The summer is almost here, bringing on warmer weather and the next busiest season for the housing market. Buyers can enjoy and explore new neighborhoods and neighborhood activity while visualizing their outdoor (and indoor) home needs. Sellers can utilize this season to really showcase their curb appeal and outdoor living spaces for motivated buyers passing through their open house.
We put together some quick facts pertaining to you and the summer market.
Sellers are motivated to sell!
- Sellers: This is still a busy season, though admittedly not quite as crazy as the home buying season in early spring. The warm weather has buyers galvanized to really become active in attending open houses and exploring appealing neighborhoods.
- Buyers: Prices really are dropping. Precedence in the housing market has shown a decrease in pricing from May to October with nearly 14% of listings seeing a price cut by late August.
PMIs (Private Mortgage Insurance) are becoming more affordable
- Due to the competitive nature between PMI Lenders, MGIC, and Radian companies, buyers can reap the benefits of lowered rates.
What tips and tricks do we suggest in this market?
- Don’t overlook “old listings”. Just because a home has been on the market doesn’t mean there is something wrong with it. Make sure you take into account all listings, we wouldn’t want you to miss out on your dream home!
- Why not consider a Fixer-Upper? After the spring market, starter homes are few and far between meaning most of those homes will face multiple offer scenarios so be flexible. Right now, there has been about an 8.3% spike in Fixer-Uppers on the market. With a vision, a Fixer-Upper might just be the perfect starter home!
- Look into the Neighborhood appeal. Now that it is warmer outside, walk around the neighborhood and observe the activity, or visit a local farmer’s market or neighborhood street fair. This is the perfect time to understand and make note of what you are looking for when settling into a community.
- Make the strongest offer. Just because it’s a strong offer, doesn’t mean it has to be a high one. Have the cash, make a cash offer! Don’t have the cash? You can still present a strong offer through, generous contingencies, shorter closing and / or inspection periods, and presenting a great offer letter.
- Last thing, work with us! As your realtor and neighborhood specialist, we can assist with your needs whether buying or selling. In this market, we can help you understand the home buying and selling checklists, and make smart expert offers on your behalf while thriving and successfully winning over the summer housing market.