August is often considered a slow month in the real estate market, as many people are busy enjoying the last days of summer vacation, preparing for the new school year, or getting ready for the fall season. However, there are some surprising benefits of buying or selling a home in August that you may not be aware of. Here are some reasons why this month is a great time to make a move in the real estate market, and what factors you should consider before making a decision.
Less Competition
One of the main advantages of buying or selling a home in August is that there is less competition from other buyers and sellers. August is typically a slow month for real estate because everyone is on holidays and most families try to get settled before the start of the school year. This could give buyers more bargaining power and sellers more flexibility in negotiating the terms of the sale.
Faster Closings
Another benefit of buying or selling a home in August is that the closing process may be faster than usual. Because sales activity is typically lower in August than in other months, service professionals such as mortgage lenders, home inspectors, appraisers, and lawyers may have more availability and less workload. This could result in quicker approvals, inspections, appraisals, and legal documentation. Moreover, moving companies and contractors may also offer lower rates or discounts during the off-season, which could save you money and time.
Seasonal Factors
Finally, buying or selling a home in August may also be influenced by seasonal factors that affect the market conditions and your personal preferences. For example, if you are buying a home in August, you may be able to see how the home looks and feels during the hottest time of the year. The home inspector can easily check the air conditioning system, the insulation, the ventilation, and the landscaping. The neighborhood may be different during the summer season with issues such as traffic, neighbourhood noise levels, and access to amenities.
On the other hand, if you are selling a home in August, you may be able to showcase your home’s best features during this time of year. You can highlight the outdoor space, the natural light, the curb appeal, and the energy efficiency. You can also take advantage of the longer days and schedule more showings and open houses.
Before you decide to buy or sell a home in August, consider your personal situation and goals, and consult with a professional real estate agent who can guide you through the process to achieve the best outcome possible.
Contact us to view homes for an autumn purchase this year.
