Now is the time to sell your unwanted house in Connecticut to take advantage of the low-interest rates!
Price Appropriately
The number one thing that will sell unwanted property is to offer it for sale at an appropriate asking price. Spend some time and research the recent comparable sales in the close area to the property. Make sure to analyze all aspects of the property: whether or not it has a pool or access to a body of water or canal, the year the property was built, the proximity to shopping plazas, grocery stores, or other points of interest in the neighborhood. Determine the appropriate asking price by using the most recent sales possible, preferably in the past 6 months. If there are no recent comps in the area, consider using other properties in the area and subtracting or adding value based on features that your property does or does not have. If you offer the property for sale too far below market, then buyers might believe there is something wrong with the property. You could also find a local real estate agent who is familiar with your area and have them use the resources available to real estate agents to pull comparables and figure out the value of your home. It’s best to have the most accurate value possible so that you don’t lose out on any money and at the same time so you don’t price your house too high and it ends up sitting on the market, also costing you money.
Sell to a Home Buyer
If you are in an urgent need to sell your house in Connecticut, 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. These buyers won’t require you to make any repairs or updates to the home. You can usually leave any unwanted items, even large ones at the home too. 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 the low-interest rates.
Offer Owner Financing
There are many future buyers that are looking for a lending alternative who may not have the best financial history on paper, but are honestly trying to improve their situation. Offering owner financing might be a great option to open up your house to more buyers, just make sure to do a background and reference check. Owner financing would also be a great option if you are looking for long term monthly payments. This would be a great option if you already have the down payment for your new house. Furthermore, once you purchase your new house, you can use the monthly principle and interest payments you will be receiving to help pay your new mortgage!
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 out the schools, entertainment, access to shopping and groceries. Check that the taxes are paid, check the zoning, verify if the property is in a property owners association, this will cost you over time and eat into your rental profits. Make sure you conduct an inspection of the house you are interested in, most lenders will require this anyway. You want to make sure you pick a house with a good structure, a comfortable floor plan, and some curb appeal. A house purchase is obviously a big deal and you don’t want to be stuck with something you are not happy with or that you will decide to sell relatively soon after, therefore, negating any money savings you had planned by taking advantage of a lower interest rate.
Find a Mortgage
The mortgage rates are at a low point right now, 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.