Ready to start the homebuying process? Here’s what to consider when doing so this summer.
Grab the sunscreen – summer has officially begun! It’s the time of year where people enjoy road trips, vacations, days by the lake, dips in the sea, time in the sunshine, and so much more.
It’s also a time when many start the journey toward buying a home.
If that includes you, here are three things to keep in mind.
1. More homes are on the market now
Buying a home this summer across the U.S. likely means you have more options to choose from compared to a year ago. According to data from the latest RE/MAX National Housing Report, housing inventory increased 40% in May 2024 compared to May 2023. The report also found a 15.1% year-over-year increase of newly listed homes during the month.
Inventory levels vary, of course, across different markets. For example, in May, markets like San Diego and Phoenix saw more than a 30% year-over-year increase in new listings, whereas markets like Cleveland and Coeur d’Alene, Idaho, saw drops.
The best way to understand local market conditions – and understand how they may impact your purchase – is to connect with a local real estate agent with experience in all market types.
2. The timing of closing on a home (and moving) can vary
From start to finish, the process of buying a home – from making an offer to moving in – can take some time. When purchasing a home this summer, consider your calendar and how soon you’d like to be in your new place. While some summertime homebuyers will close on their transaction during this season, others may be looking at a fall move. Factors that can impact timing include your financing (i.e. how quickly you secure a mortgage loan), items raised during inspection, the timeline of the seller’s departure, and more.
Getting pre-approved for a loan in advance can speed things up. Pre-approval is helpful to do at the very beginning of the homebuying process, as the lender will assess your financial factors and determine what type of loan you qualify for. From there, you have a better idea of a homebuying budget, which is helpful as you start to browse potential properties.
3. A real estate agent can expertly guide you through
A trustworthy real estate agent brings valuable experience, expertise, and skills that can help ensure a smooth transaction. That way, you can spend more summer days doing the things you love (in your new home!). The sooner you start working with a real estate agent, the sooner they can help find your new place, advocate on your behalf, and get you on your way to being a homeowner.
Ready to start the homebuying process this summer? Get in touch with a nearby RE/MAX agent today. Plus, don’t forgot to check out the new Homebuyer’s Guide from RE/MAX, which details the steps of buying a home from start to finish.
Article originally appeared on RE/MAX.
