According to The National Association of Realtors, “May, June, July, and August account for 40% of an average year’s total home-selling volume.” And this summer, San Jose, Raleigh, Seattle, Charlotte, and San Francisco are expected to be the most competitive.
To better understand how both buyers and sellers can brave the toughest housing markets, we spoke with Corey Short, a licensed real estate agent in Raleigh, North Carolina. Zillow named Raleigh the second-hottest housing market for 2018: The load of high-paying tech jobs in the Raleigh-Durham area paired with the rising cost of real estate poise Raleigh to be one of the fastest moving and most competitive markets in the nation this summer. Zillow predicts that home values in Raleigh are expected to rise at a faster pace than in the rest of the country, with home values expected to increase 3.2% this year.
The market is always the hottest in the summer (excuse the pun). As a buyer in a crowded market, you need to be quick on your toes and to have an agent that is able to drop what they’re doing to show a newly listed home. The best advice I can give to a buyer is to be ready at all times. Being prequalified to purchase a home before going to see one is very important. I bring a blank contract with me to all showings in case we find the one and need to put an offer in on the spot.
Just because homes are selling in days and, in many cases, over asking price when they list in the summer, it doesn’t mean it is guaranteed to be easy to sell a home. Sellers still need to make sure their home is in top condition to expect top dollar. The other obstacle for sellers can be finding their next home. For many, people are selling their home to either cash out on their equity to “move up” or to downsize and it can create a stressful situation if their home is under contract and they do not have a place to live.
My suggestion is to hire a moving company to move all of your belongings into storage and either sign a short term rental or move in with reluctant family members to avoid making rash decisions when buying the next home.
Mortgage rates and home prices are rising. If you want to be a homeowner, sooner is better than later.”
There is rarely a bad time to be in the market. The summer months tend to see homes move quicker than in other months but the market has been competitive all year long. It is easy to get discouraged in the summer if you put multiple offers on homes that do not get accepted, but you can’t let it push you out of the market. Mortgage rates and home prices are rising. If you want to be a homeowner, sooner is better than later.
It depends on the seller’s situation. If they are fine with their house being under contract and needing to move within 30–60 days from the day they put the home on the market, it is an excellent time to list.
Being prequalified to purchase a home before going to see one is very important. I bring a blank contract with me to all showings in case we find the one and need to put an offer in on the spot.”
Sellers should always expect buyers to negotiate the price. Just because it is a hot market, doesn’t mean people aren’t still going to try and buy a house for the least amount possible. Especially when home prices are rising as fast as they are.
When viewing a home, there are a few important items to pay attention to and they happen to be some of the most expensive repairs to do.
It is important to consider the condition of all of the items I’ve mentioned before putting an offer in on a home, but I always strongly recommend hiring a professional to inspect the home completely.