Late summer can be a perfect time for homebuyers to view properties in New Orleans, when asking prices may have come down to a more approachable price range.
Absolutely not. New Orleans homebuyers can enjoy recently lowered prices, less competition, and a more flexible schedule from mid- to late summer.
Sure, the spring months, April through June, are considered the peak selling season in real estate, with the fall following as the second best time to put your house on the market, but this doesn’t mean you should hold off till then to buy a house in New Orleans. Summer is as good a time as any to do so, with some distinct advantages. In fact, more than 3,600 homes were sold in 2017 during the months of July, August, and September, with an average of 6,146 single-family residences available for sale.
Off-Season is still a buying season.
Typically house searches pick up in January, reach their peak by April, stay strong through June and into the fall, and slow down in November. However, local housing markets have their own rhythms, dictated by the national trends (favorable to buyers this year) but also by unique local factors such as the job market, mortgage rates, climate, and so on. Houses sell all year long, and there will always be a fresh inventory of houses and condos in New Orleans.
More Inventory and Less Competition
In New Orleans, the inventory follows the national tendency of being at its peak in June through August, so buyers would have more choices then. And because there are more homes on the market, it’s an especially good time to look for a dream home with specific features you’ve always wanted, or a house in the particular neighborhood you were interested in.
Because more inventory means more buying choices, this, in turn, leads to buyers enjoying less competition without feeling overwhelmed, more confidence in their negotiating power, and the comfort of knowing that they don’t have to settle for less — if they walk away from this house there’s going to be another one to look at tomorrow.
Recently Lowered Prices
Less competition and more inventory available on the market also leads to some prices being lowered towards late summer. Overpriced listings even out and get more realistic as sellers adjust their expectations, so buyers who hold out till then can get a really fair price for their dream home. The lighter summer market could also mean a steadier median list price.
Schedule Flexibility for Buyers and Sellers
Summer also means that kids are out of school and families have more relaxed schedules. Both buyers and sellers might have less on their minds than during the holiday season or during the school year. This means more time and energy could be devoted on both ends of real estate market transactions.
Buyers can take the time to explore their options thoroughly and attend more house viewings, taking advantage of longer daylight hours. Another consideration is that moving in the summer might cause fewer routine disruptions, especially to families with school-age children.
Sellers are more motivated.
Sellers tend to be more motivated in the summer, especially if they find their houses still on the market by Labor Day, when buyer fatigue factors in and everyone is gearing up for a busier fall schedule. This could potentially give buyers more leverage for price negotiation.
Buying and selling at the same time is easier.
It’s a balancing act, to say the least, but buying and selling concurrently may be easier to handle off-season when the market is less busy. So, for those planning on selling their home and buying a new one at the same time, summer might be the best time to pull it off.
Opportunity to See How the Property Holds Up in the Summer
With the humidity and heat index frequently hovering well above 100 degrees, surviving the summer in New Orleans can be daunting. However, it’s a great chance for buyers to see how their new home will fare during the long, hot months. They can test the AC, see the pool in action, check how much shade or light the property is getting, how the landscaping is faring when it’s scorching outside, and more. Plus, it’s easier to meet your potential neighbors and get the lay of the neighborhood and a sense of the community in the summer, because more people tend to be outdoors and enjoying their decks, porches, front lawns, and pools.
If you are currently looking to buy a New Orleans home or have any questions about buying a NOLA property in the summer, contact our team of experienced Realtors at (504) 483-8884, or use our simple online contact form for a prompt response.