The world is upside down. Working from home is now the norm and the kids will go back to school… eventually? 2020 has been a year of uncertainty, but COVID-19 has not stopped real estate from trucking along. In fact, 2020 might be just the right time to sell you home and take advantage of incredibly low mortgage rates on your new place! We say now is the time to sell your unwanted house in Sacramento to take advantage of the low interest rates. Let’s talk about why.
Price Appropriately
The number one rule about selling your unwanted house is offering the property for sale at an appropriate asking price. Research the recent comparable sales in your neighborhood; if you overprice, you could prolong the selling process and miss out on the chance to bid on the new place of your dreams. Make sure to analyze all aspects of the property: whether a pool or access to a body of water, the year the property was built, proximity to shopping plazas, grocery stores, and other points of interest. Ideally, your asking price will be determined using comparable sales in the last 6 months.
Sell to a Home Buyer
If you are in an urgent need to sell your house in Sacramento, selling to a professional home buyer might be the option for you. They usually provide cash offers with an extremely quick closing time frame and may or may not require an inspection first. The home buyer will usually have a large network of investors with multiple portfolio types and can easily add your property to it. You can use this quick cash to have your down payment for your next property to take advantage of low interest rates. Selling your unwanted home is a lot faster this way!
Find a Property
It is important to do research on your next purchase before jumping into something to take advantage of the low interest rates. Check that the taxes are paid, analyze the zoning, verify if the property is in a property owners association. Many buyers make the mistake of rushing because they want to score a great loan rate, and later regret that they didn’t take a bit more time vetting the property. Get your mortgage lender to lock in your interest rate for the next 30 days so you have tome time to breathe and think things through.
Find a Mortgage
The mortgage rates are at a low point right now, so take advantage of this opportunity! Lower interest rates mean the lenders are more willing to originate loans. Shop around different mortgage companies to find the best rate you can get with your financial situation. Keep your credit score in mind, and contact multiple lenders to see what they can do for you. Choose the lender that has the lowest interest rate with the length of payment and type of loan that works for you and the property you plan on purchasing. Having a pre-approved letter in hand will give you the advantage when making an offer on your new house.