The spring is traditionally real estate’s busiest time of year. But one real estate economist believes that this summer may trump the spring as the most robust time of buying or selling a home for 2016.
“From a buyer’s perspective you have more choice, but you’re also competing against far more buyers,” says Ken Johnson, a real estate broker as well as a professor of finance and associate dean at Florida Atlantic University’s College of Business. “Sellers are also looking to sell over the summer, particularly if they have children and want to get a deal done before school starts again.”
The groundwork for a booming summer market has already been laid out. New-home sales in April posted their strongest month in more than eight years. Existing-home sales were up for the second consecutive month. What’s more, historically low mortgage rates may increase the demand for housing this summer.
Source: “Economist Says Summer May Be the Hottest Season to Buy and Sell,” RISMedia (June 5, 2016)