The Hamilton Real Estate Market is hot! If you own a home in Hamilton, Ontario, it has likely grown in value since you last got it appraised. The average price in Hamilton’s housing market soared to $864,000 in October 2021, breaking an all-time record for the city.
Why Would I Sell My Hamilton Home Now?
Hamilton house prices rose 9% in October for an overall 30% year-over-year increase. Detached home prices increased by 30% year-over-year to $944k and semi-detached/townhouse prices increased by 31% year-over-year to $733k. In the condo apartment sector, home prices increased by 26% year-over-year to $497k.
In the Ancaster neighbourhood of the city, average prices soared to a whopping $1,319,953, a 41% increase year-over-year. Likewise, the amalgamated towns of Dundas and Stoney Creek have also experienced marked increases in demand and property values.
Speak With A Cash Buyer Right Now
With quick and friendly service, we are always happy to offer free advice. Whether you are serious about selling or just curious, we can explain your options and what to expect.
This incredible price growth has resulted from fewer houses listed for sale at a time when more people are entering the market to buy a home. These combined trends are resulting in an increasingly competitive housing market in Hamilton. In October of 2021, the number of active listings, 457, was almost half that for the same month last year, 867. And despite much lower numbers of houses listed, sales activity remained high at 807 homes sold for October 2021, a relatively small percentage decrease of 18% compared to last year.
Another clear indication of the hot market in Hamilton is the decreasing average days on the market. In October 2020, it took an average of 19 days on the market to sell a home in Hamilton. By October 2021, that number dropped to 13.5 days! And while there are fewer houses being sold, demand has not decreased. Instead, homes in Hamilton are now being sold faster than before, and for higher prices.
Only an hour from Toronto, and with comparatively lower housing prices, millennials, in particular, are moving West to make Hamilton their home.
All these factors combined make now the time to sell your home in Hamilton.
There could be a variety of things that might make you want to sell your home fast, like financial difficulties, divorce, or just a simple dislike for your current home. In these scenarios, the sooner you move on from your home the better. If you want to sell your home fast, you should consider working with a cash home buyer instead of a real estate agent.
Why should I consider a cash offer for my Hamilton home?
Save Time & Effort With Cash Home Buyers
Most people are familiar with the traditional way to sell their home using a real estate agent. And though many people choose that route, it has drawbacks. You will be required to sign a contract for a specified length of time, typically a few months and afterwards your agent will coordinate all aspects of getting your home ready to sell, including staging, listing on Multiple Listing Service (MLS), coordinating and scheduling home viewings. There are often many appointments scheduled, and each time, you will need to tidy up and leave your home during the showing before coming back to clean up and get it ready for the next appointment.
By comparison, cash offers can often be completed in as little as 48 hours. They can quickly complete their assessment based on a quick inspection and some photos or videos before providing you with a cash offer for the property. If you need to sell your Hamilton property fast, whether it’s a house, condo or cottage, they are your best option.
Save More on Costs and Fees With Cash Home Buyers
Homes and cottages that have not been used or maintained for lengthy periods often fall into disrepair and have very dated amenities and decor. None of that matters with cash buyers because they are simply interested in the underlying value of your home, determined principally by its size (square footage, number of bedrooms, etc.) and location. Cash home buyers are looking for the opportunity to make money by purchasing the home as an investment, with the intention of renting or selling it in the future.
A professional cash home buyer in Hamilton will look beyond the surface appearance of a home to recognize its true value and potential. These buyers are very comfortable purchasing a home “as is”. This means that you don’t have to spend your hard-earned money repairing and updating your home just to sell it. Due to the cost of repairs, if your home or cottage is in really rough shape, a cash offer may be your only option.
Cash buyers deal directly with the property owner. There is no real estate agent involved, or any other middle people involved to cost you extra money. That means there are no real estate commissions or fees that you have to pay. All of that means you sell your home or cottage fast with fewer costs and hassles when you work with a cash home buyer
Avoid Mortgage Foreclosure or Power of Sale
Many families and individuals face personal and financial difficulties from time to time. And the last two years of the pandemic have made those struggles all the more common. If you’ve fallen behind on your mortgage payments, and have no options for payment relief, you may be at imminent risk of losing your home to the mortgage holder through a foreclosure or power of sale. For homeowners in this situation, their best financial option could be to sell their home for fast cash before it’s taken away.
Division of Property due to Divorce or Estate Settlements
When homes become part of an estate, trustees are obligated to handle the estate matters in a timely and cost-effective manner according to the terms of the will. Selling a home or cottage that’s become part of an estate can be done both quickly and without the high cost of real estate commissions, allowing trustees a fast option for addressing a major asset within an estate.
And in situations of divorce or separation, couples need to divide the property. Typically, they want to get matters resolved quickly and a cash sale of their house or condo can help make that happen.
Who are cash buyers and why do they buy houses this way?
Cash home buyers are people who make money from investing in properties for rental income or by fixing them up and flipping them. As part of their business model, they are looking for ways to complete transactions quickly and cost-effectively. In buying homes for cash, they can negotiate a good, yet fair, price for a home because their model avoids the extra cost of large sales commissions to an agent, nor are they paying for renovations and repairs that may be unnecessary depending on their plans for the property.
When you want to sell your house or condo fast, a cash buyer is almost always your best option.
How do I find a cash buyer for my home in Hamilton, Ontario?
Cash buyers in Hamilton can easily be found in many different ways. A simple and quick way to find professional cash buyers is to go on Google search and type in terms like “Sell Hamilton home fast for cash” or “Hamilton cash home buyers”. And you definitely want to list your home on the Multiple Listings Service (MLS) and place a “For Sale” sign on the front of your property.
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.
If you want to learn more about how to sell your home fast, or what to expect when working with a cash home buyer, Mortgage Broker Store is here to help. We are cash home buyers and mortgage brokers serving Hamilton and the surrounding areas. We can fill you in on how cash home buyers work, what options you have if you need to sell your home in Hamilton fast. Contact us at 416-499-2122 or by filling out the simple form on our website for a free consultation.