What Makes Now a Great Time to Sell
Home values are up, interest rates are down, and your neighborhood is highly sought after. Any one of these factors could lead a home owner to consider selling. With so many contributing factors working in concert, they have created a great real estate market and sellers are taking advantage of it. As the air gets crisp, the leaves start to change their colors, and kids are back in school (sort of) is now still a great time to sell?
The very short answer is an emphatic yes. Values have rapidly appreciated over the past 8-12 months throughout the region. Are you still living in the first home you bought? Is it your forever home? Or is your forever home somewhere else and you now have it within reach? The good news is that buyers, real estate agents and escrow officers are now all very familiar with the complicated transactions where a seller is selling one property, and using those proceeds to purchase the next property. These type of transactions have become so common that they tend to happen seamlessly and without headache. If you’ve been wanting to make that jump from your current home to your forever home but are having second thoughts because of all the moving parts - don’t worry as these deals are now happening every day.
But it has been a sellers market for months now - are there too many other houses on the market that your house would have to compete with? Not at all. Houses continue to go pending sale faster than they are coming on the market. The average home only has to wait around 7 days before accepting an offer and going pending sale. The inventory level for the Sacramento region is currently at 0.70 months worth of homes. A continuation of the very favorable level for sellers that we’ve seen all summer long.
Does the low inventory, which is helpful as a seller, make you nervous as a buyer that you won’t find a replacement home? You don’t need to worry - first and foremost, contingencies are put in place to make sure that you are protected as you search for that forever home. And being a buyer with a large down payment from the sale of your house shines a very positive light on you and your offer, making it easier to get your offer accepted.
And with interest rates being as low as they are, maybe you can buy your forever home and also keep your first home. The rental market throughout the region is just as strong as the sales market. Why not take advantage of the low mortgage rates and the high rental rates and keep that house - you can make a monthly profit from your first house, and you can put that profit towards your forever home house payments. This is a great way to start and grow your real estate investment portfolio.
The best part about the 2020 real estate market is that it gives you options. You can compare those options to your goals and make the decision which is best for you and your family. The best way to start exploring those options is to ask me for a free market analysis of your current house. You can reach me at 916-705-2298 or at mark.delgado@cbnorcal.com with any questions.