Is summer the best time to buy?

24th July 2018

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Deciding when to buy a property can be a daunting prospect, especially in a volatile marketplace, which is constantly changing!

But can buying a home at a certain time in the year really make a big difference?

The answer is yes, and it certainly pays to know when to turn this into your advantage. After all… the vast majority of house prices are based on demand, and the bigger the demand, the more you can expect to pay!

And the good news is… during the summer months, a surprising lack of demand puts potential buyers in an extremely good position, making summertime a great time to buy! Of course, a lack of demand also means that prices are also likely to go down, and it’s much easier to get a true feel for a house and neighbourhood in the sunshine, right?

This is because as soon as the sunshine arrives, the last thing on people’s minds is moving home. Instead, family time, holidays and generally getting out and about to enjoy the sunshine takes priority.

So whether you’re a first-time buyer, a contractor, freelancer or you are self-employed looking to buy a property this summer, you have certainly landed in the right place.

We’ve created some of our best tips for home shopping during the summer months!

Know your market

Firstly, understanding your market is key when it comes to buying any property, but especially if you are a first-time buyer.

This is because gaining a true understanding of the housing market in the area you are hoping to buy in will allow you to determine whether a house is underpriced or overpriced.

Consider a fixer upper

It’s amazing how many potential buyers lose out on some fantastic properties because they cannot look beyond the aesthetics of a home, despite a house having the space they need.

Remember cosmetic elements of a property can be easily changed relatively quickly, and aesthetics such as carpets, wallpaper, and outdated furnishings can be easily removed.

Don’t discount older listings

Spring is a popular time for people to sell their homes however, many of these homes are still on sale by summer, so don’t dismiss older listings, especially as some homeowners may actually be persuaded to lower the asking price of their property.

Make the strongest offer

When you eventually stumble upon the perfect property, don’t be afraid to make the strongest offer, even if it’s not necessarily the highest.

Pleasant experience

Finally, house hunting for a new home during the summer months can be extremely pleasant, as sunshine filled days to provide the perfect opportunity to explore new neighbourhoods and get a true feel for the house you are interested in.

Happy house hunting!

For further information or to speak with an adviser follow the link below:

iContract are not authorised to offer regulated mortgage advice. iContract are introducers to CMME.

CMME is a trading name of CMME Mortgages and Protection Limited. Authorised and regulated by the Financial Conduct Authority (FCA reg. 414798). Registered in England No. 04886692. Registered Office: Albany House, 5 Omega Park, Alton, Hampshire, GU34 2QE. Please be aware that Commercial Mortgages, Overseas Mortgages and some Buy To Let Mortgages are not regulated by the Financial Conduct Authority. Calls may be recorded for training and security purposes and to improve the quality of our services.