Deciding when to buy a home is a big question for any family. For military families, the timing of a Permanent Change of Station (PCS) often dictates the real estate search. Many PCS moves happen during the summer. This makes the summer real estate market a key focus. Should you buy now, or is it better to wait? Let’s explore the summer market for single-family homes. We will look at its challenges and opportunities, especially for military families.
The Summer Real Estate Market: An Overview
The summer months, typically June, July, and August, are often the busiest for real estate. This is true for single-family homes. Many families want to move when school is out. This allows children to settle before the new academic year begins. This increased activity leads to certain market characteristics:
- Higher Inventory: More homes generally come onto the market during summer. Sellers want to capitalize on the increased buyer demand. This means more options for buyers.
- Increased Competition: With more buyers, competition often heats up. You might face multiple offers or bidding wars on desirable properties.
- Faster Pace: Homes tend to sell more quickly in the summer. Buyers must be prepared to act fast.
- Potentially Higher Prices: Increased demand can drive prices up. This is especially true in popular areas.
Challenges in the Summer Market
While more homes are available, summer buying does present some hurdles for military families.
- Competitive Bidding: You may find yourself in a bidding war. This can push prices beyond your initial budget. It also requires quick decision-making. This can be tough when PCSing with limited time.
- Time Constraints: PCS timelines are often tight. The fast pace of the summer market can add pressure. You need to secure a home quickly to meet your move-in date.
- Higher Home Prices: Due to high demand, homes might be listed at a premium. This can impact your affordability, especially with current interest rates.
- Overlapping Moves: You might be selling a home in one location while trying to buy in another. This coordination can be complex during a busy moving season.
Opportunities in the Summer Market
Despite the challenges, summer also offers distinct advantages.
- More Choices: A larger inventory means you have more single-family homes to choose from. This increases your chances of finding a home that truly fits your family’s needs and preferences.
- Optimal Viewing Conditions: Summer weather allows you to see homes at their best. You can evaluate landscaping, outdoor spaces, and the overall condition of the property’s exterior clearly.
- Smoother Logistics: Good weather makes house hunting and the actual move easier. You are less likely to encounter delays due to snow or extreme cold.
- Motivated Sellers: Some sellers who list early in the summer become more motivated as the season progresses. If their home hasn’t sold, they may be more open to negotiation on price or terms.
The School Registration Factor: A Critical Consideration
For military families with children, school registration is a major reason to prioritize finding a home before fall. Most school districts require proof of residency for enrollment. This typically means a signed lease or a ratified sales contract. If you do not have a confirmed address, you cannot register your children for school.
Delaying your home purchase means:
- Uncertainty for Your Children: Not knowing which school they will attend can cause anxiety for kids. They thrive on predictability.
- Potential Enrollment Delays: If you close on a home late in the summer, your children might start school late. This could mean missing initial orientation, classroom assignments, and crucial bonding time with new classmates.
- Limited School Choice: Some desirable school districts or specific schools within a district may have enrollment caps. Waiting too long could mean your child cannot attend your preferred school. You might be assigned to a different one.
- Rushed Decisions: Feeling pressured by the school year start date can lead to hurried housing decisions. You might compromise on important factors just to secure a place.
Should You Buy Now or Wait?
For military families, the summer market presents a trade-off. It offers more inventory but also higher competition. Given the critical importance of school registration, buying now in the summer often makes more sense if your PCS is scheduled for this period.
Here’s how to approach it:
- Get Pre-Approved: Have your VA loan or other financing ready. This makes your offer stronger.
- Work with a Military-Friendly Agent: Choose a real estate professional who understands PCS timelines and military benefits. They can help you navigate the competitive market.
- Be Decisive but Informed: Act quickly when you find a suitable home. Do your research. Trust your agent’s advice.
- Prioritize School Districts: If schools are important, narrow your search to desired school zones early.
Waiting could mean fewer options in the fall. It could also mean a more rushed experience if you still need to secure a home before the school year. Embrace the summer market’s opportunities. Plan strategically. You can successfully find your new home and ensure a smooth transition for your family.
