7 reasons why it's a good idea to buy or sell a house in August

It's August, you're looking for a flat or maybe you want to put your property up for sale. Many will tell you, "It's a bad month to close a deal". Many buyers and sellers have had this idea instilled, but it couldn't be further from the truth. The housing market is abuzz in the busiest holiday month, which also offers added advantages when looking for the ideal home, such as better service from estate agents, mature buyer profiles and more room for negotiation for the buyer.

In August 2022, 42,634 transactions were closed, 8,526 more than in 2020 (when 34,108 were sold), according to the database of Evolution of home sales and purchases, by the General Council of Notaries. If we go back to 2008, statistics show 28,100 transactions for 31 days.

The same occurs if we look at the data for reference markets such as Madrid and Andalusia. In August 2022, 3,905 homes were sold in the Madrid region compared to 1,752 in 2008. In Andalusia, 8,984 homes were sold last August compared to 6,047 in 2008. Data that invite us to dispel preconceived ideas, the real estate market in August is growing, and increasingly so.

"I've been in the sector for almost 30 years, and the summer has changed," explains Nora García, CEO of Inmobiliaria Igarka in Valencia and president of the Association of Real Estate Agents of the Valencian Community (Ascival): "Before, everything stopped in August, but now it's very different. Although things do tend to slow down, there is still activity: there's less movement, but it's higher quality.

4 reasons why it's a good idea to buy in August

We analyse the advantages of buying in August in a year in which prices could close with a rise of more than 2% and 1.1% in 2024, according to a recent Caixabank Research valuation.

More and better time for decision making

Real estate experts agreed on one aspect – the importance of which is perhaps underestimated – namely, the peace of mind that comes with looking for and deciding on such a significant purchase during the relaxing weeks of the holiday season. "The only time of the year that we have more available time is our holidays when we don't have so much on our minds," explains Garcia, "which is why I believe it's an excellent time to make such an important decision".

A good month to value the property

The August light and the daylight hours allow us to value a property with more guarantees and during more hours of the day. Similarly, gardens, swimming pools or sports fields can be viewed in operation.

Juan José Jareño, office manager of Look and Find Moratalaz (Madrid) since 1998, believes that "no matter how beautiful the property is, it's not the same to view it when it's raining as in good weather. Ultimately, the property's staging is very favourable for the buyer to make the right decision".

Better service from the estate agent

"With less workload, we tend to provide more and better customer service," continues Jareño, "you have more time and more availability to show properties because many sellers leave their keys with us. So, as a buyer, you can see the house with great peace of mind".

Another advantage of buying in August is having better service from the estate agent. Fewer people are interested in buying during August, so agents are more thorough when selecting the properties to view and can dedicate more time to each of the scheduled viewings.

However, this is not the case in the coastal towns, where the sale and purchase of holiday homes is at its peak during the month. For Pol Fontes, commercial director of Gilmar, a real estate brokerage network with a wide presence on the Costa del Sol and Malaga, "We have a lot of contact with buyers during August and a lot of viewings. As holiday home professionals, we come into physical contact with the client compared to the rest of the year, when it's more remote. This helps us understand them better and show them a more carefully selected product. Usually, in the following months, after studying the operation with their bank and advisors, they decide to buy the property they viewed in August. Our top recommendation is to be quick once you've decided so you can secure your property of choice.

Owners are open to negotiation

An added advantage for summer flat purchases in the more urban markets is that with less demand, the seller who receives an offer that he considers 'valuable' is more likely to be willing to lower the price.

"It is not a hard and fast rule, but it is a month in which the seller does not want to waste time, and that leads them to be more willing to negotiate the price than the rest of the year," says Jareño. The opposite happens in the holiday markets, "their expectations go up," says Gilmar: "When the time comes, you have to do a balancing act to make them see the reality, which is not always easy".

3 reasons why it's a good idea to sell in August

Selling and buying properties never happens without meeting supply and demand. That's why it is important to know if factors favour sales in a month traditionally considered transitional by many sellers.

Less competition

This is the most obvious reason. Although notary statistics confirm an increase in property purchases in August, supply does indeed decline when the heat rises, reducing the portfolio of flats available in agencies and on portals. This situation favours those present in more urban markets, as they are more likely to be chosen during these weeks.

Better quality proposals

Now it is time to point out what is without doubt the greatest advantage of selling in August. "People who visit properties during their holidays are really interested – they need a property. Although estate agents try to filter a lot throughout the year to avoid unnecessary viewings, in summer, we detect a real interest in buying in most of those interested," explains García from Valencia.

From Marbella, Fontes advises that in August, the seller should make their property as visible as possible: "Both national and foreign buyers make a preliminary prospection of the market beforehand, but it is during the summer, and especially in August as the busiest month when they come to see them put into practice the ideas they have in their heads.

Immediate returns for the investor

"Investor clients who buy in August have the opportunity to make an immediate return on their new property," explains Gilmar's Fontes: "It's easy to rent it out until the end of the season, which runs until the first half of December here.

Although the urban rental market is not as affected by seasonal trends, having rental availability in September is also always profitable, especially for those flats that are suitable for the student profile.

"Ultimately," – as García points out – "the most important thing is to find the right moment for everyone and the right home for everyone. If you like the flat and can afford it, why wait."