This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

7 ways to land your dream home during the summer

Spring has long been considered the busiest homebuying season of the year. Summer is often thought of as the exact opposite. But if you struck out buying a home during the spring, don't despair. This summer can still be the perfect time to land a house before mortgage rates go up again.

Here are seven ways to land your dream home this summer:

No. 1: Scour old listings

While the real estate market traditionally peaks in the spring, not every seller gets a buyer by Memorial Day. Summer is a great time to look at homes that have been on the market for 50 or 60 days. The sellers may be finally ready to come down on price, says Alex Coon, the Boston area market manager for Redfin, a nationwide company of real estate agents.

"After about two months on the market, sellers will start to think about dropping their price." With a little luck, says Coon, you can get there before a price reduction goes public.

No. 2: Summer diamonds in the rough

There are some real bargains to be had during the summer, but first you have to find them. These "diamonds" can include homes that didn't sell in the spring because they were overpriced or need work. You'll need the vision to look past the worn out kitchen or ugly carpet, says Rona Fischman, owner of 4 Buyers Real Estate in Somerville, Massachusetts. Always opt for the house in bad shape over the one in a poor location, she says. "Condition is variable. Location is forever."

That said, you should avoid homes that show serious signs of abuse, including holes in the wall, says Chris Whitehead, broker/owner of HomeBuyer Experts in Akron, Ohio.

The opposite is also true, says Whitehead. Something as simple as scuffed cabinetry can say a lot about the overall condition of the home. "If they are not taking care of the home's visuals, what else are they not taking care of beneath the surface?"

No. 3: Go house hunting when others aren't

Summer is a slow season because most of us are preoccupied with vacations and BBQs. The last two weeks of July and the first half of August "can be a really good time to look and not be in such a competitive situation," says Coon.

No. 4: Cruise the neighborhood

You are not just buying a house, you're buying into a community as well. And there's no better time to find out what a neighborhood is really like than during the summer months.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs