4 Tips for 2018 Summer Buyers

4 Tips for 2018 Summer Buyers

Competition is hotter than the sun!

Summer presents the perfect opportunity for exploring new neighborhoods and thinking about the future.  If you’ve been bitten by the house-hunting bug, here are a few things your should know:

Inventory is down by 14% and home prices usually drop from May to October.

Try to hold on until August to purchase a home as you could experience significant savings.  Many home prices are dropped by close to fourteen percent in August.  

Another thing to consider is that mortgage insurance is cheaper because popular lenders (MGIC and Radian) lowered their interest rates this spring.  As a result, other mortgage companies are competitively reconsidering their rates, too.  In light of this information, consider these four tips:

1. – Older listings rock!

Contrary to popular belief, older listings are not necessarily “stale.”  Many times, homes sit on the market because original buyers could not get anticipated financing or they got cold feet.  In other words, don’t assume that a house has been on the market for a while because of defects.  You could get a great deal on a perfectly good house!

2. – Fixer-uppers abound!

If you can remain flexible in your understanding of the competitive market, a fixer-upper’s not necessarily a bad way to go.  There are currently 8.3% more fixer-uppers on the market than there are move-in-ready homes available for purchase.  If a fixer-upper isn’t your thing then be ready to move fast once your find that perfect home because it will be gone before you can say “down payment.”

Related: “Low Market Inventory Driving Up Prices”

3. – Explore!

As previously stated, the market is competitive.  All the more reason to get out there and explore neighborhoods in which you are hoping to reside.  Scout out the community, note parks, schools, and grocery stores.  Be ready to pounce once a listing in your desired neighborhood hits the market. 

4. – Wimpy offers don’t work!

There is no room for a lowball offer in a competitive market.  If possible, offer cash and make your offer a strong one.  The highest isn’t always best depending on the financial terms of an offer. Cash usually is king when it comes to getting an offer accepted.  If you lack the cash flow, ask your experienced realtor about generous contingencies, compose an offer letter, ask for a shorter closing or grant free occupancy for a generous time frame.  Where there is a will, there is usually a way!

Related: “The Affordability Factor”

For more information, contact The Aitken Home Team today!

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Phil Aitken, Owner/Broker
Phil Aitken is the Owner/Broker with Your Home Sold Guaranteed Realty - Phil Aitken Home Team and has over 13 years of Real Estate experience. Phil’s faith and desire for his family’s continued security fuel his business growth and leadership. The Phil Aitken Home Team continues to profoundly impact the people of Jacksonville via supporting several faith-based organizations. Phil gives back a portion of every real estate transaction to The Tim Tebow Foundation and Rethreaded. Find Phil's full story here.