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  • Writer's picturekellyzrealtor

What You Need to Know to Buy a Home this Summer

f you’re thinking about buying a home this summer, you’ve probably seen a fair bit of misinformation about the market and what you should expect. Here's what you actually need to know about this summer’s market so you can make the best buying decisions possible!

1. Interest Rates are Expected to Drop: Interest rates are expected to come down as early as this summer. But as rates drop, more buyers will head to the market to buy a home, which will add to your competition. Because more competition means higher prices, waiting for rates to drop can actually cost you more when you choose to buy a home. 

2. Real Estate is Still a Great Investment: Even with high prices and interest rates, buying a home is a fantastic long-term investment for man. It’s worth noting that homeowners typically have a net worth 40 times that of renters. If you want to build your financial future, owning a home is clearly a great way to do it. 

3. Waiting Can Cost You: The longer you wait to buy a home, the more you might pay for your next home. This is due to housing prices increasing over time as homes appreciate in value. That means that waiting for a “better” market might actually result in higher listing prices in the future. Getting into the market sooner can help you lock in a lower home sale price. 

4. Price Your Current Home Right: Homes priced right are selling quickly and at favorable terms, which can help you get into your next home more quickly. Remember, buyers are savvy and will wait for overpriced homes to come down in price, so it’s best to price your home strategically from the start.

5. Getting Your Home Ready to Sell: If you currently have a home you need to sell so you can buy a new one, prepare for it to take longer than you think to get it ready for the market. Connect with your agent early to understand what needs to be done to prepare your home. The proper timing of your sale and purchase is crucial for a smooth transition into your new home, so don’t leave selling until the last minute!

Your real estate agent will be able to help you navigate this summer’s markets and make informed decisions that align with your real estate goals. With the right strategy and timing, you can find the perfect home in this dynamic market.

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