Maximizing Your Home Sale: The Mind-blowing Power of Assumable Mortgages

In today’s real estate market, characterized by high inventory levels and exceptionally high interest rates, sellers need every advantage to stand out. One powerful tool at your disposal is an assumable mortgage. Here’s how leveraging an assumable mortgage can help you attract buyers and maximize your sale price in Saint Petersburg and the Tampa Bay area. 

Financial Benefits 💰 

Attract More Buyers:

High interest rates can deter potential buyers. Offering an assumable mortgage with a lower rate makes your property more appealing, attracting more buyers and potentially creating a competitive bidding environment. 

Higher Sale Price:

Buyers are often willing to pay a premium for the opportunity to assume a lower interest rate mortgage. This can result in a higher sale price for your home. 

Faster Sale:

Properties with assumable mortgages can sell faster because the financial benefit to the buyer is clear and immediate, reducing the time your property stays on the market. 

Example Scenario 

Consider a home with a purchase price of $500,000 and an assumable mortgage balance of $385,000 at a 3% interest rate. In a market where current interest rates are around 7.3%, the buyer would need to cover the $115,000 difference. This gap can be funded through cash or a second loan. 

Assumable Mortgage Scenario: 

Assumable Loan Amount:

$385,000 at 3% 

Second Loan Amount:

$115,000 at 7.3% 

Total Monthly Payment:

Approximately $2,343 

Total Cost Over 30 Years:

$843,806 

Alternative Scenario: 

Loan Amount:

$500,000 at 7.3% 

Total Monthly Payment:

Approximately $3,438 

Total Cost Over 30 Years:

$1,236,786 

Overall Savings: 

Monthly Savings:

$3,438 - $2,343 = $1,095 

Total Savings Over 30 Years:

$1,236,786 - $843,806 = $392,980 

The overall savings for the buyer are significant, making your property highly attractive compared to others on the market. 

How to Fund the Gap 🏦 

At Thomas J. Morillo and the TJM Home Team, we are networked with creative professionals who offer unique loans to fund the gap between the assumable mortgage balance and the purchase price. This ensures that buyers can capitalize on the benefits of an assumable mortgage, making your property even more attractive. 

Strategic Social Media Marketing 🔍 

Maximizing the benefits of an assumable mortgage requires letting potential buyers know about it. Here’s how we do it: 

Targeted Advertising:

We use data-driven strategies to target potential buyers who are actively searching for homes in your area. This includes highlighting the assumable mortgage in all marketing materials. 

Engaging Content:

We create compelling content that explains the financial benefits of assumable mortgages, using clear examples and visuals to attract attention. 

Wide Reach:

Our marketing campaigns span across multiple platforms, including Facebook, Instagram, LinkedIn, and more, ensuring maximum visibility for your property. 

The Advantage of a Resourceful Real Estate Team 💼 

Having a resourceful real estate team like Thomas J. Morillo and the TJM Home Team in your corner brings a tremendous advantage in a saturated market. Our creative options, such as leveraging assumable mortgages, open purchase opportunities to a larger audience, ultimately enhancing your chances of achieving a higher sale price. 

How the TJM Home Team Can Help 

At Thomas J. Morillo and the TJM Home Team, we specialize in leveraging unique selling points like assumable mortgages to maximize your home sale price. Our comprehensive approach includes: 

Expert Market Analysis:

We provide insights into the current real estate market in Saint Petersburg and Tampa Bay, helping you price your home competitively. We carefully analyze recent sales, under-contract homes (analyzing time to contract), and most importantly our “Active Competition”. This is often overlooked and plays an important role in pricing correctly to maximize the sale price. 

Customized Marketing Strategies:

We tailor our marketing efforts to highlight the benefits of your assumable mortgage, attracting more qualified buyers. With these types of listings, we do a significant amount of target social media marketing with lead capture. The lead capture allows us to point out the “massive savings” to the buyer, so they are more likely to make an offer after we illustrate the “six-figure savings”. 

Quality Lender Referrals:

We can connect you with reputable lenders who offer creative financing solutions to fund the gap, making the process smooth and efficient.  

Ready to make the most of your home sale? Contact us today for personalized advice and support. Text us at 727-560-4944 for a Quality Lender Referral and expert guidance. 📞🏡