Although summer is traditionally a month to rest and go on vacation, some people decide that it is the right time to buy a home, but is it better? Is it advisable to do it this year? What does it depend on?
For Armando Lasauca, CEO of aProperties, it is a good time. He believes that market dynamics show that summer is when more families decide to buy a residence, especially in coastal areas. “Buyers have more free time to make visits and think about which home would best meet their needs and desires.”
For its part, Ramón Riera, FIABCI world vice-presidentThe company’s analysis, particularly this summer, specifies that it can be a good option to be on the lookout for sales opportunities, “it’s a time of great uncertainty and there are owners who may think it’s time to sell.” Riera states that we expect a diffuse autumn, with many questions, however, those buyers who are planning to change their home should be attentive and can now find possible bargains.
With the rise in interest rates, mortgages are also going up and banks’ conditions for buying a home may change. “If they then raise interest rates again, then things may change and then it may not be a good time to buy,” the expert notes.
What are the benefits of buying a home in the summer?
Armando Lasauca, CEO of aProperties explains that, in summer, as there are many more sunny days, sellers can show their homes with more natural light, which makes the spaces more attractive, increases the feeling of spaciousness, enhances the quality of the materials, etc.
“In addition, in the case of having outdoor spaces with a garden or swimming pool, future buyers can get a better idea of how they would use those facilities.” Regarding prices, or if there are possible summer sales, Lasauca believes that, in general, they remain within the same parameters in summer, “because it is not something that is marked by the time of year we are in”.
Ramón Riera does not see price reductions at this time.Prices will continue to rise, there is no good second-hand product, no new construction, no land to build on, and in certain places, such as Barcelona, there are restrictions. “I foresee a moderate rise in prices between now and the end of the year, we will see what happens next year and if inflation has been controlled, etc.”
For the real estate expert and world vice-president of FIABCI, in Spain and Europe we are lagging behind what is happening in the United States, “and measures are already being taken there. If there are energy restriction measures, then there may be problems in family economies”. Riera is of the opinion that, if everything stays the same, with no major interest rate hikes, there could be a drop in housing prices, but only by 2023.
How is the sale and purchase process carried out during the summer?
In general, experts point out that the process of buying a home in summer is the same as at other times of the year. Lasauca qualifies that with more time available, prospective buyers compare more options and spend more time making visits. “In the case of aProperties, our expert advisors accompany the client at all times to offer them a personalized treatment and help them find the home that best suits their tastes and lifestyle.”
Riera explains that at this time of the year there are not so many notaries or managers in the banks to consult, “but most of the real estate agencies are open, I do not see changes in the buying and selling processes, if someone wants to buy no matter the date, we are there to assist them”.
What would be the best time to buy a home?
For Riera, one of the best times of the year to buy a house is at the beginning of the year, “but the important thing is to observe the economy, be very careful and invest in housing, because all this will depend on the behavior of the economy, politicians and the restrictive measures of each country”.
From aProperties they explain that buying a home is not an impulsive decision, but very meditated, but there are multiple factors that contribute to take the step especially in summer time.
Source: idealista.com
