The first day of spring is almost here and before we know it that beautiful time of year known as summer will arrive. Many homebuyers prefer to move in the spring or summertime causing the markets to heat up as early as February. Families with children are eager to buy before the new school year begins and prefer to move during summer vacation.
Should you sell your home this summer? Here are a few things to consider.
Summer is the Hottest Time to Sell a Home
Pun intended; summer is often seen as one of the best times of year to sell your home. It’s when families tend to move because their kids are off from school for a few months. There are also a lot of changes occurring during this period because college students are starting their career jobs, and high school seniors are moving to their colleges, etc.
A hot market means a lot of potential buyers, which is good news for you as a home seller. Summer home selling can be oftentimes profitable, however, there are things to consider when selling during this period.
Why It May Not Be Ideal
Competition. Many people could be trying to move during this period. You may be competing with a lot of your neighbors for the attention of potential buyers. The more inventory out there, the more choices your prospects have.
This means it can be more difficult to make your home really stand out. Do you have a finished basement? That’s great – but so do the other 3 homes for sale in your neighborhood. Does your house have 5 bedrooms? Terrific – but unfortunately the neighbor down the road has the exact same floor plan as you do.
Also, a lot of people go on vacation during this time or have summer activities to attend to. Families may be busy taking care of their kids while they are out of school. This doesn’t mean you won’t be able to sell your home. It just means you and your agent will need to make sure the house looks good! Sprucing up the exterior of a home can give potential homebuyers a snapshot of what the rest of the home is like. Also, summertime is when outdoor living areas get the most use. Having an attractive outdoor entertaining space can really draw in homebuyers.
If You Sell Your Home, Move into a New One ASAP
So far, we’ve been discussing the summer market in general. Let’s be a bit more specific and talk about why this summer – 2021 – is different than most.
Over the last year, governments have taken measures to mitigate the financial impact of the COVID-19 pandemic. Nobody knows how long COVID will last or what kind of long-term effects it would have on our economy. During this uncertain period, our federal government has kept interest rates low. Keeping rates low encourages more opportunities for spending and can keep the economy growing.
Low interest rates are great for homebuyers. People were getting extremely low rates on both new and refinanced home mortgages. This essentially means they can either buy a bigger house with the same monthly payment or pay less in monthly payments than they did before.
Now that our government has a better handle on the COVID pandemic, interest rates are starting to go up again. Even a small increase in interest rates can make a big difference in your payments over time.
Should you sell your home this summer? The short answer is ‘yes’ because you can buy your next home and take advantage of low interest rates before they climb any higher. We’d love to help, so send us an email at Team@RyanGrantTeam.com and we’ll be in touch shortly.