June is a busy month in thehousing marketbecause a lot of peoplebuyandsellthis time of year. So, if youve got a move on your mind and youre looking to make it happen this month, heres a snapshot of what you need to know to make sure youre ready.
If Youre Buying This June
A lot ofhomebuyerswith children like to move after one school year ends and before the next one begins. Thats one reason why late spring into summer is a popular time for homes to change hands. And whether thats amotivatorfor you or not, its important to realize morebuyersare going to be looking right now and that means youll want to be ready for a bit more competition. But there is a silver lining to a move this time of year. This is also when more sellers will list so you should find you havemore options. As an article fromBankrate says:
Late spring and early summer are the busiest and most competitive time of year for the real estate market. Theres usually more inventory listed for sale than other times of year. . . This is a double-edged sword for a buyer, as you will be met with more opportunities but [also] much more competition.
During this busy season, its extra important to work with a trusted real estateagent. Your agent will help you stay on top of the latest listings, share expertise on how to make a strong offer in a competitive market, and give you insight into things like what the home is actually worth so you can make aninformed decisionwhen you buy. AsForbessays:
Approaching the market confidently, armed with good information and grounded expectations will take you far.Dont let the hustle of the market convince you to buy something thats not in your budget, or not right for your lifestyle.
If Youre Selling This June
Because there are more buyers this time of year, youre in a great spot as aseller. Many of those buyers arehighly motivatedto make their move happen before the next school year kicks off so theyll likely put in strong offers to try to make that possible. That means, if your houseshows welland is listed atmarket value, you could see your housesellfaster or for a higher price.Accordingto theNational Association of Realtors(NAR):
Warmer weather and the end of the school year encourage more people to buy and sell, respectively.Buyers are looking to move and settle before the new school year begins, contributing to increased competition and, consequently, higher prices.
You want to be sure youve got agreat agenton your side to help you with the contingencies on those offers and any negotiations that take place so you can pick the best offer. Make sure you go over closing dates with your agent. Buyers trying to time their move with the school year may need to delay a bit or move faster. This can depend on the school calendar where you live. AsU.S. NewsReal Estateexplains:
. . if your house goes under contract in early summer, the buyer may ask for adelay in closingor move-in until the school year finishes or their current home has sold. Alternatively, a buyer later in summer may be looking to close quickly and move in under a month.Remain flexible to keep the deal running smoothly, and your buyer may be willing to throw in concessions, like covering some of your closing costs or overlooking the old roof.
Bottom Line
If youre looking to make a move this June, call me, Marie McLaughlin @ 727.858.7569 so you know what to expect and how to plan for current market conditions.
Source: https://www.keepingcurrentmatters.com/2024/06/04/what-to-expect-if-you-buy-or-sell-a-home-this-june/
