According to the National Association of Realtors, parents gifting money to their children to help purchase a first home is a common experience. Gifting money is a type of down payment assistance that can help them realize their dreams of homeownership.
Should I wait to buy a home in the winter?
There is no doubt that spring and summer are popular times to purchase a home! It is a beautiful time to spruce up the home’s curb appeal and flaunt its beauty on a sunny day. 40% of existing home sales are made in May, June, July, and August.
If you find yourself frustrated by the lack of progress, remember to be patient and consider searching for a home in the winter. Buying a home in the winter has several benefits, including:
Less competition between buyers & sellers
In the winter, there is less competition between buyers and sellers alike. Not everyone wants to deal with touring homes in cold weather, and you can work that to your advantage.
Remember to have a down payment saved up and a good credit score to match! Though there may be less competition, you still want to be seen as an attractive buyer!
Lower home prices
Home prices in the winter tend to be lower than those in the summer due to the lack of competition. As such, winter may be a good time for you to snag a deal! Remember to thoroughly research the property and note its condition, location, and price history.
Motivated sellers ready to make a deal
Sellers who put their homes on the market in the winter are motivated to sell. These sellers typically put their homes up for sale at this time because they need to. This is an excellent opportunity for you to negotiate, and sellers are keener to make a deal.
Regardless, keep an eye on how long the home has been on the market. There is a chance that the house has been lingering there since the summer. Do your due diligence and ask questions! Get the home appraised and inspected before you lock into a deal.
Faster closing times on homes
Because sellers are typically more motivated to work with you to sell their home, you can expect faster closing times in the winter. It also helps that your mortgage broker is not as busy as they would be in the spring or summer!