Tuesday, July 10, 2018

Use the "Off" Season

Every summer, the real estate market slows down for a period of time, but it's a different few weeks every year.  Some years, the lull is after commencements, sometimes it hits with the Fourth of July, and, if not, there's usually a slowdown in August.  If you are a buyer, and willing to search for property in the heat of summer, you can do well.

Many listings sell in the spring and close in June or July.  What's left may not even get shown very often, since vacation schedules and outdoor plans stop people from looking , and even thinking, about real estate.  That doesn't change a seller's desire to sell, however, and he/she may be more flexible as a result.  Even though there is almost always an autumn pick-up in the market, that can start after Labor Day, or after Election Day, so sellers get impatient waiting.

That's where a smart buyer comes in.  Be prepared to be accommodating on a closing date, especially with a summer-oriented property. Be ready to have vacancies, if you are looking at investment properties with school-year leases. New choices are still appearing on the hot sheets and the internet.   When the spring is late in coming, and this season it certainly was, there are often delays in getting things onto the market, and so good houses and buildings can still be available well into the dog days of summer.  In either case, they are still for sale now.

Take a beach day, and convert it into a real estate tour instead.  You will be glad that you did when fall rolls around, and you have closed already!