Thinking about buying a home this summer? When the sun is at its best, it can be a great time to explore area neighborhoods and visualize you and your family living in a new home or enjoying the patio of a perspective buy. You should understand how the market is working right now and what you can do to get the best home with the best price.
The housing market is strong this summer. Here are some facts and tips to help you get the most out of this year’s summer housing market.
Summer may be a busy home-buying season, but it’s not as crazy as spring. Prices tend to drop during the summer from June through October.
There’s good financing news, too: (PMI) is getting cheaper
This will cause PMI companies to start to be competitive and lower rates across the board. PMI is typically required when a buyer has a down payment of less than 20%
When homes are flying off the market within days, it’s easy to think a listing that’s a week or so old is a red flag. But most of the time, these homes are fine and someone got cold feet along the line and pulled out of a great deal. These homes also tend to go down in price.
This could mean that maybe you go with a fixer-upper instead of your all done up right-dream home. If done right, a fixer upper can afford you more equity in the long run.
It can be tempting to just buy a home based on it checking most of your boxes. However, you should always scout the neighborhood, making sure the schools and community are just as attractive to you as the home itself.
Obviously, now is not the time for low-ball offers. But the strongest offer isn’t always the highest one. All cash offers seem to take the highest precedence.
Other options are generous contingencies, like shorter closing times or inspection times. Also writing a great offer letter can make your offer stand out amongst others.
For a listing of homes in your area, you can visit us at Conesuslake.com or click here.
If you have question about home buying or would like to make an appointment for a showing, please contact Dawn LoPresto at 585-794-6887.
