If you are considering buying a new property during the summer season, do you have a plan? Visiting the properties for sale during the summer months can be challenging to buyers - is there going to be more competition in the buying process during this part of the year or should we wait for the winter season in order to more clearly evaluate the condition of the property and the costs of necessary repairs that cannot be noticed during the summer. In addition, the costs of maintenance of the certain house during the heating season should be also taken into consideration.
There are certain pros and cons when it comes to buying process in the late spring or during the summer. You need to evaluate the
current situation on the market in order to make a right decision to purchase a property.
What is the seasonal purchase of the property?
In general, the season of buying a property more often occurs in the late spring, during the summer, and in early fall. In this period, the real estate market traditionally records increased number of interested buyers. Having in mind the favourable weather conditions, which means warmer weather and more pleasant temperatures, potential buyers are much more decisive to visit properties in this period of the year. In addition, due to longer daylight hours, buyers are able to organize a
house hunting after work. A longer daylight during the summer months represents a significant advantage when buying an apartment.
Namely, because of the brighter weather, buyers can more easily get an impression of the brightness of the future living space, which is difficult in the winter months when the weather is mostly cloudy.
During the process of purchase of the family house, families will aim to complete the whole process of moving into new property by the beginning of the fall so they can prepare for the winter and heating season on time. For both, seller and buyer, summer season is more suitable for completing the required adaptation works, i.e., for bringing the property to the optimal condition for sale. All works on the renovation of the property and the process of relocation can be compromised by bad weather conditions, low temperatures and precipitation which in the case of buying an apartment during the summer season is reduced to a minimum.
Also, winter period is a season of family celebrations and holidays such as New Year’s and Christmas which is not preferable time for property tours when houses are unheated and unlit considering that most of the time properties that are offered for sale are not occupied. As a result, these properties also lack the holiday atmosphere. In addition, the purchase of the property in this period of the year is not priority for buyers due to additional costs related to the organisation of mentioned holidays, while significant number of potential buyers is traveling during the holiday season and are not available for property tours. For the above-mentioned reasons, the demand for real estate in the winter months is traditionally reduced. Due to all these factors the warmer period of the year was named summer season housing market.
The seasonality of the real estate market certainly has an impact on supply and demand. During the summer, the prices of the properties pick up, and our advice is to consult with your real estate agent in order to get the best offer for the planned budget according to your expectations in terms of location, size of the property, condition, as well as additional content in the vicinity.
The advice for buying a property during the summer season
1. Old properties that need to be renovated - Do not exclude older properties in need for renovation, as they are more affordable than others in the same neighborhood. Do a calculation and add to the sales price the cost of renovation of the house in accordance with your aspirations. Given that older properties usually require certain adaptation, the summer season is ideal for renovating the future house. Favourable weather conditions are more suitable for construction works needed for adaptation.
2. Plan your time - If you usually travel during the summer vacation, consider postponing your trip so you do not miss an attractive property, considering that more assets come to the market during the summer, while the number of interested buyers increases as well. In addition, if you have pre-school or school-age children, you may need to plan ahead their time and care while you visit the properties or supervise the ongoing renovation works.
3. Consult with real estate agent - Keep in mind that real estate brokers are very busy during the summer season due to increased interest in purchasing an apartment. Partnership with the
real estate professionals can make the entire process easier due to their insight in market trends and offer, as well as their negotiation skills. Moreover, you should take into consideration the importance of their advisory skills. The brokers can suggest weather certain property have advantages or disadvantages which you might not have considered.
4. Plan your finances on time - The process of buying a property can be easier if you prepare your finances on time, including amount for advanced payment and all additional costs related to purchase of real estate. Namely, you need to provide the funds for all accompanying expenses in advance, such as provisions for real estate agents in case you decide to hire a professional, as well as costs of loan processing, notary services, etc. In case you need to transfer money from different accounts, certain procedures must be fulfilled before the transaction occurs. If you partially finance the purchase of a new house by selling an existing property that represents your current living space, prepare in advance for the situation that you will sell the old property before buying a new one, therefore, you should be aware of additional expense of renting the place to live in the transition period.
5. Houses situated in popular tourist destinations - If you plan to buy a house or apartment in famous resort, mountain or other popular tourist destination, you need to start looking the property earlier, due to expected increased demand for this type of property during summer season. Namely, increased demand for these locations comes from people living abroad, like expats, and foreigners who consider buying a property in these destinations while arrive during summer vacation. For the mentioned reasons, sales prices of houses and apartments are notably higher due to high seasonality. It is important to be informed and aware of seasonal impact on sales prices of properties located in these destinations.
