Traditionally, spring has been touted as the best time to buy a house. Summer, however, edges out spring as the best house-buying season in several important respects. And in certain locations where summer temperatures reach the miserable level (for example, Phoenix), summer is the slow season for real estate and is absolutely the best time to buy. Let’s take a look, then, at why summertime is the best time to buy a house in Chicago.
Prices May Be Lower
If summertime is the best time to buy a house in Chicago, you ask, then why do so many people wait till both the weather and the market cool to buy? They are operating on the assumption that homes sell for more during the summer and for less in the winter. Sometimes this assumptions is correct, but many times it is just flat wrong.
Although home prices often do peak during July and August, there are other factors that come into play, and prices aren’t necessarily higher then. For example, there are often a high number of very similar homes (and often within a small area) on the market, so selling competition for those homes is keener, and, as a result, prices lower.
There Is More Inventory
As indicated just above, summertime is the best time to buy a house inChicago chiefly because there is more inventory – a lot more houses on the market. And this means you stand a much better chance of finding the kind of house you want. Summer’s large inventory provides many more opportunities for you to get the floor plan, the kitchen, the number of bedrooms and bathrooms, the quality school district, and the other amenities you want and at the price you need.
In addition, when there is more inventory in less-competitive markets, you have much more negotiating leverage. And even if you can’t get the price you want, you can just go down the street to another similar house for sale. And additional properties will be hitting the market every day, so you can feel much more confident in your search.
You Can Get a Feel for the Neighborhood
A frequently overlooked reason summertime is the best time to buy a house in Chicago is that you can better envision the house’s potential and get a better feel for the neighborhood during the summer. You can see it at its best when trees are leafed out, lawns are lush, and flowers in bloom. So you can actually envision what your backyard barbecue would be like at the house.
Further, because the weather’s nice, children are playing outside and bigger people are out socializing and working. You can, then, take the pulse of the neighborhood to see if it’s right for you and your family.
You’ll Be Moving at the Best Time
In most cases, it actually takes several weeks to close, so if you buy during the summer, you will probably be moving into your new home in the fall. You will be moving when summer’s oppressive heat is gone and the kids aren’t underfoot because they are back in school. You also won’t have to expose your furniture and electronics to summer’s humidity and occasional violent storms. In short, summertime is the best time to buy a house in Chicago precisely because you won’t be moving during the summer.