Summer might be most popularly recognized as vacation season, but it is also a fantastic time to buy a home. The summer sun comes with a slew of advantages for homebuyers that are far too often overlooked. This post will dive into the benefits of buying a home during the summer months, including several points that most people outside of the real estate industry aren’t aware of.
Increased Inventory
During the summer, housing inventory skyrockets. Many people wait to list their homes until the school year is out, as moving during the school year is challenging for most families. This elevated inventory offers a few key advantages to buyers.
Firstly, more homes on the market means you have more options to choose from! Having a robust set of homes to choose from is an undeniable advantage, as it increases the likelihood that you find your dream home. When the supply of houses is thin, it is very possible that you settle for a home that doesn’t fully meet your checklist. When the supply of houses is robust, there’s a much smaller chance that you will have to settle!
On top of that, increased supply can mean decreased prices. Basic economics dictates that an increase to supply, while holding all else equal, causes a proportionate decrease in price. This means that not only should you have better luck finding your dream home, but you also might not have to pay through the roof to buy it!
Favorable Market Conditions
Some behind-the-scenes factors often turn summer into a buyer’s market. This means that buyers have a disproportionate amount of power in comparison to sellers. When sellers are in a rush to sell, it can only mean good things for buyers.
One of the most common reasons for the spike in listed homes over the summer is families that need to relocate. Families often choose to finish out the school year before moving into a new home, as switching schools with just a few months left in the year is a pain. These families are often in a real hurry to sell their homes, as they typically want to be fully moved into their next home before the next school year starts in the fall.
This time crunch works heavily in favor of buyers, who can often get away with low-ball offers. Beyond just families moving, plenty of other sellers wait to sell their homes in the summer, too. This increased competition is a huge plus for buyers.
Just like you see rival companies offering lower prices in TV commercials, home sellers will work to incentivize buyers to choose their homes. From paying a portion of the closing costs to lowering the asking price, there are several things desperate home sellers will do to finally make a sale go through.
One of the biggest advantages for buyers in the summer is increased flexibility. In the summer, transactions tend to be a bit less rigid. Since sellers will do just about anything to strike a deal in certain cases, buyers are afforded more flexibility throughout the process.
Favorable Weather for Inspections and Assessments
Beyond just negotiation power, summertime has other positive impacts on the homebuying process. One of these is favorable weather conditions. There are a few key ways that favorable weather conditions positively impact the homebuying process.
Firstly, there is usually very little inclement weather during the summer. This means that when you go to see the house and eventually have it inspected and appraised, you’ll have a very clear idea of what you’re purchasing. There will be no snow covering up cracks in the driveway, no leaves covering up massive sinkholes in the yard, and any lack of AC is sure to be noticed!
In the summer, you get the clearest picture of what the house looks and feels like. You can assess the landscaping and exterior, check out any outdoor amenities like pools and hot tubs, and you can really imagine what the place might look like with you living in it.
Summer is a Great Time to Move In
On top of that, summer weather is much better for a move-in than winter weather! While the sweet spot might actually be spring or fall, summer is a great time to get all of your things moved into your home. There is very little chance of snow or ice ruining your move-in plans!
Beyond just that, summer is the optimal time to get acclimated to a new environment. Since everyone’s kids will be out of school, summer is a great time to meet your neighbors, participate in community events, and form new relationships. Plus, there’s just something truly magical about sipping on an ice-cold drink on the porch after a hard day’s work moving heavy furniture into the new place that you get to call home.
Time for Renovations and Improvements
When you buy a home, there is a good chance you will have to make some changes to it. Whether you want new carpet, need to replace some dated cabinets, or have larger issues to tackle, addressing these things in the summer is often a great idea. This is especially true if you like DIY projects, as summer is riddled with holidays that can be used as extra renovation time.
Some issues are just best handled during the summer. Landscaping can be done in the spring or summer, but usually isn’t something you want to touch during the colder months of fall and winter, for example.
On top of all of that, making necessary renovations to your home quickly can cause a steep jump in your home’s value. Even if you plan on living in your house until your final days, an increase in home value is always a good thing!
From lower prices to a more robust supply, summer is an incredible time to buy a home. If you want to find your dream home, there is no better time to be shopping than during the summer. While prices are not always at their lowest during the summer, sellers are usually the most desperate during this time of year, which can lead to some real bargains being struck!
Beyond just pricing and availability, buying a home in the summer provides you with flexibility and comfort. From optimal move-in weather to a bustling neighborhood with kids playing football in the street, summer is a beautiful time to actually settle into your new home. Plus if you are looking to make any renovations, summer is one of the best times to do them! If you have any teenagers in the house, you can utilize their time off from school to your advantage!
If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.
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