What You Need to Know About Buying a House in Summer 2018

What You Need to Know About Buying a House in Summer 2018

Aug 30, 2018

With summer slowly but surely coming to a close, there’s still time within this beautiful season to buy a home. The following list has been curated with you and mine to give you the best information about buying a home in the summer of 2018.

The sun is high and hot—and so is the competition for buying a home.

It’s important to know how the housing market is for buyers right now, and what you can do to end up with the best possible home for you and your family or future renters. All over the country, existing home sales and lease prices have risen, but let’s take a look at some of the perks of looking now.

Prices drop during the summer.

Summer is a busy home-buying season, but it is nothing in comparison to springtime. Prices drop from May through October, meaning if you can keep looking until late August you can find a great deal.

PMI is getting more affordable.

Private mortgage insurance is getting cheaper for home buyers, PMI is typically required to have a down payment of less than 20%, meaning it’s cheaper for you to get into homes sooner.

Don’t discount older listings.

Many home buyers can make assumptions about older listings in busy markets, but it could potentially just be because a buyer got cold feet and pulled out of a perfectly good deal. With that being said try not to discount older listings, as they can be perfectly reasonable homes at reasonable prices.

Consider a fixer-upper.

In a competitive market, it’s important to remember that flexibility goes a long way. While you may not be buying into your perfect home, you can find a house at a great deal, giving you the leeway to put some of the money you may have put in a down payment on fixing up the place.

Buying a new home is scary and exciting all at the same time. However, we at American Property buyers love to consult the citizens of the Houston, TX, area to help them find what they’re looking for at the price they want and the time that they need. To schedule a consultation or to speak to us directly feel free to send us an email or give us a phone call when it is most convenient for you.