The weather is heating up, and so is the housing market. June marks the beginning of peak home buying and selling season. So if you’ve got a move on your mind and you’re looking to make it happen before the fall, here’s a snapshot of what you need to know to make sure you’re ready.
Why Buy Now?
A lot of homebuyers with children like to move after the school year ends and before the next one begins. That’s one reason why late spring into summer is a popular time for homes to change hands. Another reason? The weather! Summer in SoCal ushers in predictably warm weather, meaning you are less likely to battle the elements as you move.
What To Expect As A Buyer
Whether you are motivated by the weather, school or looking for a new start, it’s important to realize more buyers are going to be looking right now – and that means you’ll want to be ready for a bit more competition. Dropping contingencies, increasing your offer and being preapproved for a mortgage are all possible ways to give yourself an edge over others.
While increased competition may seem intimidating, house-hunting in the summer has a silver lining. The factors that make summer the best time for buying also make it a prime time for selling– leading to more inventory.
Check out this data collected at the end of May 2024. In March, there were almost 2,000 active listings. Now, the number of active listings has jumped to around 2,600. While competition may be tough, this rise in listings means you have more options for a future home.
During this busy season, it’s important to work with a trusted real estate agent. Your agent will help you stay on top of the latest listings, share expertise on how to make a strong offer in a competitive market and give you insight into your home’s value.
If You’re Selling This Summer
Because there are more buyers this time of year, you’re in a great spot as a seller. Many of those buyers are highly motivated to make their move happen before the next school year kicks off – so they’ll likely put in strong offers to try to make that possible. That means if your house shows well and is listed at market value, you could see your house sell faster or for a higher price.
You want to be sure you’ve got a great agent by your side to help you with the contingencies and any negotiations that take place so you can pick the best offer. Make sure you go over closing dates with your agent. Often, buyers trying to time their move with the school year may need to delay a bit or move faster.
Bottom Line
Whether you are buying or selling this summer, know that you are not alone. If you are ready to buy, connecting with an agent is more important than ever. Competition is tight, but an experienced agent can help you navigate this busy season to get you your dream home. For sellers, there is no better season for selling than the summer.
