Summer is almost officially here: June 20, 2012. Summer is often considered the best time of the year to buy or sell a home, both in Austin and nationwide. While the market tends to move a little bit faster for some, it can also create challenges that we haven’t seen in some time. Here’s why.
The time is right. Schools are out or will be very soon, and parents have the luxury of moving without disrupting their child’s social life and education. Add in the window for closing, packing up and moving, unpacking and getting settled before school begins, and this is a great recipe for success. Add in the manpower available at home in cleaning the house while kids are out of school, plus fair weather for yard sales and summertime changes become easier. Wait too late in the summer to close and move, and the timing becomes a scramble to get settled before school starts and the weather changes.
In some respects, a competitive market is good for both sellers and buyers. There are more prospective buyers looking at your home, so there are more opportunities to sell your Austin home. For potential buyers, there are many more choices on the market, so they are more likely to find the home that fits both their needs and their budget. While some buyers may be disappointed that sellers are less likely to take a lower price in negotiations, there are also more homes available in a wide range of prices, so they can still get a good price on a great house.
Homes that are move-in ready are more popular these days. For motivated Austin home buyers on a mission to be settled in before school starts, the possibility of a quick move-in will likely make an even bigger difference this summer. Spending several weeks or months doing heavy renovations or even just painting and recarpeting might not be an appealing option.
If you’re ready to buy or sell an Austin home, take the time to evaluate how quickly it needs to happen and what you can do to make the process easier. Your best chance for success is to take advantage of the summer peak and try to be a little flexible in your negotiations.