Summer Season Presents a Hot Housing Market for Buyers and Sellers

As the weather is warming up, so is the housing market.

As the weather is warming up, so is the housing market. The summer season is the most fast-paced, competitive and important season for the industry, so it is essential to be prepared and understand what the market currently looks like.

First, the weather allows for sellers to make their homes look the absolute best.

“The exterior of the home is always the top priority when it comes to selling,” mentioned Cathy Walsh, Broker Associate for Brush Hill/Baird and Warner. “Snow in photos makes it hard to fully see the home. That’s why homes are often listed in the summer—flowers and greenery help a home look more welcoming.”

Use the season to your advantage by perfecting a manicured lawn, planting a colorful garden and boosting your curb appeal to catch the eye of people passing your home or looking at photos. Potential home buyers also find the “relaxing” component of a home to be a top priority, which can be highlighted in the warner summer months through inviting furniture on your outdoor patio or deck.

Since homes for sale will most likely be in the best possible shape this season, they tend to be sold pretty quickly. That means that as a buyer, you should be ready to act fast.

“I advise buyers to start the purchasing process by obtaining pre-approval from a lender or their bank,” said Walsh. “If a buyer is caught in a multiple-bid situation, be prepared to ask for a ‘highest and best’ offer. Knowing what you can afford and being able to provide that information to a seller may make the difference in buying or losing out on a home.”

The summer season also offer creates the possibility of deals for buyers. Homes that might have been on the market since late winter or early spring will have room to negotiate their listing prices because they are competing with newer homes on the market.

“Sellers should be willing to negotiate and accept a lower offer so that their home doesn’t sit in the fall or even winter months without any signs of activity,” noted Walsh.

As the housing market continues to heat up this summer, Walsh mentions that there are some other trends for consumers to keep in mind. The first is that smaller homes are becoming more and more popular.

“The large Baby Boomer generation is looking to downsize,” said Walsh. “The luxury home market that prices $1 million or more are staying on the market longer, and if they’re not priced competitively they will eventually languish.”

For those selling a home that might be an ideal mid-size option, there are also a few key things that are on many buyers’ checklists.

“While ‘vintage style’ homes are still sought after, newer homes with well thought out interiors, stylish finishing and trendy colors are ultimately selling quicker,” said Walsh. “Home office space, a first-floor master bedroom suite and one level living with a finished lower level is also appealing to Baby Boomers.”

Both buyers and sellers are facing a positive housing economy and market this summer. There are numerous opportunities for both parties to get what they want out of their buying or selling experiences, as long as they understand their role within the context of the current market.