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Sell Your Unwanted House in Philadelphia
Now is the time to sell your unwanted house in Philadelphia to take advantage of the low-interest rates! America has been experiencing meager interest rates within the last couple of years; most rates dropped to two percent. Many first-time homebuyers took full advantage of these favorable rates.
The number one thing that will sell your unwanted house is to offer it for sale at an appropriate asking price. Spend some time researching 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 using the most recent sales, preferably in the past six months. If there are no recent comps in the offer, 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, buyers might believe something is wrong with the property.
Sell to a Home Buyer
If you urgently need to “sell my house in Philadelphia,” selling to a professional cash home buyer might be your option. Real estate investors usually provide cash offers with a rapid closing time frame and may not require an inspection or repairs. The home buyer usually has an extensive 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. Selling a home directly to a real estate investor is an excellent method to avoid closing costs and fees.
Offer Owner Financing
Many future buyers 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 your house to more buyers; do a background and reference check. Owner financing is also 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.
Find a Property
It is essential to research your next purchase before jumping into something to take advantage of the low-interest rates. Check out the schools, entertainment, and access to shopping and groceries. Check that the taxes are paid, check the zoning, and verify if the property is in a property owners association, this will cost you over time and eat into your rental property profits. Ensure you inspect the house you are interested in; most lenders will require this anyway. You want to pick a place with a good structure, a comfortable floor plan, and some curb appeal. Survey the neighborhood’s potential to ensure a sound investment; an indicator will be the number of recently sold properties nearby and new construction homes and businesses!
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 with the lowest interest rate, the length of payment, the type of loan that works for you, and the property you plan to purchase. Having a pre-approved letter in hand will give you the advantage when making an offer on your new house.
Once completely prepared, begin searching for a qualified real estate professional to help conclude the real estate process. The options will be to utilize a real estate agent or purchase/sell a home using an investor; investors typically provide a quick house sale within three weeks. Examine each option, weigh out the pros and cons of each real estate route, and figure out what may be best to satisfy your needs!