It is a hot one in Houston, and this time, we don’t mean the real estate market. It is literally hot. If you’re in the market for a new home, you’ve probably heard that summer is one of the better times to buy. During the Spring and summer, you typically will find the largest number of options. On the flip side, you also tend to find a lot of competition from other prospective buyers during the summer. However, the early Houston heat might help to weed out some of those prospects who aren’t as serious about buying, which might provide you with a little more leverage this summer when making your offer.
If you’re ready to hit the market and brave this summer heat, here are some things you should know.
Know what you’re looking for
Have you thought long and hard about what you really need in a house, versus what you want? Now is the time to make a list and really consider what is a deal breaker – and what isn’t. Do you really need a pool, or is the summer heat just making you think you really need a pool? Be sure you know what your priorities are.
Be ready to act
Once you’ve compiled your must-have list, it’s time to get pre-approved for a mortgage. Regardless of how busy the real estate market in Houston is this summer, you need to be prepared. You don’t want to find your dream home only to have someone else snatch it up because you weren’t preapproved. A preapproval letter submitted with your offer will demonstrate to sellers that you are serious and motivated. They will be more likely to accept your offer over someone who hasn’t yet taken that step. The bottom line is – when you begin your home shopping in earnest, be ready to make a move as soon as you find the house you like.
Look at older listings
Spring is the peak of the market, and summer is when it starts to slow down again. For families that want to move midsummer, they’ve already made their offers on homes before Memorial Day in order to be settled for the coming school year. If you’re looking for a home, pay special attention to those houses that failed to sell before Memorial Day. If a house has been sitting on the market for more than 50 days, the seller may be more motivated and you could score a good deal. They may be willing to come down on price or cover the closing costs so you can make a bigger down payment.
Regardless of whether you are thinking of waiting this summer or in the fall, it’s never too early to start doing your due diligence. If you have any questions about the homebuying process or the state of the market in your target neighborhood, let us now. We are happy to help you work through your options and talk through your goals. Fill out the form below to get matched with one of our professional agents.