The housing market tends to follow the seasons. As temperatures begin to rise, so do the number of potential home buyers and sellers.
If you’re thinking about jumping into the housing market, here are 6 reasons summer is prime time when it comes to buying a home.
More Inventory
The more homes for sale, the better your chances of finding the perfect home to suit your needs. According to the National Association of Realtors, the summer months are when the housing market is at its peak inventory, with more home sales happening between May and September than any other time of year. Having more homes to choose from allows home buyers to cast a wider net in terms of budget, location, and style.
Competitive Interest Rates
From record lows in 2021 to record highs in 2023, interest rates in recent years have been all over the map. Interest rates may not be as low as they were a few years ago, but interest rates are expected to be lower this summer than they were just six months ago.
“The 30-year fixed-rate mortgage slid to 6.99% on June 6 after climbing to 7.22% on May 20, according to Freddie Mac data.” If scoring a lower interest rate is essential (as it is for many home buyers), summer might just be the best time to pull the trigger. View all of our builder’s current specials on our website’s new promo page!
Family-Friendly Transition
Moving from one home to another during the school year can be especially tricky, particularly if it involves the kiddos moving to a new school as well. The obvious benefit of buying and moving during the summer is that the kids are out of school and have some time to get acclimated to their new home before starting the school year fresh.
Make the Most of Outdoor Spaces
One of the best things about living in Texas is that homeowners can enjoy outdoor spaces much longer than in other parts of the country. Moving can be a big time hassle, so why not make the move during the summer when you’ll have longer days to relax on the patio or lounge by the pool?
Best Time for Repairs/Renovations
While projects like interior painting can be ideal for cooler months, some home repair/renovation projects are best tackled during the summer months.
Projects like exterior painting, staining a deck, or larger scale projects like adding a home addition are best undertaken during the summer months when the days are longer, and there’s less chance of inclement weather.
Moving during the summer also gives you time to plan ahead for any fall improvement projects like roof or gutter replacement.
Motivated Sellers
Spring and summer are typically when homeowners put a house on the market. The reason for this is all the reasons listed above. Home sellers know that they’ll have more eyeballs looking at their property in the warmer months than in the winter. While this can result in higher home prices, it also can work to the buyer’s advantage if they’re looking in later summer, as sellers will be looking to finalize a sale before fall hits.
If you’re in the market for a new home this summer, reach out to the Caliterra team to learn more about our available inventory of homes.
