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.
Why September is the Best Month for Home Buyers
While spring and summer are the high season for home sales, fall can be a buyer’s market. There are several benefits of buying a home in the off-season, like lower prices and quicker closings.
Higher Availability of Industry Professionals
An advantage of buying a home in the off-season is the greater availability real estate and mortgage professionals. Agents will generally have fewer clients and more time to focus on your home search. Lenders will be more accessible for questions and assistance. Some lenders may even waive some fees during the off-season to encourage borrowers to use their services.
Lower Moving Costs
Movers also tend to lower their costs during the fall because there’s not as many people moving. Moving companies are usually willing to give a bigger discount because of their lack of business in the off season. There is also more flexibility when it comes to scheduling your moving time so it will be more convenient for the home buyer. This flexibility will help make your move less rushed and more relaxed.
Quicker Move In
Home buyers who are willing to close on a home in September will have the upper hand over those buyers who buy in the on-season. Not only will they have the previous advantages, but they will still be able to get settled into a new home before the major holidays like Thanksgiving, Christmas and New Year’s. This timing is an important for many families since they do not want to be displaced during the holidays.
Stronger Negotiating Power
Just as there are fewer homes for sale during the fall and winter months, there are fewer buyers too. Since September is the beginning of the school years, demand will slow down. That means less competition and sellers who are more willing to accommodate potential buyers. This leaves more homes on the market for the taking if you don’t mind moving at the start of the school year. You will have more properties to choose from than you would in the summer months.