This may be the best time to sell your Baton Rouge house if you’ve been thinking about doing it.
With Covid-19, there was speculation that it would tank the market, but the reality is that this might be the best time to make a move in real estate.
The common thought is that with so many people having lost jobs, they would be better off keeping their home and not looking to spend money.
But the reality is that with the update from the Feds two days ago, interest rates are even lower than before.
So, if you spend money to sell your house and close on a new one, you might be actually saving money in the long run thanks to the better interest rates.
Many people are in fact selling their homes, and so looking to purchase one might be the best thing you can do right now to not only take advantage of the interest rates but to help stimulate the economy.
This is even more valuable for homeowners that are still in forbearance or might be risking getting into some financial trouble with their mortgage company soon…
You can get out of those issues by selling the house, and the sooner the better because you can avoid getting slapped with fees that the lender will tack on when filing for foreclosure.
Once the notice of default is in place and the foreclosure process is started (and an auction date is set), the lender will start accruing all sorts of fees that can amount to several thousands of dollars.
From our friends at Sell My House Easy Fast, “We buy houses in Baton Rouge and surrounding areas, and we’ve found that many more people are looking to sell their house since April than before the Covid-19 situation. Even as things started to settle and the city has been slowly opening back up, we’re still at around 23% higher cash offer inquiries than the same period in 2019.”
If you have been debating on selling your house or purchasing one to get a deal on a property with a super low interest rate, seriously consider it now before the rates change.
Seriously, if you have the credit and financial status to support it, you can save many thousands of dollars of interest over the course of the loan.
And if you’re able to do lump sum additional payment to principal at the beginning of each year, you can cut the interest paid by almost half!