What You Need To Know About Buying A Home In Summer 2018

The sunniest time of year when the sun is shining brightly is certainly a great time to explore new neighborhoods and envision future patio parties during visits. If you plan to buy a home this summer, it is important to understand the housing market before beginning any serious purchase. You need to know what the real estate market is like for buyers now and what you can do to get the best home at the best price that fits your budget.
Owning a home is an investment in your future, and with that in mind, you want to make sure you make informed decisions so that you can get the best deal possible. The housing market in 2018 should be as strong this summer as it has been all spring. List prices and existing home sales have risen this year, but home hunting offers advantages right now, too. Here’s some of the facts and tips to help you make the most of this year’s summer real estate market.
DURING THE SUMMER PRICE LOWER: Although summer is a very busy season for home buying, it is not crazy as prices drop from May to October. Anyway, if you hang out until the end of August, then you might find yourself a great deal, that is, when nearly 14% of listings get a price cut.
Private mortgage insurance is becoming more and more reliable: Private Mortgage Insurance, or PMI, Cheaper After PMI Lenders MGIC and Radian Lowered Their Rates This Spring; it’s great financial news for home buyers. That will make most of these PMI companies competitive with each other, thereby bringing them all down. Less than 20% of the down payment earns home buyers a PMI. It means that some buyers will find it cheaper to get into houses earlier.


DO NOT DISCOUNT ON OLD LISTINGS: At times when houses are flying out of the market in a matter of days due to stiff competition, it’s easy to think that a listing that’s a week or more is a red flag. But keep in mind that this is not always the case. It is often because the buyer went cold and backed out of a deal for a perfectly good home. But thanks to the assumptions home buyers make about older listings in busy markets, the delay can drive the price down.
There are more of these on the market. The number of homes on the market is shrinking, but there are still 8.3% more home repairmen among them than six years ago. If you are up against a top fixer to be prepared to move quickly, then there will only be a couple of options at a time. And when new listings come up, it will be pretty fierce.
KNOW THE NEIGHBORHOOD: The most competitive spot on the market gives you the temptation to bid on any available property that meets your criteria, but if you’re in the wrong neighborhood, you may never want to buy the house. It’s best to take some time and do a community scan before bidding. You can even find out what your future neighbors have to say about the area by contacting them.
MAKE THE STRONGEST OFFER: To stay in the market, bid the strongest, even your bid is not the highest because now is not the time for a low bid. Sure, submitting a cash offer could be difficult for many home buyers, but there are a few ways to make a solid offer that don’t require large amounts of money. Substantial eventualities like a shorter closing or inspection period and writing a great offer letter can help your offer stand out.

Leave a Reply

Your email address will not be published. Required fields are marked *