Summertime in the housing market brings countless buying and selling opportunities. But with all the competition out there, would people be better off waiting a few months?
Real estate experts say no. They contend home prices peak from June to August and say there are advantages to buying during the market’s busiest season.
But some agents disagree: A huge myth about the real estate market is that homes sell for more in the summer and less in the winter. This is simply not true.
Other forces play a role in the asking price, such as the amount of homes for sale in an area, interest rates, and the job market. There are more homes on the market in summer than in the winter, and there is also a higher number of sales in the summer than the winter. Broader inventory means more choices, making buyers feel more confident in their search because additional properties hit the market every week, the large inventory offers significantly more opportunities for purchasers to identify specific floor plans, amenities, and locations.
With more properties for sale, buyers may have more leverage in negotiating prices. Those who need to sell their current home to purchase another often find it easier to do in the summer months.
If the client needs to sell a home before buying, the home will be more likely to sell, and potentially at a good price, allowing the client to purchase their new home sooner.