Timing is everything in real estate. Although the summer housing market may typically be slower than spring, that doesn’t mean homebuyers aren’t serious.
“Buyer activity in the summer generally slows down compared to the spring peak in March through May and the fall pickup in October and November,” says John Walkup, co-founder of UrbanDigs, a real estate data analytics company. “However, motivated buyers are still active, especially for those buyers who need to close before the new school year or a new job starts.”
If you’re considering selling your home, here’s why summer is a great time to move forward with those plans:
— Warmer temperatures motivate buyers.
— Summer weather improves showings.
— There’s less competition among sellers.
— You can get a head start.
[READ: Improve Your Curb Appeal: 6 Projects You Can Tackle in a Weekend]
Warmer Temperatures Motivate Buyers
Spring is the undisputed champion of seasons for selling a home, but summer has its strengths. Not only are flowers still blooming and the sky blue for some great listing photos, but buyers are also champing at the bit to start the closing process so they can move in and get settled before fall.
Homebuyers have a tendency to taper off in the winter, and not just in parts of the country that typically have frigid weather. A mixture of holiday obligations and kids in school lead to more homes coming off the market temporarily and buyers pressing pause on checking out new listings.
Buyers may also be more motivated in some markets over others. According to broker Andrea Saturno-Sanjana of Coldwell Banker Warburg in New York, summer can be a great time to sell in secondary home and resort markets as well as major cities and luxury tourist destinations, where vacationers get a glimpse of the lifestyle and amenities. There are also potential buyers moving to communities with colleges or universities before the school year begins.
“In addition to college or university faculty, researchers, administrators or other staff who would relocate during the summer in advance of the autumn semester, potential buyers with college-bound members in the household might decide to purchase a condominium unit or home for the student instead of paying for often-costly student housing,” Saturno-Sanjana says.
[What to Consider Before Buying a Vacation Home]
Summer Weather Improves Showings
First impressions matter in real estate, and summer often brings some of the best weather and lighting for showings. This gives sellers the opportunity to showcase their homes’ greatest features and boost curb appeal. “In terms of the unit itself, nicer weather and longer daylight hours mean more chances for open houses showing the home in its best light,” Walkup adds.
According to the National Association of Realtors 2023 Remodeling Impact Report: Outdoor Features, 97% of NAR members believe curb appeal is important in attracting buyers. How you present your home can also impact its value. A University of Texas at Arlington study published in The Journal of Real Estate Finance and Economics found that curb appeal can boost your home’s value by as much as 7%.
But curb appeal can also be tricky during the summer, especially on hotter days. “Similar to cold and wet winter days, hot and humid summer days might deter some buyers from attending open houses, while nice weather encourages higher turnout,” Walkup says. “If it’s hot outside, sellers should make sure their home feels cool and inviting during showings to provide an optimal experience for buyers.”
Less Competition Among Sellers
After the peak spring season, many sellers choose to wait until autumn, which Saturno-Sanjana says is traditionally the second busiest after spring. Sellers who choose to go ahead and list in the summer will often have less competition. “In a low-inventory environment, buyers will be looking all year, so the seller who lists during the summer still has the opportunity to attract one or more qualified buyers,” Saturno-Sanjana says.
Summer sellers may stand out in the current low-inventory housing market: There was just two months of supply available on average across the U.S. in May, according to Redfin.
Summer may not be as active, but it doesn’t mean buyers aren’t serious. According to the NAR, more than 16,000 existing homes and 1,800 new homes are sold every day on average from July through September, which is just 3% lower than the spring peak season. Summer homebuyers are typically ready to commit and make an offer when they find the right property.
[Is it a Buyer’s or a Seller’s Market?]
You Can Get a Head Start
There’s still time to get your home on the market this summer, but successfully reaching potential buyers requires a bit more work than just an online listing, and it’s best to get started sooner rather than later. Experts recommend reaching out to an agent at least a few weeks before you’d like to put the house on the market to know what you need to do early on, so you can avoid a time crunch. Selling your home also likely means you’ll be buying a new one, and the earlier you start on one, the sooner you can make moves on the other.
Here are four tips for taking advantage of the summer homebuying season:
— Prep your home. It’s a year-round rule that you should be putting your home’s best face forward. Saturno-Sanjana recommends keeping your lawn mowed and trees and shrubs trimmed. If you can, plant some brightly colored flowers. “Experts at the local plant or garden center can suggest the best plants for containers based on the region and the climate,” she says. “Hydrangeas, dahlias and begonias are some examples of flowering plants with large, colorful blooms that are suitable for containers.” Staging is also a key component. The goal is to help buyers envision themselves living in your home, so do your best to clean, declutter, do minor renovations and update decor to make the home appear move-in ready.
— Price smartly. If your home is priced too high, it’s much harder to bring back the homebuyers who moved on to other listings because the asking price was out of their range. “Start with a realistic at-the-market price to attract the attention of serious buyers and avoid extended days on the market,” Walkup recommends.
— Make sure your AC is working properly. The last thing you want is potential buyers running out the door because your home is uncomfortably hot. “You want buyers to take their time as they walk through your home, perhaps sitting on your couch to get a ‘feel’ of what it’s like to live there,” says agent Samantha Rose Frith of Coldwell Banker Warburg. “The last thing you need is a hot and uncomfortable experience for potential purchasers. They won’t stay long, and that could hurt your sale.”
— Be prepared. Even in a seller’s market, there’s no guarantee your home will be scooped up quickly — or even scooped up at all. It’s important to pay attention to homes going on the market in your area and to emphasize the particular strengths of your home. “Even though the market is slow, stay ready for negotiations, as serious summer buyers may want to act decisively,” Walkup says.
More from U.S. News
Home Selling Slowly? Here’s What to Do
How Long Does It Take to Sell a House?
Is White Boxing Really the Best Way to Prepare a Home for Sale?
Why Summer Is the Perfect Time to Sell Your Home originally appeared on usnews.com
Update 07/16/24: This story was previously published at an earlier date and has been updated with new information.
