People often ask, “Does the market slow down in the summer?”
Even when it is 110 degrees, buyers will still be out looking to buy homes, but with the heat, it deters most buyers who are “looking just to look”. On the other hand, buyers who are serious about making offers, that need to move; will continue their search, no matter what the weather is.
Buyers You Will See More of: Families that need to move before the beginning of the school year, summer time is prime buying season.
Listing Your Home for Sale: Listing your home for sale during the summer, is a smart move. Avoid the “looky lous” and get right to the serious buyers.
Where the Slowdown Potential is: One segment of the market that sees more of a slow down is the luxury market ($1million+) while alot of these homeowners are vacationing during the hottest months of the year.
For buyers looking to buy luxury homes, this may be a good time to make offers, as homeowners may want to get their home off of their hands before leaving for a long vacation, or knowing they may have to wait a few extra months of their home sitting on the market.
Out-of-state-buyers looking to buy a luxury property in the Valley, may find summer to be a good time to travel to Phoenix to tour homes, as they may take vacation time during the summer.
Take-away: Dont do yourself a disservice by not listing your home or buying during the summer. Serious buyers are still buying, looky lou’s take a break to avoid the heat. Luxury market may have less investors to choose from, but buyers may be able to score a better deal during the hottest months in this segment. Buyers from out-of-town may have time in the summer to travel to tour homes.