T O D A Y ‘ S R E A L E S T A T E M A R K E T
In today’s real estate landscape, many people are asking if this is the right time to sell their home. Whether it is a principal residence or an investment property, the answer is a resounding yes!
Buyer demand is considered very strong due to low-interest rates, low housing inventory, and the ability to work from home due to the pandemic. Because of these new phenomena, Napa and Sonoma Valleys’ homes are highly sought after and are highly ranked as the most desirable places to live.
The thought of living amongst vineyards in a rural setting and having access to world-renowned wineries and five-star restaurants offers prospective buyers an opportunity to live the wine country dream!
Right now, the market is hot. People are taking this opportunity to purchase second homes; some move out of state to be closer to family or take advantage of tax strategies, and empty nesters are selling their larger homes where they raised their kids to live in smaller dwellings. Many are in the fortunate position to buy up and get more house with the significant equity they have acquired over the last few years. Whatever the reason for considering selling in this market, there is one thing for sure- Buckle up because it is incredibly fast-paced. The good news for sellers is they are in the driver’s seat.
For anyone contemplating selling, here are some market savvy tips:
1) Work In Parallel
Get the house ready to go on the market with the help of a local realtor, and while in this process, start looking at homes.
2) Use Creative Financing
Ask a local realtor or lender to help secure a bridge loan to purchase the new home with all cash and then refinance the bridge loan into a new purchase loan once the old house has sold. This ensures strong buying power and less stress.
3) Cover Potential Gaps
Negotiate to make the sale of the home being sold contingent on the successful close of escrow of the new purchase to avoid lag time with nowhere to live between moves.
4) Explore Rent Options
Negotiate to stay in the home with a rent back after close of escrow at a discounted rate or even for free to avoid the hassle of moving twice.
5) Don’t Settle for Less
Don’t rush if it isn’t right. Sell the house and rent for a while after close of escrow to take the time to find that perfect new property and avoid the stress of having to purchase a not-so-ideal home.
Here’s the bottom line: Now is the time to take advantage of the low-interest rates and low housing inventory for anyone contemplating selling their home. A seller will always have the upper hand to negotiate the best deal when demand is high, and supply is low. And that’s exactly what’s happening in the real estate market today.