Here Are the 6 Cities Where You Should Avoid Buying a Home This Summer
Summer is one of the hottest times of the year to buy a home. The months of May, June, July and August are popular with potential buyers thanks to factors including kids being out of school for summer break and families being more likely to commit to purchasing a home and moving in before the start of the school year.
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While housing inventory is typically at its highest during the summer months, this doesn’t mean every city is ideal for buyers. GOBankingRates spoke to real estate agents to find out which cities buyers should reconsider purchasing a home in.
Buyers beware: Real estate agents said to avoid these six cities when buying a home this summer.
Las Vegas, Nevada
Buyers looking for long-term investments should steer clear of buying a home in Las Vegas, said Carmelo Carrasco, realtor at Axel Property Management.
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Carrasco said Las Vegas is known for being a volatile market with quick jumps and drops in prices.
Cleveland
Buyers who want to find a home for sale under $100,000 can pull it off by searching in Ohio cities like Cleveland and Mansfield. However, Seth Williams, owner and real estate broker at Reference Real Estate, does not recommend buyers move to Cleveland unless they plan on a temporary settlement and to leave with a high sales gain.
“Ohio has one of the slowest growth rates in America when it comes to home values. In the last 30 years, the average price has grown only by 70%,” Williams said.
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Austin, Texas
Austin has several factors working in its favor as an appealing city for buyers. It has a good housing market and job opportunities. The one significant drawback? Austin is out of the price range for most people.
According to Redfin, the median sale price of a home in Austin was $535,000 in March 2023. Brady Bridges, broker and owner at Reside Real Estate, said the high prices and cost of living, which is 16% higher than the U.S. national average, make Austin’s market potentially difficult for first-time buyers.
Miami
Miami offers gorgeous real estate and no personal income tax to entice potential buyers, but Carrasco doesn’t recommend buying a home here this summer. Due to its location, Carrasco said Miami is known to be an expensive and volatile market.
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San Francisco
Carrasco said buyers interested in moving to San Francisco need to expect a limited selection of homes in their price range. This is due to high prices and strong demand for a desirable location.
Overall, buyers are advised to avoid buying a home in California this summer. Despite having a hot real estate market, Williams said the prices cost first-time homeowners a lot of money and can make the homebuying process exceptionally hard.
Seattle
Seattle is another expensive city where Carrasco does not recommend buying a home this summer.
In recent years, Seattle has also become significantly warmer. While it has not been directly affected by natural disasters like wildfires and earthquakes on the same level as states like California and Oregon, these disasters are not an impossibility in Washington state. Buyers who move to cities impacted by natural disasters, Carrasco said, are often subject to higher insurance rates, repair costs and other financial risks. This can easily outweigh the benefits of buying a home.
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This article originally appeared on GOBankingRates.com: I’m a Real Estate Agent: Here Are the 6 Cities Where You Should Avoid Buying a Home This Summer
