What To Expect if You Buy or Sell a Home This June

June is a bustling month in the housing market, with many people looking to buy or sell homes. If you’re planning to make a move this month, here’s a detailed look at what to expect to ensure you're well-prepared.

If You’re Buying This June

Many homebuyers with school-aged children prefer to move after one school year ends and before the next begins, making late spring into summer a peak period for home transactions. Whether or not this is a factor for you, it's important to be prepared for increased competition among buyers. However, the good news is that this is also when more homes are listed for sale, giving you more options to choose from. As Bankrate notes:

“Late spring and early summer are the busiest and most competitive time of year for the real estate market. There’s usually more inventory listed for sale than other times of year... This is a double-edged sword for a buyer, as you will be met with more opportunities but [also] much more competition.”

In such a competitive environment, working with a trusted real estate agent is crucial. Your agent can help you stay updated on the latest listings, offer strategies for making a strong offer, and provide valuable insights into the actual market value of homes. Forbes emphasizes:

“Approaching the market confidently, armed with good information and grounded expectations will take you far. Don’t let the hustle of the market convince you to buy something that’s not in your budget, or not right for your lifestyle.”

If You’re Selling This June

As a seller, June puts you in an advantageous position due to the higher number of motivated buyers eager to move before the new school year starts. This can lead to strong offers and potentially a quicker sale at a favorable price. The National Association of Realtors (NAR) explains:

“Warmer weather and the end of the school year encourage more people to buy and sell, respectively. Buyers are looking to move and settle before the new school year begins, contributing to increased competition and, consequently, higher prices.”

Having a skilled real estate agent is essential to navigate through contingencies and negotiations, helping you select the best offer. It’s also important to coordinate closing dates with your agent, as buyers may have specific timelines based on their personal schedules or school calendars. According to U.S. News Real Estate:

“...if your house goes under contract in early summer, the buyer may ask for a delay in closing or move-in until the school year finishes or their current home has sold. Alternatively, a buyer later in summer may be looking to close quickly and move in under a month. Remain flexible to keep the deal running smoothly, and your buyer may be willing to throw in concessions, like covering some of your closing costs or overlooking the old roof.”

Bottom Line

If you’re planning a move this June, it's important to be informed and prepared for the dynamics of the current housing market. Let’s discuss your options and develop a strategy that considers current conditions while aligning with your personal needs and goals.

6-5-2024