Buying a Home During the Summer: Pros and Cons

Summer is one of the most popular times of the year to buy a home. The days are longer, the weather is better, and school is out of session, which makes house hunting easier and more enjoyable. However, just because it’s a popular time doesn’t necessarily mean it’s the best time to buy. Like any major decision, buying a home during the summer comes with its own set of pros and cons. In this article, we’ll explore each to help you decide if buying a home this summer is the right move for you.

Pros: Why Summer Can Be a Great Time to Buy

1. More Homes for Sale

Summer is historically one of the busiest times of year for the housing market, which creates a surge of listings during the late spring and summer months. Many homeowners wait for the warmer months to list their homes, hoping to attract buyers when curb appeal is at its peak. This can mean more choices for you as a buyer, which can increase your chances of finding a home that checks all your boxes.

2. More Enjoyable House Hunting and Moving Experience

Warmer weather, extended daylight hours, and more flexible summer schedules make it significantly easier and more enjoyable to attend open houses, schedule inspections, and coordinate a move. Plus, if you're relocating with children, moving during the summer is often ideal, as it allows them to start fresh at their new school at the beginning of the academic year.

3. Viewing Properties at Their Peak

House hunting during the summer gives you a clear, unobstructed view of a home's true curb appeal. You can see how well the lawn has been maintained, appreciate the landscaping in full bloom, and better assess the condition of exterior features like the siding, roof, and drainage. Unlike in winter, when snow and cold weather can hide potential issues, summer provides a more accurate picture of the home’s overall upkeep and condition.

Cons: What to Watch Out for in Summer Homebuying

1. Increased Competition

Summer is a popular buying season which means you’re likely to face more competition from other buyers. Homes can sell quickly, and, in competitive markets, bidding wars are not uncommon. Stay a step ahead of your competition by getting pre-approved for a mortgage loan before you begin your search. This shows sellers you’re a serious, qualified buyer and can give your offer a stronger edge. It’s also essential to work with an experienced real estate agent who knows the local market and can help you move quickly and strategically.

2. Potentially Higher Prices

While interest rates and overall market conditions still play a big role in home affordability, properties listed during the peak summer months often come with a higher price tag. Increased buyer demand and the potential for bidding wars can push prices up compared to homes listed during the slower, off-season months.

3. Buyers Must Act Quickly

Summer’s increased buyer activity means homes tend to sell much faster than during slower seasons. With more competition and limited inventory, desirable properties can receive multiple offers within days or even hours of being listed. As buyer, you will need to be prepared to move quickly and decisively. This means having your financing in order, knowing exactly what you’re looking for, and being ready to schedule showings and submit offers quickly. Working with a real estate agent who can alert you to new listings as soon as they hit the market is also key to staying ahead of the competition.

Smart Summer Buying Strategies

Whether you’re a first-time homebuyer or looking to upsize (or downsize), these strategies can help you navigate the summer housing market wisely:

• Review your finances to determine if now is the right time to buy. Buying a home should align with your lifestyle, finances, and future goals.
• Set a clear budget and stick to it, even in a competitive market.
• Get pre-approved for a mortgage to streamline the buying process.
• Stay flexible on things like closing dates or small cosmetic fixes to stand out as a buyer.
• Work with a knowledgeable real estate agent who understands local seasonality and pricing trends.

While summer house hunting offers plenty of advantages, it's important to weigh those benefits against your personal circumstances and financial readiness. The best time to buy a home isn't just about the season, it's about when you're financially ready to purchase a home.

If you’re thinking about purchasing a home now or in the future, an FNBO Mortgage Loan Officer is available to help. Give us a call today.