While homes sell all year long, the summer months of June, July and August tend to see the bulk of sales, with upwards of 40% of homes typically selling during this period. That said, Covid-19 has 2020 home sales results being anything but typical (Greater Hartford Association of Realtors (GHAR) June statistics show new listings down 5.6%, closed sales down 21.8%, inventory down 30.3% and median home sales up 2.8%), and the rise of pending home sales up 2.2% indicating the potential for a later summer/early fall market this year. If you’re getting in the market a bit later this year than you’d intended, you may still see some summer-like activity and will need to act accordingly. Below, 5 tips for buyers or sellers when the market is “hot”, even if the temperatures have cooled.
Seller: Pay attention to the condition of the outside of your home. In summer, the scenery, yard and any outdoor amenities will be vital aspects of your home sale. With more agreeable weather conditions, a buyer can spend more time inspecting your property from a “summer” point of view, outside, than at any other time of year. Big landscaping projects needed or overdue maintenance to the exterior are more likely to be noticed now, and if the projects seem too big, it may mean a “pass” on your property for one that needs fewer outdoor upgrades.
Buyer: Pay attention to the inside. With the warmer weather here, it’s easy to get swept away by a pool, deck, flowering gardens, fenced in back yard and playscape for the kids, or other outdoor amenities. Remember that you’ll be spending more time inside once you move in, and the condition and comfort of the interior of your home shouldn’t be ignored.
Seller: Keep an eye on the competition. Know what other homes like yours in the area are selling for, and what condition they are in. Those houses are the houses that buyers are comparing yours to. Knowing your competition can help you to identify your home’s strengths and weaknesses, and will allow you to price or upgrade accordingly.
Buyer: Don’t get caught up in the excitement of the hunt. When a flow of houses goes on the market, it’s easy to get overwhelmed by all the options that you might have. Stay clear on what’s important to you as it relates to funds, lifestyle, and needs in your next buy.
Seller and Buyer: Don’t let the winding down of the typical timeline of the “summer season” stress you out. If Covid-19 has taught us anything, it’s flexibility and adjusting to a different kind of normal. Buying a home is stressful enough; don’t let the typical “busy” period ending become a further stress through your house hunt or home sale. Even though summer is usually when the bulk of when home sales and purchases happen, remember that sales happen all year long.
