Why It’s Smart to Buy a Home in the Summer
Real estate’s summer slowdown—which begins as early as the end of May—happens when buyers in the market for a new home overbook their calendars with tropical getaways and other warm-weather leisure activities. (Actually, springtime is prime time for house hunting). However, with the “busy season” slowed to a lull, homebuyers just like you can take advantage of the many perks that make buying a home in the summer a surprisingly smart idea.
Lower mortgage rates.
Many factors impact mortgage interest rates—including the time of year. During the summer months, buyers can access cheaper home loans. Locking in a lower rate before the market climbs back up again can save you plenty of money in the long run.
Buy and sell at the same time.
Buying one home often means selling another. Doing both at the same time over the summer can make the process feel less like a complex juggling act and more like a seamless transition.
Most people have more time in the summer—more time to shop around, more time to test the waters, and more time to transition between the purchase of one home and the sale of another.
More time also means you can take care of one mortgage before you tackle another. Rather than rush the process and risk getting trapped with two mortgages, take the extra time to sort everything out.
More hours of daylight.
The longer, brighter, warmer days of summer give you more time to explore home exteriors, more time to check the pulse of the neighborhood, and more time to get a feel for the community.
People are more active in the summer, which gives you more opportunities to imagine life among your potential new neighbors. Embrace the extra daylight to gauge everything from the kid population at parks and schools, to the traffic on major roads and highways.
The summer months also give you a better perspective of how trees and flowers look in full bloom, and a better a sense of how well air conditioners work in hot weather.
More opportunity to renovate.
More daylight also means more time to tackle home improvement projects.
The warmer, brighter summer days create better conditions for tasks from minor tweaks, to major renovations, to maintenance work including landscaping, exterior painting, and pressure washing.
Dream of buying and flipping that diamond in the rough fixer upper? Summer may be the perfect time to do it.
Personalized time and attention.
Similar to homebuyers, real estate agents also have more free time during the less active summer season. This means more time for home showings, for guided tours, and for simply being there to answer your questions. Savvy real estate agents embrace the slower days, weeks, and months of summer to focus on finding your dream home.
Switch schools. Start fresh.
Moving during the school year puts stress on the whole family. Moving during the summer, on the other hand, makes life easier for both parents and kids. The chance to start fresh in a new school year with less disruption to everyday life smooths the transition from one school district to another.
Summer also gives kids an open schedule to tag along for home showings and approve the homes on your prospect list. On moving day, the kids can also help you pack and move.
Quick move-in homes are best for families looking to switch school districts. Homes already under construction and available on shorter timelines help ensure your family moves in and settles before the start of a new school year.
Throw a warm celebration.
There are benefits to buying real estate in the summer even after you close on a home. For example, mingling with your new neighbors at your housewarming party.
Parties are more fun in sunshine and warm weather (think of ice cold lemonade and fresh slices of watermelon). Throwing a housewarming party in the summer helps ensure you make a good first impression on the neighborhood.
Beyond helping you host better parties, the summer warmth also makes moving day a bit more pleasant. Most people would rather sweat than freeze while packing and unpacking a moving truck—cooling yourself down is always easier than warming yourself up. Plus, moving in the summer removes the risk of dangerous snow or ice.