Summer is one of the most popular times of year to buy a home, but is it your ideal season?
Buying in summer can present a few extra challenges: increased competition, quick-moving inventory and potentially higher prices.
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But if you’re financially ready, the summer months can be a smart time to explore a wide range of home options.
In this guide, we’ll walk through the advantages and challenges of buying a home in the summer and offer practical tips to help you decide if this is the right season to buy.
Is the summer a good time to buy a house? Here’s the short answer
Yes, summer is a good time to buy a home, especially if you’re financially prepared and ready to move quickly. The season offers more listings, better weather for touring and convenient timing for families. However, expect higher competition, faster-moving inventory and potentially higher prices.
If you’re entering the market with a strong budget, pre-approval, a fully vetted loan commitment and clear home buying goals, summer can be one of the most rewarding times to buy a home.
For others, especially first-time buyers still exploring their options, a slower season like fall may be more comfortable.
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The pros of buying a home in the summer
Summer is a popular buying season for a reason.
Let’s look at the distinct advantages this season offers to homebuyers.
There’s more inventory on the market
Many sellers wait until summer to list their properties, offering buyers a wider selection of homes across different price points, styles and neighborhoods.
If you have struggled to find a home during other seasons, the expanded inventory in summer could boost your chances of finding the home that checks all of your boxes.
The days are longer for home shopping
Longer daylight hours give you more flexibility to tour homes, even after work or while traveling.
Summer moves are easier for families
A summer move is far less disruptive for families with school-aged children.
If timing your move around the academic calendar is important, summer may be the most convenient—and least chaotic—time to transition.
Homes are showcased in their best light
Green lawns, blooming gardens and abundant natural light help homes show their full potential.
Touring a property in peak condition can help you visualize yourself there and evaluate the home’s strengths inside and out.
The cons of buying a home in the summer
Hot buying seasons aren’t for everyone.
Let’s look at the potential challenges you may face when shopping for a home in the summer.
Competition is stronger
Bidding wars are common during summer, especially in desirable neighborhoods or those areas with outstanding school districts.
If you’re working with a tight budget or hoping to negotiate, high competition could push homes out of your range or force you to make rushed decisions.
The emotional toll of high-stakes bidding wars can also wear on buyers, especially those who fall in love with a home only to be outbid.
Home prices may be higher
Demand can drive home prices, and many sellers expect multiple offers.
If you need to secure a good deal on a home, summer may not offer the same opportunities as slower seasons like fall or winter.
The market moves quickly
Are you on the fence about a home or two? Summer often doesn’t grant buyers much time to decide.
If you’re still figuring out your must-haves or don’t yet have a reliable loan commitment from a lender, the summer market might move too quickly for you.
Tips for buying a house in the summer to stay competitive
A hot market rewards buyers who have a clear picture of what they are looking for, who have secure financing and who can respond quickly when the right opportunity presents itself.
Here are our recommended strategies for summer homebuying success.
1. Get a loan commitment
A loan commitment from Compass Mortgage essentially has the power of a cash offer, showing sellers you’re fully approved financially and can close in as little as 15 days.
Our Get Committed® program allows borrowers to:
- Lock in their interest rate
- Go through most of the steps in the loan process before you even make an offer
- Resolve any financial preconditions before closing
The only stipulations left to clear are related to the property itself.
Pre-approvals typically aren’t enough in competitive markets. A loan commitment actively helps you and your real estate agent put the most attractive offer on the table, even if it’s not the highest.
2. Know your budget—and stick to it
Rising prices and bidding wars are a recipe for going over your homebuying budget. It’s easy to get caught up in the moment and make a decision rooted in emotion.
Before you start looking for a home, establish a maximum purchase price that realistically anticipates the monthly payments, including taxes, insurance and any applicable HOA fees.
3. Find an experienced local real estate agent
Your real estate agent will help you find new listings right away, move quickly when you’re ready to act and help you craft a smart offer strategy.
Ask your agent how quickly homes are selling in your desired area and what types of contingencies are realistic. (Contingencies can include whether or not the home passes an inspection, whether or not the buyer’s asking price is in keeping with the appraisal and so on.)
4. Know your must-haves vs. nice-to-haves
Hesitation can cost you big time in fast-paced markets. But that’s not an invitation to act impulsively.
Understand your non-negotiables and share them with your agent so they can help you find the right fit without delay.
That way, your answer will already be clear when the right home comes along.
5. Consider weekday showings to avoid weekend crowds
Open houses are packed on weekends, yet serious buyers benefit from seeing homes before the crowds.
Ask your agent to schedule private showings during the week, if possible. This will avoid competition and give you more face time with the listing agent.
Why summer might not be ideal for some homebuyers
Wondering whether it would be smarter to wait until fall?
Here’s a quick list of considerations to help you determine whether you should sit this summer out:
- You’re looking for a bargain: The summer market rarely favors steep discounts. Sellers know demand is high and are often less willing to negotiate, especially if their home is new to the market.
- You’re sensitive to interest rate changes: In competitive markets, rate fluctuations can impact your buying power. Talk to your lender about locking in your interest rate before you begin your search.
- You’re not ready to proceed: Buyers who are still organizing their finances, finalizing a down payment or unsure about what they’re looking for may not feel comfortable entering the summer market. You may feel too much pressure too soon.
Buyers looking for more flexibility or needing more time to prepare may benefit from spending the summer working with a reputable lender and clarifying their goals.
You’ll then be able to enter the fall buying market with confidence.
Ready to make your move this summer?
Buying a home in summer can be a great move—IF you’re prepared. Whether you’re ready to jump in or still deciding if the timing is right, having the right mortgage partner makes all the difference.
At Compass Mortgage, we combine personal service with a simple, tech-assisted process to help you confidently finance your home.
Ready to get started? Apply online or speak with a loan officer at (877) 667-0595.