The July Slump & How It Can Work For You!

As real estate agents we love warm weather because most of our business is done in the warmer months. Warmer weather means more clients with one exception; The dreaded July Slump! It happens almost every year from 7/1 to around 7/15 or so. You might not find the definition of “July Slump” in the dictionary but as agents we expect it every year. Buyers stop looking and sellers stop listing their homes while people go on vacation or just stay out of the summer heat wave. Below are some tricks on how you can make this phenomenon in the real estate market work for you.

July Slump

 

Home Buyers

If you are searching for the perfect home but have had issues with multiple offer situations or you just aren’t sure when is the right time to start looking, try July.

Usually buyers can get a little bit of a deal on properties as the weather gets colder but there is also less to choose from listed on the market in colder months. With interest rates continuing to rise, buyers this year may want to take advantage of The July Slump rather than wait for cooler months. There is more on the market right now than we can expect to see in the end of fall so getting the home you want should be easier but with so many buyers in the market this summer many buyers are frustrated by all the completion for homes.

During The July Slump we see a drop in showings. Now a buyer could potentially view a large amount of inventory while not having to complete with as many other buyers for the same home. Sellers are also concerned to see their home showings reduced during this time of the year. If you are a buyer view homes now before the slump ends mid to late July. You don’t want to wait for higher rates or more completion.

If you need an agent who knows the market and can help with your search call us! We’d love to help make the slump work for you!

 

Home Sellers

If you have not listed your home for sale but are considering what might need to be done before your home goes on the market using The July Slump to get all your ducks in a row is not a bad idea. Meet with an agent and ask for a market analysis, look into your marketing options, ask how you can add value to your home by neutralizing wall colors or adding a few small landscaping features.

If you are already listed don’t worry; the slump never lasts very long, expect more showings no later than beginning of August. Those that are considering listing may want to wait until about mid-July. Use the time you have left to maximize the impact your home will have when buyers flood back to the market refreshed from vacation and ready to write offers.

If you need an agent who knows the market and can help you make decisions about listing your home for sale call us at the number below! We’d love to help make the slump work for you!

 

Kevin Breen & Conor Breen
(540) 785-5180
Cyber@CBEVA.com