Why Summer is the Best Time to Start Looking to Buy a Home in Philadelphia and the Suburbs

by Brad Gellman

Why Summer is the Best Time to Start Looking to Buy a Home in Philadelphia and the Suburbs

Summer can be an ideal time to start your home-buying journey in the Philadelphia and suburban area for several compelling reasons.

Firstly, most people looking to buy a home do so in the spring. As summer rolls around, many potential buyers are on vacation or have already purchased their homes, leading to less competition. This reduced demand can give you a better chance of securing your dream home without the frenzy of multiple offers and bidding wars. Additionally, homes that did not sell in the spring often remain on the market into the summer. Sellers eager to close a deal might be more willing to negotiate, potentially lowering the price or offering incentives like a seller's assist to help with the down payment. This can present an excellent opportunity to get a good deal on a property that might have been out of reach a few months earlier.

If you have children, buying a home in the summer provides ample time to settle in before the new school year begins. This ensures your kids can start the fall term in their new school without disruption. It also allows you to get familiar with the neighborhood and the local community, making the transition smoother for the whole family. While summer can be hot, it is still much easier to move during this season compared to the cold, snowy months of winter. Longer daylight hours give you more time to organize, pack, and settle into your new home. Additionally, many moving companies offer discounts during the off-peak season, making your move more affordable.

Moreover, summer often sees an increase in available properties. Many homeowners list their properties during this time, providing a wider selection for buyers. This can increase your chances of finding a home that meets your specific needs and preferences. Summer weather is also conducive to thoroughly inspecting the property's exterior, including the roof, siding, landscaping, and yard. You can easily spot potential issues that might be hidden during the winter months, ensuring you make a well-informed purchase.

Summer offers a unique combination of advantages for home buyers in the Philadelphia area. With reduced competition, better deals, optimal timing for school enrollment, easier moving conditions, and a wider selection of properties, it's a prime time to find your perfect home. Start your search now and take advantage of these benefits to secure a great deal on your next home.

What’s going on in the Philadelphia Market?

The Philadelphia and close suburban housing market has been buzzing this summer with lots of activity, which I have personally been experiencing myself. Despite higher interest rates, there’s still plenty of demand as buyers jump on available properties. More homes are hitting the market, giving buyers a better selection, while sellers are still getting good prices. As I said above, many properties that didn't sell in the spring are back on the market, often with price cuts or extra incentives to draw in buyers. This has made the market a little more balanced, with both buyers and sellers having a fairer shot at getting a good deal.

Looking ahead to the fall, we might see the market cool off a bit as the summer rush winds down. Prices are expected to increase more slowly, and there should be a steadier stream of new listings. This could mean less competition for buyers, making it a great time for first-time homebuyers to get in the game. If the economy keeps improving and interest rates stabilize, buyer confidence could get a boost too. Overall, the fall housing market in Philly and the surrounding areas should offer some good opportunities for both buyers and sellers, with a more balanced and strategic approach to deals.

School’s out for Summer!

Like many of you, the end of the school year means your kids are home more often and they may be starting camp, vacations and other activities out of the usual routine. I would love to hear from you regarding your summer plans! What are your preferred summer destinations, whether that means a family vacation to the Caribbean or trying out the best new local restaurants and icy treats by your home? My family and I enjoy going down the shore, specifically to Margate City and Ocean City, NJ. We try to go as often as we can and spend time by the ocean with family. Thankfully, Philadelphia is only a 1-2hr drive to most beaches and you can be back and forth within a day. We also love going to Phillies games (as I am sure you all know by now!), and we recently took a ride to Baltimore to see the Orioles play against the Phillies at Camden Yards.. Sadly, the Phillies lost that day, but we have high hopes for them making it far and will continue cheering them along all summer long!