Is late summer a good time to buy a home?
As a popular time for many prospective homebuyers to launch their searches, summer brings high demand in the real estate market but also increased inventory. Now that summer is just about over, you might be asking yourself if it's still a good time to buy a home. This month or next could be the perfect time to find your new home, but you need to prepare for this type of market.
Expect to see prices go down after the early summer rush.
Chicagoland summers bring hungry homebuyers and eager homesellers. Between families who want to make their move while the kids are out of school, and homebuyers who just don't care to tour houses in the depths of a midwestern winter, there is plenty of activity in the market this time of year. But now we are at the end of summer and those who didn't have luck selling their homes in June or July may be getting anxious to sell them.
August often has a high inventory of homes that weren't sold earlier in the summer. As a homebuyer, you may find lower-priced homes you wouldn't have seen in June or July, and you might even be able to negotiate a better deal.
Before you purchase a home, be sure to seek pre-approval on a mortgage loan so you have the clearest possible picture of what you're able to afford before you even begin touring homes. Talk to your REALTOR®about how much you're willing to spend, and how the current market may impact what falls into your price range.
Plan to make an offer fast.
A higher demand in the summertime not only affects the prices of area homes, but how quickly you may have to sign a contract.
Homes listed in the summer are purchased by people who know exactly what they want. Now, at the end of summer, the choices may be somewhat more limited. High competition among buyers can lead to multiple offer situations, where several buyers make offers on the same home. That means, when you find the house you want to make your own, you need to be prepared to make an offer quickly. That could even mean making an offer the very day you tour a home. Work with your REALTOR® to ensure you have all of the information you need to make an educated, decisive offer when you find the right home.
So, should you buy a home in the late summer?
If you would prefer having more time to consider your options, summer can be a stressful time to look for a home. If you aren't worried about timing your home purchase around the school year or another life event, you may want to search during the off season, where you'll experience less competition and have more time to peruse your options.
But, deciding to put off your home search by a few months doesn't mean you should stop thinking about buying until the leaves begin to fall. Take this time to do your research: visit neighborhoods you're interested in, start looking for a local REALTOR®and look into getting pre-approved for a mortgage. That way, you'll be all set to start your home search in earnest once the summer surge has died down.
And, if you are ready to move forward with your summertime house hunt, contact a Mainstreet REALTOR® today to start your search. Your REALTOR®will help you deal with the competition and the nuances of your community's housing market, so you can find the perfect place to call your own.
Mainstreet Organization of REALTORS® is a professional membership association located in Downers Grove, IL that serves nearly 18,000 REALTORS® in DuPage, Lake, and Western and Southern Suburban Cook County. MOR is the largest local REALTOR® member organization in Illinois and the sixth largest in the nation. To learn what a REALTOR® can do for you, visit Mainstreet.REALTOR.