Attention Rochester NY homeowners! Are you thinking about selling your home, but you still have one foot on the brake? Well, it’s time to hit the gas! Historically low inventory is still a HUGE factor in the Rochester real estate market. This means that it's a seller's market, and there has never been a better time to sell your home. Here's why:
Buy Down Your Rate
Many potential buyers are hesitant to purchase a new home because of higher interest rates. The solution? Buy down your rate! We can help you find a lower interest rate, making your home more affordable for buyers. What the heck?! How is this done? Buying down the rate, also known as discount points, is a way to lower the interest rate on a mortgage. It involves paying extra money upfront to the lender, which reduces the interest rate on the loan. Essentially, you are pre-paying interest to the lender in exchange for a lower interest rate over the life of the loan.
Each discount point typically costs 1% of the loan amount and can lower the interest rate by around 0.25%. For example, if you are borrowing $300,000 at a 4% interest rate, you could pay $3,000 (1% of the loan amount) to buy down the rate to 3.75%. This can result in significant savings over the life of the loan, as even a small reduction in the interest rate can lead to thousands of dollars in savings in interest payments.
Buying down the rate can be a good option for home sellers looking to attract buyers in a market with higher interest rates. By offering to buy down the rate, sellers can make their homes more affordable and attractive to potential buyers, which can help them sell their homes more quickly and for a higher price.
Are you worried about finding a new home before selling your current one? We can help! Our post-possession listings allow you to stay in your current home until you find suitable housing, taking the stress out of the selling process.
Shrinking First-Time Homebuyer Pool
The lack of homes on the market has caused the first-time homebuyer pool to shrink, accounting for over 30% of home purchases. But with low inventory, you have an advantage in the market and multiple offers are still happening!
National Conglomerates Purchasing Homes
Large national conglomerates have been buying up homes throughout the US, holding onto them as rentals and thus removing them from the resale market. This means that your home is even more valuable, and you can expect to get top dollar for it.
Take Advantage of Low Inventory
Many people are hesitant to sell their homes due to fears about the economy and the state of the world. But don't let fear hold you back! Take advantage of low inventory, which means you could receive tens of thousands more dollars for your home than in a typical market.
Interest Rates and Home Prices
Finally, if interest rates go down, the price of homes may increase beyond where they are now.
By selling now, you can take advantage of low inventory and get a higher purchase price, which essentially offsets the lower interest rate.
So, what are you waiting for? Contact us today to learn more about how we can help you today. Looking for a quick HOME VALUATION? We've got just the thing!
Click here for our instant home value quote. YOURVALUE