The door of opportunity is wide open for home buyers and sellers this summer. Interest rates have continued to remain low and according to many economists, it’s probable that rates will drop even further for short-term and adjustable-rate mortgages.

While rates probably will not drop much (if at all) for long-term loans, they’re still lower than they’ve ever been in the last 30 years, with exception to 1998. Because of this, I predict that summer home sales will be stronger than ever. True, the economy is slowing somewhat, but low rates are doing their part to keep things going at a healthy rate and it seems that there is still a sense of security among consumers — especially in the housing market.

February and March are typically the two most productive months for real estate. However, summer sales are always constant, and this year, with continued low interest rates, I am certain that this summer will be comparably better than years past. Summer is generally a popular time for home owners to buy and sell because those with families can make the move without disturbing school schedules. It’s for this very reason that the month of June experiences such a large amount of property transfers, allowing new owners to settle in well before the upcoming school year.

The summer is also one of the best times of the year to showcase a home. Real estate agents will often encourage their clients to speed up the listing of their home in order to sell it during the summer. The staging of a home is incredibly important to its sale and during the summer season flowers are in bloom, yards are nicely manicured and trees are full of leaves. It’s been proven time and again how much impact these few factors can have on a potential buyer as they survey a home.

Some advice to home owners who are planning on selling their home during the summer: it’s very important to keep your yard in as pristine shape as possible. A tidy, well-presented yard adds value to your home and can actually shorten the selling time. For those who have pets and children, try to keep the yard clean and clear of objects so that potential buyers can walk through easily if they like. If you have flower beds, it helps to keep them weeded and the plants pruned. Walkways and decks should be routinely swept clean and if you have a swimming pool, make sure it’s as clean as possible — floating leaves and insects can have a negative effect on the potential buyer. Regardless of the size and condition of your yard, the most important thing to remember is that just like with people, first impressions are everything.

Because of current and projected interest rates, this summer is also a great time to refinance. Summer is the perfect time for home improvement projects and the money you could potentially save by refinancing could help fund those projects. You could also use your savings to pay for a summer trip or simply set it aside for future investments. If you’ve been holding off on a refinance in anticipation of lower rates, I suggest you get started right away. It’s possible that rates will lower more, but they’re already exceptionally good, so it’s worth your while to refinance now — remember, interest rates have a way of rising much more quickly than they do lowering.

Summer is traditionally a time filled with excitement and activities as people head outdoors to enjoy the warm weather. This summer is also an especially good time for potential home buyers to make their move and for home owners to think about refinancing — not only is the window of opportunity wide open — so is the front door.
(Editor’s Note: J. Lennox Scott is the president of John L. Scott Real Estate. You can visit his Web site at www.johnlscott.com.).