Looking for an apartment in the summer for rent or purchase, according to realtors, is not very popular. But those who postpone their vacation and start looking for real estate will not regret their time spent. Housing in the summer is cheaper, this even applies to the secondary market, in addition, there is time to comprehend all the disadvantages and advantages, as well as calmly move to a new place. Let us talk about the pros and cons of summer search.
In summer, there is a great opportunity to buy or rent a new apartment on good terms with a discount. Realtors generally consider this time of year to be a “dead” season, in part because they are forced to drive sales. Naturally, it is best to attract new buyers with discounts; interesting promotions can also be organized.
Some people do not like buying houses during summer for some reasons despite the obvious advantages and that makes it usually unpopular to buy housing in the summer:
Traditionally, many citizens for certain either for personal and financial reasons postpone the purchase of an apartment for the autumn and New Year months, although entering the real estate market in the summer brings a number of advantages.
The same can be said about renting apartments. There are also advantages to signing a contract in the summer. Usually, the rental market becomes more active with the arrival of autumn. This is due to the study of students, the renegotiation of contracts adopted last autumn. So, by concluding a rental agreement in the summer season, you can save a little. True, not the way it was in the pre-crisis years.
In the regions, the situation with rent differs from that in the capital: due to the lack of excitement, as in the capital, the demand was quickly satisfied against the background of large discounts. Buyers, taking advantage of the stagnation in the market, bought housing and immediately put it up for rent.
The market for renting apartments in some countries has noticeably sagged because of the effect of covid 19. This led to the relative affordability of housing. During this period people were able to purchase. At the same time, some managed to use more or less previously available mortgage funds, while others were able to collect the missing amount for the purchase of housing from relatives and friends. All this could not but lead to the fact that apartment rental prices turned out to be at a very low level.
There are discounts even on the “secondary” market
Let’s highlight the main advantages of purchasing real estate in the summer months. It is generally believed that it is much more difficult to get a discount in the secondary market. Even if the owner sells his home in the summer, he usually believes that the price is fair. Usually, realtors fail to convince such obstinate clients, as they are waiting for September to sell the apartment at a higher price.
Some people do not agree with this point of view, Some experts believe that the sellers can be convinced by the lack of excitement.
In the summer months, it is possible to buy an apartment on the secondary market, as a rule, somewhat cheaper than in the autumn period and on the eve of the new year – the time of the so-called traditional excitement. And even though now this excitement does not have such obvious forms.
Big discounts and bonus programs in the market of new buildings
There can be no disputes about discounts in the market of new buildings. Developers need to maintain the pace of sales, but there is a problem that the limit for lowering prices has been exhausted.
In the summer, you can save on buying an apartment in a new building. You can expect pleasant surprises from the developer in the form of additional discounts, promotions, and sales. This is done to maintain the pace of sales. But again, in the current real estate market, many developers have exhausted the opportunity to reduce prices, but they may willingly offer you some bonuses in the form of a storage room or other technical room, and if you are lucky, even parking spaces. In addition, do not hesitate to ask about additional preferences if you are buying an apartment in a new building using mortgage funds. As a rule, it is during the summer months that banks, albeit insignificantly, make concessions to developers. And those, in turn, can redirect the preference to the buyer.
In the summer there is time to think about buying
Silence in the real estate market will help those who spend time on mortgages or save money. There is no competition among buyers, therefore, there is practically no chance that the option of interest will be sold. It turns out that in the summer you need to calmly consider all proposals and calmly choose. Some experts propose to start looking for housing immediately:
As a rule, in the summer you have more time to choose an apartment and make a decision. The current summer season will be no exception in terms of sluggish activity compared to the coming fall when people return from vacations and demand intensifies. This means that the interesting option you have found will be on the market a little longer in the summer. Considering all these factors, it is advisable not to postpone the solution of the housing issue, but to deal with it right now.
You can move without fuss
It is worth considering buying an apartment in the summer for families with children. At this time of the year, parents and children can move to a new apartment without unnecessary anxiety and begin to adapt to the new area, calmly choose a new school or kindergarten.
In the summer it is easier to move from one apartment to another. This is especially true for families with children, who can be sent to grandmothers, relatives, summer camps, etc. in the summer months.
Long days will make it possible to view the apartment after work.
In autumn or winter, the daylight hours are short, and if you need to see a lot of apartments, you will have to go to shows on weekdays, after work. After six in the evening, it is already dark and you may not notice any imperfections visible during the day. Buyers should take this advantage seriously, and look at as many options as possible:
There is big daylight in summer, which means that when choosing an apartment you can see more objects per day than in autumn or winter (artificial lighting in this case successfully masks certain disadvantages ).
A limited choice is a minus
There are also disadvantages to summer property purchases, for example, a limited number of options on the “secondary housing”. For example, if you need to find an offer in a specific area, you may come across a small number of apartments for sale. Many are still waiting for the autumn price hike and want to make money. Some of the owners simply leave for summer cottages and living in the region, it is inconvenient to sell an apartment.
TIPS WHEN BUYING A HOME IN SUMMER
For those in the real estate business, it’s no secret that the summer months can be a little tricky to buy. This is because warmer weather tends to be a more attractive time for a shopper when shopping, as most areas of the United States are easier to move around in summer because you don’t have to face snow or cold temperatures. Of course, this also attracts shoppers with families because there is no school and therefore moving during the summer provides a smoother transition for the children. However, there are many reasons why it might still be a good idea to buy a home in the summer, and here are three tips to help keep things running smoothly.
Tip # 1: know what you want by exploring all the options
While it is true that the number of interested buyers usually increases during the summer, it is also true that the number of homes on the market also tends to increase. After all, for those looking to sell, the summer months are also often the best time of the year to take a step, for the same reasons that make summer attractive to shoppers. This means inventory will tend to be wider, which will give you more. opportunities for buying. In turn, you have time to explore all of your options so that you can find the property that best suits your needs. By creating a “wish list” before starting your search, you can narrow down your choices as you explore the options available to you.
Tip # 2: negotiate the best deal for your market
Unless you’re looking to buy property in a highly competitive market, you will most likely have wiggle room to negotiate the best deal during the summer months. After all, the increase in the number of homes on the market means you have more options to buy. This, in turn, will make the seller more willing to negotiate to sell his or her home. Use this leverage to get the best deal.
Tip # 3: be prepared to close quickly
Once you find the property you want to buy, you should be ready to close the deal quickly. This is especially true if you are interested in buying a property that is in a hot market, but it is also in your best interest to move quickly if you are buying a market that is not that hot. You can help speed up the process by collecting a pre-approved loan before you start looking for a home. Not only will being properly prepared will help increase your chances of getting the home you want, but it will also help you get into the house faster. This is especially important for families hoping to move in the summer with minimal disruption to their children’s school schedules.
It is very important to understand few facts about buying houses during summer, autumn, or winter to be able to maximize profit by selling at the right time. But as we have seen from this post there are reasons and advantages for buying homes in summer. So if you are considering buying a house, you may consider buying your choice home during summer considering the following benefits and tips highlighted in this post. However, the choice is yours. If you have a strong reason to make your house purchase in the winter, we will like to share your opinion with us.