Memorial Day has come and gone, and that means the school year is about to be in the rear-view mirror. As summer dawns and children once again roam the streets during weekdays, the real estate market typically goes through some changes as well. Today we’ll take a look at these changes and what they mean for homeowners and homebuyers alike.
How Does the End of the School Year Affect Sellers?
Ask any parent with school-age children and they’ll tell you: changing schools is hard on their kids. At a time in their lives when they are still developing socially, swapping children from one school to another can be a tough process. The social circle a child has spent years building up disappears, as they are suddenly faced with the prospect of rebuilding it among strangers. New facilities, new teachers, new educational standards and practices…the list goes on and on. Even though the change is often for the best in the long run, parents tend to look for ways to minimize any negative impact it could have on their children.
Hence, we have the summer. It is a time of transition, as kids take a break for a couple months and prepare to move on to the next grade. As such, it presents the perfect opportunity to parents looking to move into a different school district. Rather than pulling their child out in the middle of their lessons and forcing them to readjust on the fly to a system they aren’t used to, it allows them to start fresh.
What this all means is that, for most parents, the ideal time to move is during the summer. Many families hold out until after Memorial Day, and over the following weeks, For Sale signs pop up like towels on the beach. The plan is simple: get the home on the market, sold, and move into a new home in time for that first school bell in late August. During this period, inventory on the market typically surges to the highest point of the year.
If you’re considering selling, the sooner you can get your home on the market, the better. Whether you’re among the families I mentioned above, or just someone looking to get the best possible deal for their home, getting it listed ahead of the crowd helps attract buyer attention and minimize competition, ensuring the highest possible sale price. Demand is at an all-time high…best to take advantage of that while inventory is at historic lows.
How Does the End of the School Year Affect Buyers?
What I said above about families who sell also holds true for buyers, many of whom would rather hold off on purchasing, or at least moving into, a new home until the summertime. Therefore, the already crowded field of buyers becomes even more massive.
This effect is mitigated, however, by the increased number of homes hitting the market in the summer, and every buyer regardless of family situation can take advantage of it. Basically, if you’ve been looking to buy a home, you’ll most likely have the biggest selection of homes you’ve seen in some time over the next couple months. Competition will still be fierce, and prices high, but with more inventory comes a greater chance than ever to find the home of your dreams.
In the end, summer is quite fittingly the hottest season for real estate, in large part due to the school factor. Market activity is likely to be at a fever pitch for the foreseeable future, but if you do your homework, summer vacation could lead to some amazing opportunities. As always, please feel free to use me as a resource for any questions you may have related to your own personal real estate plans. Consider me your tutor in the market…together, we can achieve incredible results!