The City of Guelph has consistently been among the ranks of Canada’s best places to live, work and play. Guelph ranks in the 14th place out of the 85 largest Canadian cities rated to be the best cities for Millennials to live in 2021. If you are looking to sell your house, now might be a good time to do it while there are still a few listings and a lot of interested buyers around. If you want to sell your home fast in Guelph, consider selling to a cash house buyer.
Selling to a Cash House Buyer
Homeowners usually choose to sell to a cash house buyer for a faster transaction. Selling to a cash house buyer means selling your house, home, property, condo, or cottage, to a person or corporation for cash. These cash home buyers might be wealthy buyers who can afford to put down huge amounts of cash. Others might be previous homeowners using their proceeds from sale to purchase a new house. Or they might simply just be a corporation seeing a huge potential in your property and wants to develop it. Whoever they are, they have immediate cash at hand and want a faster deal. No real estate agents involved. No commissions. The buyer does not need to take out a mortgage loan or any other financial instrument to push through with the purchase. The only main thing that the seller needs is evidence that the buyer has cash funds available to go through with the sale. This is usually done by providing a proof of funds statement from the buyer’s bank.
The Royal City of Guelph
Guelph is a city in Southwestern Ontario that is politically independent, even though it is the seat of Wellington County. The city has an area of about 87.2 square kilometers with a population of 131,794 as of 2016.
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It has access to major highways, international airports, four U.S. boarder crossings and reliable railroad including the city-owned Guelph Junction Railway. It is surrounded by the towns and cities of Fergus, Cambridge, Acton, Kitchener and Orangeville. The city prides itself of having easy access to the North American marketplace with over 460 million consumers because it is in the center of Canada’s Innovation Corridor. According to Townfolio, Guelph’s main industries are in agriculture, biotechnology, green energy, manufacturing, and technology. “When you factor in that at the end of 2018 Guelph had the second highest employment rate and lowest unemployment rate in Canada and that 97% of Guelph residents have rated the overall quality of life as good or very good, positioning your company here is a good business decision that will help your business and employees prosper.”
The Canadian Real Estate Association tracked the average prices of homes sold in October 2021 at $964,566. This is a 29.6% increase from the same month last year. The broader year-to-date average price was at was considerable increase of 25.4% from the first ten months of 2020 at $878,899. Sabrina Essery, President of the Guelph and District Association of REALTORS® said that “Home sales were down from last October’s astronomical level but came in on par with more typical levels for this time of year. New listings also declined, which did not help the market balance between supply and demand. Overall inventories are now trending at record lows, with available supply on the market at the end of October almost dropping below 200 listings for the first time in history.” With less competition for available real estate and with prices going up, perhaps this is a good time to be pushing through with selling your home if you are considering it. A cash house buyer is also a good option if you want to do it quickly.
Why you would want to sell to a cash house buyer
Apart from the fact that selling to a cash home buyer is a quicker way to sell your property, another advantage of this option is that it doesn’t face a lot of roadblocks compared to the ones with mortgage insurance and the sale is more likely to close. According to Elizabeth Weintraub, licensed realtor and nationally recognized real estate expert, “Lenders require homes to be appraised before closing if the real estate transaction is over $400,000; an appraised value less than the amount of a mortgage can spell contract cancellation if a seller doesn’t come down on price or a buyer doesn’t increase the down payment. The most common method for appraisals involves looking at comparable sales. That involves choosing three to six properties and comparing those values to the that of property in question and adjusting upward or downward for updates or missing features. The process can add a week or more to the sales process. Cash takes the lender—and the need for an appraisal—out of the equation.”
Another reason why you would want to sell to a cash home buyer is the sell and rent back option. Now is a great time to cash out your home while we have the seller’s market and then stay in it. You can try to negotiate a rental fee that us less than the mortgage you are currently paying. Another perk of this arrangement is someone else will now be responsible and have the burden of doing the maintenance and paying property tax.
How do I sell my home in Guelph to a cash house buyer?
The thought of selling your property is stressful and tedious. But selling it to a cash house buyer, makes it less so. You can easily find one by searching “Cash Home/House Buyer in Guelph/Ontario” and you will have multiple results. Contact them about your interest in selling your house, home, property, condo, or cottage in Guelph. They will assess the sate of your home, compare it to the current market, and get back to you with an offer usually with in 24 hours. Mortgage Broker Store is a Cash House Buyer and can be contacted for free advice.
Do I need to fix my leaking pipes, repaint the chipping walls, clean the chimney, or refinish and repair the hardwood floors? You don’t need too! Cash buyers will buy the house “as-is”, and you don’t need to worry about spending money and time to fix the poor condition of your property. The offer price might be a bit lower depending on the state of your home, but it will still save you the hassle of doing the repairs yourself, especially when you want to sell quickly.
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.
The process of selling to a cash house buyer might sound too easy, too simple, too good to be true. It surely is that, but you should also do your due diligence. Make sure you are offered the right appraisal. Check the current housing market of Guelph. Check the track record of the cash house buyer. You can ask for references. Lastly, as mentioned before, ask for a certified bank letter as proof of funds and you can go a step further and confirm this with the bank. Do all the work to make sure the offer is legitimate, and the terms are amenable to you.