Advantages to Buying a House in the Summer

There are advantages to buying a house in the summer, even if you have a house to sell …

The real estate market typically slows down in the summer after peaking during the Spring. However, summer is still a popular time for house hunters. If you are considering a move and are looking at homes for sale, there are some advantages to buying a house during the summer months. Here are a couple:

1. Inventory is still left from spring, so you may get a deal. In the Haymarket area real estate market, there is typically a surge in inventory in the spring.  Home sales in our area have been good, it’s just that there are more houses for sale than there are buyers.

Look at homes that have been on the market for 60 days or more. Not every seller got a buyer by Memorial Day. Listing contracts may be nearing expiration and sellers are either ready to sell or take their house off the market for the rest of the summer. Watch for prices to drop. At this point, sellers may be willing to negotiate or come down in price.

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Also, some great homes may not have sold in the spring simply because they were priced too high to begin with. A price drop will bring a good house to market value and now make it very desirable.

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2. Properties and neighborhoods are in full bloom.  Lawns are green, trees are full and gardens are in bloom. See the landscaping of a home at it’s best. In some cases, it may help to see just how much maintenance is required. Also, many communities have amenities like outdoor pools and tennis courts that you can visit while open. See the neighborhood in full outdoor mode and perhaps even get an chance to meet future neighbors.

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But wait, you have a house to sell.

For most, the ideal scenario would be to sell your house before buying a new one. However, if you are ready to move and have found the perfect house, there ARE options:

  • A seller may be willing to wait. You could go into an agreement in which the sale is contingent upon the sale of your home. Terms vary depending on the situation. As I mentioned earlier, during the summer, a seller may be ready to take their home off the market and try again in the fall. In this case, a contract with a buyer would be ideal. Sure, the seller would have to wait, but their house would technically be under contract so they wouldn’t have to continue showings or marketing.
  • Depending on your financial circumstances or the equity in your existing home, there are lending options they may work, including borrowing against a 401K or applying for a bridge loan for a short period of time until you sell your house.
  • Rent your house. Again, depending on your finances, you may be able to secure a second mortgage and rent your existing house for a longer period. The rental market in the Haymarket area is good right now depending on the house and location. Furthermore, interest rates are still at historic lows, so this is a smart financial consideration.

These are all scenarios and options that Bryan Garcia or his team of professional real estate agents has years of experience dealing with. If you’re ready to buy, they can walk you through your options for financing or put you in touch with one of their professional lending affiliates. We can also help you get your house ready to sell and market it aggressively.

Call Bryan Garcia at 703-517-2574 or Email Bryan to schedule an appointment to get started.

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