The City of Kingston, just like other smaller or mid-sized cities, has also seen a flock of newcomers from larger urban areas this pandemic. People have been moving in as students, some as residents, and for investment opportunities as well. Some welcome this influx in the population as this helps drive the economy up, while other long-standing residents feel like the city is getting too crowded all too suddenly and over-developed.
What is a Cash House Buyer?
A cash house buyer is someone who pays the entire cost of the property in cash. This can be a person or a company. Selling to a cash home buyer is a great option if you want to sell your house, property, condo, or cottage quickly. This transaction does not require a lot of steps compared to the conventional way of purchasing a property with financing such as securing a mortgage loan.
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.
Selling your house fast this 2022 would be easy, seeing that we are still at a seller’s market in the housing industry and Kingston is one of the cities eyed upon by individuals working from home. “Many have cashed in on their higher-valued homes and moved here. Kingston, being located right between Toronto and Ottawa, makes it an easy commute either way if they’re ever needed in the office,” shared Rob Colangeli, a broker with Re/Max Finest Realty Inc. in Kingston with The Kingston Whig Standard.
Kingston: a Smart, Livable, and Leading City in Ontario
The city of Kingston used to be the capital of Canada back in 1841, until it was moved to Ottawa. Located on the north-east end of Lake Ontario, it has a land area of 451.19 km2 and an estimated population of 176,184 as of 2020. It is surrounded by other cities namely Gananoque, Napanee, Deseronto, Picton, Tweed, Belleville, Brockville, and Watertown, NY.
Nicknamed “Limestone City”, it has managed to maintain its many historic buildings built from local limestone and these has been one of the sights that attract tourists around the world. Kingston is a designated World Heritage Site, a gateway to the 1000 islands, and boasts four Rembrandt paintings, two film festivals, and one vibrant downtown shopping scene. Kingston is also home to three notable schools: Queen’s University, the Royal Military College of Canada, and St. Lawrence College. The city also prides itself for having the most PhD graduates per capita and the “smartest” workforce in Canada.
Kingston’s vision of becoming a smart, livable, and 21st century city is swiftly becoming a reality. With its Strategic Plan from 2019-2022, its council prioritizes:
- increasing affordability in housing
- improving walkability, roads, and transportation
- strengthening economic development opportunities
- fostering healthy citizens and vibrant spaces
These swift developments, however, have also met some opposition from concerned residents. One such development is the intensification of the housing areas in the Portsmouth District for more accommodation. These changes are being objected to by local homeowners because building rows of high apartment buildings and stacked townhouses would result in loss of privacy for other low single-story houses, an increase in light and noise pollution, increase in road traffic, removal of mature trees, and other detrimental environmental effects.
Kingston Housing Market
There is a significant increase in the housing prices in this thriving neighborhood and it is no shock. Having waterfront access and a bright developing future, the city is on the go-to list of people wanting to be away from larger urbanized cities. Houses are still cheaper on this area, and the city council is working to keep it so, however they can.
According to the Canadian Real Estate Association, the MLS® Home Price Index was at $543,400 in November 2021, a substantial increase of 28.9% compared to the same month last 2020. The listed residential housing also decreased 11.6% from last year, having only 304 listed houses in November 2021. With less competition in the market, it is a perfect time to put your house up for sale and have a greater chance of selling it at a higher price.
Why Sell Quickly to a Cash Buyer in Kingston
There are a lot of situations and reasons why a home seller would want to sell to a cash house buyer. Perhaps the homeowner is facing an eviction and needs to sell quickly before the circumstance ruins their credit score and incurs more charges and troubles in the future. A cash sale offers a fast solution to this dilemma.
Another reason might be when a homeowner is going through some life changes like marriage, a divorce, a new job, or even retirement, wherein they are often pressed for time or need the money quickly. Selling to a cash house buyer is an answer.
When you deal with a cash house buyer, there is less paperwork and people involved as you skip a lot of steps like credit checks of the buyer, home appraisals, and inspections. Selling to a cash buyer means there are no real estate agents involved, therefore no commissions and fees to pay.
House is in Poor Condition
One of the benefits of selling to a cash house buyer is that they buy your house, condo, or cottage in an “as-is” condition. You don’t need to worry about repairing the cracks in the foundation, the leaking roofs, or the broken plumbing. These housing problems are acceptable with a cash buyer. Expect, however, that the cash offer might be lower due to the state of your property. This deal will still save you the time and trouble of doing the repairs yourself.
Sell and Rent Back Option
Another advantage of selling to a cash house buyer is having the option to stay in your home. In this scenario, the homeowner might not have the funds to continue paying the mortgage or in an even worse case, is being evicted. The homeowner can opt to sell to a cash buyer and the cash buyer can allow the seller to live on the property as a tenant.
Getting Ready to Sell Your Property
In selling your home, you must know the worth of your property by researching the housing market in your neighborhood, comparing yours to the current listing, even inquiring to your family and friends. Be aware of the facts that make your property’s price go up, such as being in a waterfront area or having close access to amenities. Of course, be aware of the opposite too—what drives the price of your property down like the bad state of the house. Know by how much these circumstances affect the selling price of your house.
Cash Buying Process
The process of selling to a cash house buyer is quick and easy and it might seem too good to be true. Sometimes, cash home buyers will make an offer to homeowners if they see the potential of a property. But if you are a homeowner, looking to sell to a home buyer, you can simply find one by googling “Cash house buyer in Kingston” or “Cash home buyers in Ontario”. These search terms will give you a list of cash buyers in the area. Make sure to research these companies and individuals properly and do not immediately settle for one. Try contacting several options and compare price quotations.
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.
Cash house buyers usually come back to you with an offer within the span of 24 hours. While talking to the potential cash buyer, check how you feel dealing with them. It is important that you trust and feel comfortable with the cash buyer to ensure a smoother transaction. Mortgage Broker Store is a trusted Cash House Buyer and can be contacted for free advice.