You’ve heard about our winter rush here in South Florida, so you may be wondering why summer is the perfect home buying season.
As we make our way into the summer months, some prospective home buyers find themselves a little worried that they’ve already missed this year’s prime buying season. But that couldn’t be any further from the truth.
It’s no secret that spring is the busiest time of the year for most family neighborhood markets, while winter is the time when homes in 55+ communities sell at warp speed.
But for many buyers, the summer months – especially from mid-July onwards – is the most practical time to search for their next home.
If you’re considering the purchase of a house or condo this year, here are 4 good reasons why you may want to get serious this summer:
- More Options to Choose From
From December through March, South Florida is full of tourists and snowbirds. Large numbers of them realize that they’re in paradise and it might make sense to consider living here full time.
So the real estate market is flooded with buyers, many of whom are eager to purchase the limited supply of really good properties available across all markets.
But during the summer it gets warmer here, so the tourists are not visiting in such large numbers. And locals are basking in the cool comfort of their air conditioning.
So whether you’re looking for a home in a family (all age) community, or whether you’re ready to consider an active adult (55+) community, you’re going to find that your competition is less at this time of year.
- Historically-Low Mortgage Rates
Since the Great Recession, we’ve seen mortgage rates drop to their lowest levels in decades. For many buyers, this means being able to lock in the best rates that have ever been available during their lifetime.
And because of the fall out over Brexit, mortgage rates are likely to remain low through December of this year.
However, it’s very possible that we’ll see them begin to rise over the coming year, thanks to the continuously improving economy and housing markets.
To put it into perspective, a buyer who is financing a $300,000 mortgage over 30 years can expect to save more than $250 in interest payments every single month by locking in a rate of 3.50%, as opposed to waiting until rates reach 5.00% – a level which is still well below the historic average.
- Moving Is Easier During the Summer
Buyers with children may not want to deal with the disruption of trying to move between August and May, especially if it involves their kids changing schools. Other buyers might find it easier to take time off of work in the summer in order to facilitate a lower-stress move, particularly if they’re relocating over a long-distance or from out of state.
And, if you’re moving down to Florida from the frozen north, you’re well aware that the fall and winter can add a number of problems into the mix when planning a move, including weather, budget issues, and a severe lack of free time as a result of the holiday season.
- Late-Summer May Create a Discount
One thing that many people fail to realize about the housing market is that most sellers are actually buyers too. After all, they have to move somewhere once they sell their home.
As a result, late-summer may bring a better deal for these reasons:
In family neighborhoods, sellers, just like buyers, want to be in their new homes before the start of the new school year. So, while you may not find a bargain in South Florida, you may find sellers who are willing to negotiate the asking price in order to get their property sold.
In active adult neighborhoods, you may find sellers who are willing to concede a bit on price, because they want to avoid the increased competition from properties that will come to market during the winter months.
Naturally, this will vary from case-to-case, because everyone has different reasons for moving.
High demand and low supply. All year round.
No matter when you choose to buy, purchasing a new home may be a complicated and time-sensitive process. And in South Florida, no matter what the season, we continue to see an abundant demand and an insufficient supply of homes. So if you find the perfect home for you, be prepared to act quickly. However, don’t let anyone push you into a purchase. As a very wise man once told me, “There is always another house.”
If you’re thinking about selling or buying a home, please give us a call at 561-213-6139.