The housing market experiences a surge in activity in the summertime with more available homes, making the market more competitive. Summer is the busy season for the housing market for a variety of reasons; nicer weather makes buyers more willing to go out and about, it is easier for home renovators and landscapers to do their work, and this time of year is often easier for parents to move while their kids are on summer break. Buyers should remain vigilant. It is best to go into the house hunting journey prepared!
Focus On What You Can Control
With elevated prices, mortgage rates, and competition, the summer market can be challenging. It is important that you focus on the aspects you can control within the process; loan application, creditworthiness, and your budget. Try not to put all of your energy into the parts you can’t control. Just because the market is tight, doesn’t mean you can’t still find your dream home.
Don’t Overlook Potential Problems
Summer can make it easier for homeowners to hide potential problems that come with their house. Pay close attention to signs of maintenance like peeling siding or roof damage. Be sure to have a home inspection done as it can help notice any warning signs that may be covered up and help pinpoint the potential costs of maintaining the home’s structure and makeup.
Be Ready to Close
Coming into the house hunting process pre-approved, knowing what your budget is, and knowing your wants and needs will help you be prepared to make an offer quickly. This way you know what you feel comfortable offering in a quick, competitive market or if you end up in a bidding war. Being prepared with your finances also shows the seller that you are serious, which could be a determining factor between you and another potential buyer.
Even with fierce competition and prices, concentrate on the aspects you can control, remain vigilant, and be prepared and you’ll be equipped to act swiftly in making offers in this fast-paced environment. Reach out to a First Weber Real Estate Agent today to help you navigate the summer market.
Sources: NAR, Better Home & Gardens, Fortune Builders
Founded in 1971, First Weber Realtors® is a part of HomeServices of America, the nation’s largest provider of total home services. With 60 offices and more than 1,400 real estate professionals, First Weber is consistently number one in Wisconsin for unit sales and real estate sales volume. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com
