are transitioning homes between school sessions while kids are on summer vacation. The weather is beautiful, which tends to help the home stand out in photos and in person.”
Finally, the weather makes it easier for home renovators and landscapers to do their work.
“The longer daylight hours make it easier for you to add home tours to your calendar, and with all hands on deck by industry professionals during the summer season, you may experience a faster home closing process than in other seasons,” Klosterman says.
Bankrate analyst Jeff Ostrowski points to several factors affecting the competitive market this year, saying that competition remains stiff for buyers, especially first-time buyers. To start, mortgage rates have more than doubled, and prices remain high.
“Inventories are down nearly everywhere. Many homeowners locked in 3% mortgage rates a couple of years ago, and they’re now reluctant to give up those super-low rates now that mortgage rates are flirting with 7%,” he says. “That’s really hampering the supply of homes for sale.”
Across the country, the amount of time each seller can expect to have their home on the market ranges from 24 days in Hartford, Connecticut, and Columbus, Ohio, to 71 days in Kansas City, Ostrowski says. Nationally, the number of days on the market is more like 22, he says.
Related: What First-Time Homebuyers Need to Know, According to Real Estate Pros
What Sellers Can Expect This Summer
Summer might traditionally be busier, but these days the housing market is still feeling the effects of the pandemic, with low inventory and sky-high prices on mortgages. Still, some say the market is slowly working its way back to normal.
“Economists and market analysis show that buyers are able to negotiate prices and possible rate buydowns, and yet inventory is low, so if a home is priced right and staged to sell, sellers can still benefit from a very competitive sales price,” Pruitt says. “We are seeing a stabilized, somewhat more of a traditional real estate market.”
Pruitt says in North Florida, like in many other parts of the country, sellers were still seeing lots of competition, as they had during the hot 2020 and 2021 markets.
“Our past two summers were strong sellers’ markets, with inflated sales prices, multiple offer situations, and very few days on market,” she says. “Added to that, appraisal gaps were prominent and inspections were frequently waived.”
That said, you can still expect to entertain eager buyers willing to match or exceed a fair listing price on your home. In some areas, the market remains highly competitive in that sense.
“The housing market is still sorting out the upheaval of the past few years,” Ostrowski says. “Demand for homes is down significantly from two years ago, but so is supply. The lack of inventory means competitive offers are still the norm in some parts of the country.”
If you’re a buyer, don’t be disheartened by the competition: Experts believe relief is around the corner.
“This summer, the market shows to be stabilizing for both buyers and sellers,” Pruitt says. “Buyers have negotiation abilities and with resale inventory still low, it is a great time to sell and also to purchase your next home.”
Related: 12 Low-Cost Tricks to Help You Sell Your House Fast
How to Prep Your Home to Sell This Summer
Unlike winter, spring and summer offer beautiful weather that allows sellers to showcase their home’s exteriors. This is a time when curb appeal is majorly important, and certain features of your home and yard are highly visible to agents, potential buyers, and inspectors.
Pruitt says to focus on landscaping, curb appeal, and key systems such as air conditioning, which will be in full force in the summer, when selling.
“Also [think about] the age of your roof, the condition of your pool if you have one, are you current with your homeowner’s association, and is your home move-in ready,” Pruitt says.
You can get a full picture of what a buyer might be concerned about by consulting with your agent and other pros while listing.
“It’s always a good idea to have an inspection done before listing, and repair or replace items before hitting the market,” Pruitt says.
You can also get other ducks in a row in terms of paperwork to make things move quickly once your home is listed.
“Pull your survey and warranty paperwork so that you are prepared to share with the buyer,” Pruitt says.
Related: Boost Your Home's Value with These Top Projects
Buying a House in the Summer
Buyers can expect a more competitive market on their side of things. More people will be on the hunt, eager to get into a new home before the school year starts and the holiday season begins in late fall.
“Summer is typically the second-busiest time of year, after spring,” Ostrowski says. “Families usually want to move while the kids are out of school, so buyers who could find a place during spring keep shopping into the summer.”
And while all of the positive aspects of summer make it a great time of year for sellers to showcase their homes, buyers should remain vigilant in their vetting process.
“Don’t fall prey to overlooking potential problems that could be hidden by a home’s vibrant landscape and blooming gardens,” Klosterman says. “As a potential buyer, pay close attention to signs of maintenance like peeling siding or roof damage that could be an early indicator of water damage inside the home.”
Of course, many of these issues can be caught by doing your due diligence. “Home inspections can help prospective buyers pinpoint the potential costs that go into maintaining the structure and makeup of the home,” Klosterman adds.
Pruitt says there are a few other things you can pay attention to as the buyer.
“Any potential problems that are masked in the summer?” she says. “Or anything you can see better in the summer that you need to look for, such as roof damage?”
Working with the right professional will ensure you have another solid set of eyes on all of these potential red flags.
“Buyers should be sure they have a seasoned, professional Realtor representing them as they search, even when considering new construction,” Pruitt says. “It’s important buyers interview Realtors and find the best fit for them, and hire one that will go the extra mile to build a solid relationship before, during, and after the sale.”
Related: What You Need to Know About Buying or Selling a Home in Winter
For more Better Homes & Gardens news, make sure to sign up for our newsletter!
Read the original article on Better Homes & Gardens.
