Why is summer a better time to buy a home than you would think?
Sellers who have put their homes on the market in spring and not yet found a buyer can sometimes feel they've missed their chance by the summer months. However July and August can actually be a great time to sell because of the lack of stock and competition.
Buyers tend to relax more after the spring rush, they may feel that they’ve missed the chance to get their kids into a new school catchment area in time to start back in September, so the pressure is off.
Is there something wrong with homes that have been on the market since spring?
Usually not at all. Properties that don’t sell and have been on the market for a long time may simply need to re-evaluate the asking price or it's just a case of finding the right buyer. Every property can be sold if the asking price is right.
Why are there less people house-hunting in summer?
There is always a rush to buy in the spring. Often from families who want to complete before the school holidays, so they can get their kids into a new school. Others like to start their search in autumn, so they are settled in a new place by the end of the year.
This leaves the savvy buyer in a strong position during summer because there is less competition. People are on holiday or already settling into their new homes, competition is lower and you are unlikely to end up in a bidding war.
Other benefits of house-hunting in summer
- It's a good time to get a feel for the neighbourhood. More people are out and about and more sociable with their neighbours.
- You can see the garden in its full summer glory and imagine yourself enjoying it the following year.
- View at your leisure – with a quieter market your estate agent will have more time to spend with you at viewings.
So if you still haven’t found your dream home yet, get out there and resume your search this month.