Any investor will tell you that real estate can be one of the most beneficial aspects of your financial portfolio, but it can also be difficult to gauge the right opportunity. The market is in constant flux throughout the year, and while there might be short term trends you can spot, only an experienced agent will truly understand the market in transition, and be able to help you buy or sell a home.
WHAT YOU NEED TO KNOW ABOUT REAL ESTATE IN THE SUMMER
Even though California has beautiful weather and sunshine year round, the summer is still a very busy time in the real estate market. Homeowners will be exploring opportunities to possibly sell their current home, buy a new one, or simply invest in additional real estate. Whatever you’re planning on doing, there are a few things you need to be aware of regarding the real estate market.
IT CAN BE A BUYER’S AND A SELLER’S MARKET
You’ll often hear the phrases “buyer’s market” or “seller’s market” regarding the best times of year for real estate transactions. For various reasons, the summer is usually going to be somewhat hectic when it comes to how quickly houses are going on and coming off the market. Firstly, families with children will typically wait until summer to move, since they don’t want to interfere with the school schedule, which means they might start the buying or selling process as early as February or March. This means that there is usually going to be a very fast transition period. A real estate agent will be able to determine what properties are worth looking at, or what selling price is the best value.
NEW CONSTRUCTION GROWTH
Another trend you’ll see a lot in summer is new construction projects gaining a lot of momentum. Again, in California, there is the benefit of typically warm weather year round, but the summer provides the best building window regardless. Not only that, but because the summer is such a popular time for buyers, you will have the opportunity to visit a number of newly build houses, so you can get an idea of what you might be looking for moving forward.
Another very busy industry throughout the summer is tourism. People will come from all over the country to experience the beautiful, clean California beaches. You’ll certainly see an uptick in vacation homes around March (spring break) and then again in the summer months. If you’re thinking about renting out your house over the course of a few months, talk to your real estate agent about what other similar locations are listing prices at. You want to make it appealing, but not overly expensive so that you’ll scare off potential visitors.
TAKE ADVANTAGE OF THE FLOWING REAL ESTATE MARKET
If you’re thinking about any type of real estate transaction, whether it’s buying, selling, or renting, the summer of a great time of year. There are a lot of moving pieces that keeps the market going, so don’t miss out on a grand opportunity.