June is a bustling month in the housing market as many people choose to buy and sell during this time. If you’re planning to move this month, here’s what you need to know to ensure you’re well-prepared.
If You’re Purchasing a Home This June
Many homebuyers with children prefer to move after one school year ends and before the next begins, making late spring into summer a popular time for real estate transactions. Regardless of your reasons, be aware that more buyers will be active now, which means increased competition. However, the upside is that more sellers will also list their homes, giving you more options. As noted by Bankrate:
“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 reliable real estate agent. Your agent will help you stay updated on new listings, provide guidance on making a strong offer in a competitive market, and offer insights on home values to ensure you make informed decisions. As 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 Putting Your Home on The Market This June
With more buyers in the market, this is an advantageous time to sell. Many buyers are eager to finalize their moves before the next school year, meaning they may make strong offers. If your house is well-presented and priced correctly, it could sell faster or for a higher price. The National Association of Realtors (NAR) states:
“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 great agent is essential to navigating contingencies and negotiations, ensuring you select the best offer. Discuss closing dates with your agent, as buyers aligning their move with the school year might need to delay or expedite the process. 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.”
Key Takeaway
If you’re planning to move this June, contact a
Benson & Mangold agent to discuss your options so you know what to expect. Together, you and your agent can develop a plan that considers current market conditions and works for you.