Seasonality of Real Estate

Why Summer Takes the Crown

By Katrina McDowell on Jun 27, 2024 in News

The real estate market ebbs and flows with the seasons. Understanding these trends is a key to success for those in the market. And when it comes to prime time, summer takes the crown, offering various benefits for the real estate market.

Summer increases inventory, with many properties listed in the spring and summer, leading to a more extensive selection. The market experiences a surge in activity, reaching peak time in June.  Typically, a property will go on the market and within a month, it is sold, whereas in the winter, it averages 50 days on the market. With summer’s better weather, it’s an ideal time for property hunting, inspections and moving. The impact of better weather showcases a property’s natural lighting and landscaping. Summer is also crucial for family considerations since most would want to move during the summer before the next school year begins. June is the peak season for the market since the school year just ended. By the end of the summer, families try to settle before the school year starts. Though there’s still high demand for selling, buyers tend to have less competition and better negotiating power toward the end of summer.

Advantages vs. disadvantages. For a seller, summer brings in a surge of demand and activity. Sellers can confidently ask for a higher price, and properties tend to sell faster. Selling in the summer can enhance the property’s curb appeal by showcasing lush gardens and optimizing outdoor spaces—for example, plant lavender or other aromatic plants for instant gratification for those approaching the property. Native plants are a splendid option since they are aesthetically pleasing, practical and ecologically valuable for landscaping. Another tip is to consider adding landscaping lighting to boost curb appeal in the summer with solar lighting and accent lighting that highlights landscaping features. Keeping up with yard maintenance in the summer showcases the potential and stirs the excitement to see the interior.

For buyers, summer presents a wealth of options, a diverse range of properties on the market, and the potential for some promising negotiation opportunities in a competitive market. Buyers can feel empowered in the summer real estate market by staying informed about off and pre-market listings, considering strategic concessions and contingencies, and making personal connections with sellers.

Of course, summer has challenges in the real estate market with higher prices and competition. Properties can increase in price, so budgeting appropriately and securing financial assistance is crucial. And with such a competitive market, bidding wars are inevitable. That’s why working on negotiation strategies and adding a personal touch when highly interested is vital for summer real estate transactions.

The past few summers have been a seller’s dream. However, now, fortunes are changing. Home prices are still rising, but gone are the days of throwing up a for-sale sign, and a mad rush begins. According to Business Insider, sellers around the country face similar circumstances: fewer buyers, and those on the hunt have more options. Now is the time to price properties conservatively and take care of more significant repairs before listing. Since buyers are already battling high interest rates and prices, taking on more expenses as soon as they get the keys is unfavorable.