Memorial Day Weekend is the unofficial start of the “summer season”. And while most people think Spring is the best time to sell your home, we think summer is a great time also. In previous years, the standard time to get from ratifying a contract on a home to the actual settlement & moving in day was about 60-90 days. As technology has advanced, timeframes have become much shorter and the norm now is about 30 days.
What that means is the summer market has been extended. Home buyers with children in school – whether elementary school or college – often try to time their home purchases so they will be settled in their new home by the time school starts. When it took 60-90 days to get to settlement, that meant they had to be under contract by May or June. Now that loans can be processed quicker and timeframes in general are much faster, that means families can purchase a home in July – even in August – and still move in by the time school starts.
The result has been that summer is still a popular time to buy a home. Sales during the summer will still fluctuate due to holidays and due to sports schedules & vacations, but with inventory as low as it is today, we believe buyers & sellers will still be very actively participating in the market.
If you’re thinking of buying or selling a home this summer, give The Belt Team a call (703-242-3975) to discuss the best strategy for YOUR particular situation.