What You Can Anticipate When Purchasing or Selling a Home in June

June is a bustling month in the housing market as many people are buying and selling during this time. If you're planning a move and aiming to make it happen this month, here’s an overview of what you need to know to be prepared.

If You’re Buying This June

Many homebuyers with children prefer to move between the end of one school year and the start of the next, making late spring and summer a popular time for home transactions. Whether this is a factor for you or not, it's crucial to understand that more buyers will be in the market now, leading to increased competition. However, the good news is that this period also sees more sellers listing their homes, giving you more options to choose from. As an article from Bankrate states:

"Late spring and early summer are the busiest and most competitive periods for the real estate market. Typically, there is more inventory available for sale compared to other times of the year. This presents a double-edged sword for buyers, offering more opportunities but also significantly more competition."

During this busy season, partnering with a trusted real estate agent is crucial. Your agent will keep you updated on the latest listings, offer expert advice on making strong offers in a competitive market, and provide insights into the true value of a home, helping you make an informed decision when purchasing. As Forbes notes:

"Entering the market with confidence, backed by solid information and realistic expectations, will serve you well. Don't let the market's hustle pressure you into purchasing something that doesn't fit your budget or lifestyle."

If You’re Selling This June

With more buyers in the market during this time of year, you're in an advantageous position as a seller. Many buyers are highly motivated to complete their move before the next school year begins, often leading them to make strong offers. Consequently, if your house is well-presented and priced at market value, it could sell more quickly or at a higher price. According to the National Association of Realtors (NAR):

"Warmer weather and the end of the school year prompt more people to buy and sell. Buyers are eager to move and settle before the new school year starts, which leads to increased competition and, as a result, higher prices."

It's crucial to have a skilled agent on your side to assist with contingencies and negotiations, ensuring you select the best offer. Discuss closing dates with your agent, as buyers coordinating their move with the school year might need to adjust the timeline. This can vary depending on the local school calendar. As U.S. News Real Estate explains:

". . . if your house goes under contract in early summer, the buyer might request a delay in closing or move-in until the school year ends or their current home sells. Conversely, a buyer later in the summer might want to close quickly and move in within a month. Staying flexible can help keep the deal on track, and the buyer may offer concessions, such as covering some of your closing costs or overlooking the old roof."

Bottom Line

If you're considering a move this June, it's wise to consult with a real estate agent. They can provide insights into current market conditions and help you plan accordingly.