Summer is Buying Season for Teachers
As one of the most challenging academic years comes to a close, teachers across the country are looking forward to a well-deserved summer break. It’s a chance to relax and recover from the classroom, and for many, it will be an opportunity to shift their focus to personal priorities.
While the summer months are typically a busy time for home buying, it can be an especially attractive season for teachers to transition. Learn why many consider it the best time to hunt for their next house.
Finding, buying, and moving into a new home is a substantial undertaking and rarely happens quickly. A couple of months without the day-to-day responsibilities of work is a perk that many homebuyers would envy. The flexibility to see new listings sooner rather than later can give you the best chance to snag the right home early on.
However, the reduced summer schedule of a teacher goes beyond additional time for showings. It also offers time to prepare for the process. Applying for a mortgage requires gathering and organizing a lot of financial documents. Comparing loan programs and lenders takes a sustained focus on the task. Not having to squeeze your mortgage search into spare moments, exhausted evenings, or busy weekends can ensure you find the best fit.
While not unique to teachers, summer brings its own advantages to the real estate market. The mild weather and lack of major holidays provide natural encouragement for buying or selling a home. Also, the end of the school year can add more convenience to the process for parents.
Combining all these factors makes summer a peak season, and it’s often reflected by an increase in homes listed for sale. Although the rise in shoppers can complicate this, summer is likely to provide the greatest selection of homes for sale and increase the likelihood of finding one that meets most of your priorities.
Explore Your OptionsFortunately, a teacher’s advantage can go beyond just a search-friendly schedule. Current interest rates continue to be near historic lows and are not expected to increase significantly in the near future.
There are also federally-backed and state-supported programs to make it easier for educators to buy a home. These mortgages and grants can provide down payment assistance, closing cost discounts, and other benefits. Be sure to ask your lender about any loan programs you may qualify for as a teacher, and complete a thorough online search to help identify these options.
Start your summer home search with help from the expert loan officers at Open Mortgage. Call today to explore your options or browse our website for more information.
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