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You should know this before you buy a home in June

Tuesday, June 4, 2024   /   by Aaron Kinn

You should know this before you buy a home in June

June is a bustling month in the housing market as many people choose this time to buy and sell homes. If you're planning a move this month, here’s what you need to know to ensure you're prepared.

If You’re Buying This June

Many families with children prefer to move between school years, making late spring and early summer a peak period for home transactions. Regardless of your motivation, be prepared for increased competition from other buyers. However, the upside is that more sellers are listing their homes now, providing you with more options. 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 this busy season, it's crucial to work with a trusted real estate agent. Your agent can keep you updated on the latest listings, help you craft a strong offer, and provide insights into the true value of homes to ensure you make informed decisions. Forbes advises:

“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

With more buyers in the market, you’re in a favorable position as a seller. Many buyers are eager to move before the new school year begins, leading to potentially stronger offers. If your house is well-presented and priced at market value, it could sell faster or fetch a higher price. According to the National Association of Realtors (NAR):

“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 agent is essential to manage offer contingencies and negotiations effectively. Discuss closing dates with your agent, as buyers may have varying needs based on the school calendar. U.S. News Real Estate explains:

“. . . 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 to move this June, let's discuss your goals and create a plan tailored to current market conditions that works for you.