Navigating the Santa Barbara Housing Market: What to Expect When Buying or Selling a Home This June

June is an exciting month in the housing market, with many people looking to buy and sell. If you’re planning a move this month, here’s a snapshot of what you need to know to be prepared.

If You’re Buying This June

For families with children, the end of the school year often signals the perfect time to move, making late spring and early summer a bustling period for real estate. Even if school schedules aren’t a factor for you, it’s good to know that more buyers are on the hunt right now – which means a bit more competition. But don’t worry, there’s a silver lining: more sellers also list their homes during this time, giving you more options to choose from.

According to Bankrate:

“Late spring and early summer are the busiest and most competitive time of year for the real estate market. There’s usually more inventory listed for sale than other times of year . . . This is a double-edged sword for a buyer, as you will be met with more opportunities but [also] much more competition.”

During this busy season, partnering with a trusted real estate agent becomes even more crucial. Your agent will keep you updated on the latest listings, offer expert advice on making a strong offer, and provide insights on home values so you can make an informed decision. As Forbes puts it:

“Approaching the market confidently, armed with good information and grounded expectations will take you far. Don't let the hustle of the market convince you to buy something that’s not in your budget, or not right for your lifestyle.”

If You’re Selling This June

With more buyers eager to move before the next school year starts, you’re in a favorable position as a seller. Many buyers are motivated to finalize their move, which means they might make strong offers to secure a home quickly. If your house is well-presented and priced correctly, you could see it sell faster or at a higher price.

The National Association of Realtors (NAR) notes:

“Warmer weather and the end of the school year encourage more people to buy and sell, respectively. Buyers are looking to move and settle before the new school year begins, contributing to increased competition and, consequently, higher prices.”

Having a great real estate agent by your side is key. They’ll help you navigate contingencies and negotiations, ensuring you choose the best offer. Discussing closing dates with your agent is also important. Buyers might need to adjust timelines based on school schedules or their current home sale. As U.S. News Real Estate explains:

“If your house goes under contract in early summer, the buyer may ask for a delay in closing or move-in until the school year finishes or their current home has sold. Alternatively, a buyer later in summer may be looking to close quickly and move in under a month. Remain flexible to keep the deal running smoothly, and your buyer may be willing to throw in concessions, like covering some of your closing costs or overlooking the old roof.”

Bottom Line:

If you’re planning to make a move this June, let’s connect. We’ll craft a plan that aligns with current market conditions and your personal needs. Together, we’ll ensure your buying or selling journey is smooth and successful.