Why Do People Sell Their Home Fast?
Owning your own home is a goal held by many Ontarians. Having the flexibility of knowing that any changes that you want to make to your home as well as the freedom of knowing those changes can be made at any time is an attractive feature of homeownership. The pride of homeownership is closely tied to a home purchase and over time a house becomes a home.
Fortunately for those that are currently homeowners, the Ontario housing market remains strong. Throughout 2020 and into the fourth quarter of 2021 homeowners have seen their property values increase substantially. Homeowners have seen year-over-year property gains of up to 31% throughout Toronto and the GTA. Areas outside of the GTA have mirrored these double-digit housing appreciation numbers.
According to the Toronto October housing report, the average price of a single detached, three-bedroom house stands at 1.1 Million. This represents a 4.3% monthly increase since September 2021 and an 8.1% quarterly increase. Houses are continuing to sell quickly with an average of only 15 days on the market.
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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.
These housing numbers are great news for those who wish to stay in their homes, or even explore the options of taking out a second mortgage option using home equity. What if a homeowner needs to sell their property quickly for any number of reasons? Although listing your home is an option, the time involved to hire a real estate agent and prepare your property for the market, as well as the costs involved to sell your home may present significant challenges.
There do, however, exist throughout the Province, experienced homebuyers who will buy your home at market value with a discount and sell your home quickly.
Top Reasons For Ontario Homeowners To Sell Their Homes Quickly
Established Ontario-based homebuyers will take over the immediate sale of a property and sell the home in the current condition it is in. There will not be any financial burden tied to fixing up or renovating a particular property to prepare to be sold. A home buyer will assess the current appraisal of the property and use this current market assessment to come up with a fair sale price with a discount.
There are compelling reasons for an Ontario homeowner to choose to sell their home fast. Reasons, of course, can vary and depend largely on the unique financial circumstances of the homeowner. In no particular order, here are some of the top reasons homeowners may be in a hurry to sell their homes:
- Homeowners are under immediate threat of eviction under a power of sale or foreclosure– Of all the reasons to sell your home quickly, facing imminent eviction or the sheer mounting legal costs of an ongoing foreclosure or power of sale tops the list. If a homeowner falls into mortgage arrears their lender has the option to begin a default process which will include either a power of sale (by far the most common default process used by Ontario lenders) or a foreclosure. It is best to avoid the end result of either process which ultimately leads to being evicted from the home. Approaching a home buyer will avoid this end result and avoid repossession of the property.
- A homeowner cannot access the property for whatever reason- If homeowners are having difficulty accessing their property, most commonly a result of tenants who may refuse to vacate, approaching an established homebuyer may be the best option. Selling below market value will represent a very good option for the homeowner if faced with this or a similar challenge.
- House is in poor condition and is not fit for real estate showings- If a property, either a principal residence or rental/investment property has fallen into disrepair, selling quickly in the current state the property is in may represent the best option. The costs involved with fixing up the property to be lived in or to sell may far exceed the money that can be recouped by selling the property to an interested homebuyer at a market discount.
- Special conditions of occupants or pets make typical real estate showings difficult- Homeowners may be facing unique circumstances that make the sale of their property through traditional channels (hiring a realtor and listing the property on the open market) much more difficult a process. Approaching an interested homebuyer will help to solve this dilemma and result in a fast sale.
- A homeowner must have fast money to meet financial obligations- If money constraints are causing short-term economic difficulties, there may not be time to prepare and list a property for sale. If requiring funds quickly through a home sale is paramount, selling the property to an established homebuyer in the current condition it is in may represent the best option.
Mortgage Broker Store Will Help Direct Your Private Mortgage Options
With access to a broad network of well-established and experienced private lenders throughout the Province, Mortgage Broker Store can connect an interested homeowner to private lenders to discuss various refinancing options.
Have More Questions?
As Cash House Buyers ourselves, we can directly answer any questions you may have about the process. Since everyone’s situation is a bit different, we can look at your unique circumstances and give concise and actionable advice.
We will also be able to negotiate private financing directly, depending on your specific financial objectives. Poor credit and non-traditional income need not be a barrier to obtaining a bridge loan or any other loan to help pay off any pressing monthly liabilities. Don’t hesitate to contact us at your convenience to discuss the best options to suit your unique financial needs.