It is no secret that real estate is a hot commodity in Ontario. This has been the case for several years now despite a worldwide pandemic. In fact, if anything, COVID-19 has only served to propel housing prices into the stratosphere.
Certainly, real estate professionals did not see this coming. Quite the contrary. Most real estate professionals at the outset of the pandemic had predicted a deep dive in housing prices. Lenders, brokers, and mortgage professionals were bracing for a significant drop in the value of Ontario properties due to the economic spinoffs of the pandemic.
Fortunately, housing has only gone up in value to impressive levels. According to the October Toronto Housing Report, the year-over-year increase in Toronto housing and the surrounding GTA increased by 15.9%, and in the last quarter of 2021 has increased a further 14.9% which puts the average Toronto house price at 1.2 million dollars.
Need to Discuss Your Sale?
The traditional mortgage or home selling process is not a good fit for everyone, and can feel overwhelming. You can contact us for a no cost consultation, and we can outline your options.
The overall default numbers remain low in Ontario as well. According to the October numbers released by the Canadian Bankers Association, only 0.07% of owned properties in Ontario are currently in default.
Despite these optimistic numbers, some Ontario homeowners may be facing unforeseen financial challenges that force them to make some hard economic decisions. If pressing money concerns are immediate, selling your home quickly may sometimes be the only option available to address the problem.
What about the expense of putting your house on the market? If time is the enemy, considering selling your home to an interested and experienced Ontario home buyer for cash may be the best option.
Where do I start?
Experienced homebuyers are available for interested Ontario homeowners. To tap into this option good resources to start with are realtors or mortgage professionals who will be able to suggest a homebuyer that fits the requirements of a homeowner looking to sell their home or condo or even cottage quickly.
Mortgage Broker Store can help you directly to look at various homebuyers for cash options available. We will do our best to negotiate directly and/or steer you in the right direction. Occasionally, cash home buyers will advertise their services as well. It is important to research your options and utilize mortgage professionals to help guide you in the process.
Do I need to hire a real estate agent?
The good news is that by approaching a cash home buyer, an Ontario homeowner can bypass the need for an intermediary real estate professional such as a qualified realtor. Cash home buyers will buy your property in the current condition it is in and will not charge a commission or fee for their services.
You will not have to put money into fixing up your property and staging your property to be put on the market. Nor will you need to pay a real estate commission to list your home or condo. A home buyer will be looking at a recent appraisal of your property and comparing your property with similar properties in the area to come up with a fair market value for your home with a discount to account for selling your home “as is.”
Should I sell my home before I buy my next home?
The short answer is yes if you are having short-term financial difficulties. It is best to sell your house or condo quickly to an interested home buyer so you can have the financial obligations of your property off your shoulders. It is best to deal with pressing financial obligations first before considering buying a new property.
If finances are secure, looking into a second mortgage using the existing equity in your home may be a good option. There are different second mortgage loan options that could enable you to pull equity from your home to put towards an additional property. Conversely, an Ontario homeowner could consider a private bridge loan option that would carry one over until closing on the new property is completed.
How do you know when it is time to sell your home?
This can only be answered by looking at your unique financial circumstances. For an Ontario homeowner who may have missed monthly mortgage payments and consequently has fallen into mortgage arrears, selling your home to a cash home buyer will be a very good option. This would circumvent the lender from taking eventual possession of your property at the end of foreclosure or the power of sale process on your home.
If money is not an issue, then the right time to sell your home will be dictated by your personal needs or lifestyle choices. Perhaps it may be time to downsize, or you wish to buy a home in a different location. The choice to sell when pressing money concerns are not an issue, is entirely a personal decision.
Mortgage Broker Store can help with a host of real estate options
Considering selling your home to an interested cash home buyer can represent a sound decision when an Ontario homeowner must access funds quickly for several potential reasons including or is facing a power of sale/foreclosure on their property.
Cash home buyers will eliminate the need to pay hefty commissions and will secure a fair market value for your home. Mortgage Broker Store can help you in your decision to utilize the services of a cash home buyer as well as advise an Ontario homeowner on the best private second mortgage loan option to suit their needs.
Need Advice on Your Sale?
You may have more questions on the entire process and how much money a cash buyer may offer. You can contact our team directly and we’ll do our best to answer your questions.