Read this if you're thinking about buying or selling a home this summer. ☀️
The summer housing market is heating up, so whether you’re buying or selling, It's time to prepare now for what lies ahead.
Here's a glimpse of what to expect if you're diving in:
- A more active selling season than spring, with sales likely ticking up by 5% compared to the first 3 months of the year.
- While sales may increase, inventory will likely stay limited as current homeowners sit tight and rates remain high.
- That's not all... Some analysts predict that rates will level off in the 6% range as inflation eases, slightly boosting affordability for buyers.
Here's what that means for buyers:
- If you find a home you love, act quickly and make the strongest offer you can. Consider a large down payment or purchase with cash if possible.
- One more tip: While you can’t control prices, you can improve your chances of getting the best rate by improving your credit score now. Three quick ways? Pay your credit card balances down, ask for higher credit limits, and review your credit report for errors.
And what it means for sellers:
- While prices have cooled from the previous year’s highs, you will likely receive multiple offers IF you price your home competitively.
- That said, you’ll definitely want to work with an experienced agent to manage offers and maximize your sale price.
Find this post helpful? Reach out to us for our homebuyer or seller guide, and we can discuss more specifics to your real estate goals.
9 Ways to Build and Improve Your Credit Fast - NerdWallet
2023 Summer Housing Market Predictions | Bankrate