PHILADELPHIA, PA, August 20, 2013 /24-7PressRelease/
-- As a professional who has become a leader within the real estate industry, Paul R. Steinfurth
--CEO of Florida-based real estate firm the Styles Group--knows the trends that impact consumer purchasing decisions. With July coming to a close, Steinfurth notes that many professionals, homeowners and eager consumers are looking to capitalize on the traditional summer trend in which home purchases come to a peak. While this trend is fairly common, Steinfurth notes that many sellers and industry professionals may not fully recognize the factors that motivate home-buying in the summer.
As such, Paul R. Steinfurth points to a recent article from Fox Business that assesses the many reasons why real estate purchases increase, typically between May and September. While Steinfurth has based his business in Florida--known for its relatively warm seasons--the article explains that weather has a major impact on housing market trends. Specifically, Fox Business reveals, Online home search data supports observable evidence of seasonality. Nationally, online real estate searches pick up in January, peak in March and April, dip in May, peak again in June and July, then slow to a low in December, according to home search and information website Trulia.com in San Francisco." In addition to weather, Fox Business notes that school calendars are often a reason why families choose to move in the summer.
Although many may look at seasonality as a force that impacts the single-family residential market alone, Paul R. Steinfurth explains that the trends also motivate growth in the multifamily sector. As a professional who has built a real estate firm around middle-market multifamily investments, Steinfurth explains, "While many families are motivated to purchase new homes in the summer, it is essential that multifamily property managers and owners respond to these trends to push up their own lease agreements."
Examining the impact apartment leases have on home purchases in the summer, Fox Business cites Justin Lopatin--vice president of mortgage lending at PERL Mortgage in Chicago--who states, "Apartment leases that expire during the spring or summer also contribute to seasonality...Typically, people are ready to move because a previous lease is ending, and they want to time it up...Renters need to make a decision: Am I renewing? Am I moving or am I buying? People are revisiting their housing scenario."
"Those with multifamily investments should stay aware of these fluctuations, as an exodus of renters means greater vacancy in the summer. However, that does not mean that there is a shortage of potential tenants. Instead, those managing apartment or condo communities should make sure to amplify their property's appeal in the summer to fill in new vacancies relatively quickly," Paul R. Steinfurth concludes.
Paul R. Steinfurth
is the CEO of the Styles Group, a real estate firm which is now fully-integrated due to their acquisition of the comprehensive management company, Southeast Residential Group. As owner of Styles, Steinfurth offers more than 15 years of experience in asset management and real estate investment. He has remained a noted business leader, as he helped the company's portfolio grow from 1,000 to 3,000 units in just four years' time. For more than 25 years, The Styles Group has concentrated on multifamily, middle-market real estate. Under the guidance of Steinfurth, this company has acquired over 5,000 units in approximately 42 investment properties and is positioned to grow even more in the future.