Those temperatures arent the only thing hot this summer. The housing market is causing a record heatwave all over the country. Before getting your sunscreen on and hitting the pool, if you plan to shop for a home during the summer season, here are 4 things you need to know to buy a home during the summer.
1. Fewer Choices.
Inventory levels are the lowest they have ever been throughout the country. This means fewer properties to choose from, with multiple offers to choose from being the norm, not the exception. Be sure to work with an agent who is super focused on your property search and knows what properties are off the market and those about to come on formally.
2. Be Flexible.
In a tight market, it may take longer to secure a home. Less inventory means more buyers for each property. Plan for temporary accommodations as a seller may want to close sooner yet need to stay in the property a couple of months past closing.
3. Show Me the Money.
Have your pre-approval letter and proof of funds at the ready. All should be easy to read and understand where the money is coming from. If you’re obtaining a mortgage, it is a good idea to get fully approved through writing before making an offer to present as strong a financial picture as possible.
4. Put your Best Foot Forward.
You never get a second chance to make a first impression, and in the current real estate market, this holds. Be prepared to make your best offer the first time. This is no time to hold back, as the seller is most likely receiving multiple offers and may not counter or give buyers a chance to amid their offer.