If a homeowner wanted to sell their home, the traditional way to go about it was to find a real estate agent to sell your house or condo for you. In recent years, many homeowners have turned to cash buyers, which might be a better and faster selling option in a competitive housing market like Newmarket.
The city has seen a 21.7% rise in home prices from 2021 to 2022 between March 10 and April 7, with an average sold price of $1.3 million. This means Newmarket did better than major nearby cities like Toronto, which saw an 11.1% year-to-year increase while Markham had an 11.8% increase from 2021 to 2022. With a 22.7% increase from 2021 to 2022, Aurora fared only slightly better than Newmarket.
Newmarket real estate is a hot commodity. If you own a home in or near Newmarket Ontario, you have a fast-growing asset.
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.
In this article, you will learn:
What Is a Cash Home Buyer?
We’ve mentioned cash home buyers earlier, but what exactly are they? A cash home buyer is a company or an individual that purchases homes to resell or rent them later after doing some work on the property. As you can tell by the name, these companies buy houses, condos, and second homes for cash, meaning they don’t go through the long process of bank approvals for mortgages as an ordinary buyer would. This makes them an ideal option for homeowners who are in a hurry and wish to sell their homes fast to settle a debt or put a down payment on another home.
Where Can I Find a Cash Buyer?
Depending on where you are in Newmarket, you’ll most likely be able to find cash buyers with a simple online search. Let’s say you live in Armitage or Stonehaven, then all you need to do is go online and look for cash buyers in those areas. Filter the search results and look for buyers with experience in the market and some great client testimonials. Make sure they have a long track record of purchasing homes in Ontario.
The Advantages of Selling to Cash Buyers
Speed and Convenience
Perhaps the biggest advantage to dealing with cash buyers is how fast the process is. Cash buyers want to resell or rent your property rather than live in it, which means they’re significantly less picky than ordinary buyers who are looking to move into your home. A cash buyer will send an expert to appraise your home, and 24 hours later, you get an offer. As a result, the sale could be closed in a matter of days.
This is why homeowners who want to sell their homes quickly consider working with cash buyers, no other selling option can get your home sold and you paid within a week. Dealing with cash buyers is also quite convenient. You don’t need a real estate agent to handle negotiations for you, which means you pay no commission and keep all the money.
If you’re selling to an ordinary buyer, you’ll most likely need to do some repairs to your home to take care of major problems that would stand out during viewings. Then, you’ll need to clean the place in preparation for visitors that might be interested in making an offer. If you don’t do these things, it’s more than likely that your home will be listed on the market for some time because most ordinary buyers don’t want to buy an unclean home with a leaky roof or broken tiles.
With cash buyers, you don’t need to do any of that. They purchase homes ‘as-is’ in their current condition, no matter how bad it is. So, you don’t have to spend any time and money repairing or cleaning your house in order to sell it.
Sell and Rent Back Option
A lot of homeowners find moving out after selling their homes stressful and challenging. It could also be quite expensive if you have to pay for temporary accommodations as you look for a new home. Homeowners who need to sell their homes fast might not be prepared for what comes next.
If you sell to an ordinary buyer, you’ll have a couple of months to get your affairs in order and move out, even if you haven’t bought a new home yet. This isn’t the case with cash buyers. They offer a convenient sell and rent back option that allows you to continue living in your home as a tenant after getting paid in cash for its purchase. This way, you can look for another home and move out at your own pace rather than rushing through the process.
Selling in Suburbs and Rural Areas
Another challenge that homeowners face is trying to sell houses or second homes in rural areas and suburbs. Those locations don’t have a very active housing market. So, if you own a home in Bogarttown for example, you might struggle to sell your home fast, as opposed to someone with a house in Central Newmarket. This is where cash buyers come in. They purchase homes in rural and suburban locations all the same, and if you reach out to one, they will make you an offer, regardless of the location.
Should I Sell My Home to Cash Buyers?
The answer to that question depends on your situation. If you want to get the most value for your home, and you can afford to wait, ordinary buyers are probably your best option.
If you are in a hurry to sell your home, then cash home buyers are the better way to go since they don’t have any specific requirements to purchase homes. They will make you a cash offer regardless of the condition of your home and will want to close the deal as fast as possible, even as quickly as in one week if you want. You won’t have to do anything to your home before selling it to cash buyers, and you can also continue to live there for as long as you need.
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.
A lot of homeowners in Newmarket and across Ontario are choosing to work with cash buyers because it spares them from having to deal with banks, tons of paperwork, strangers walking through their homes, and spending lots of time and money making repairs and cleaning. You get to sell your home fast and get paid in cash. To learn more about cash buyers in Newmarket, call Mortgage Broker Store at 416-499-2122. We buy homes for cash and can help you find a tailored solution to your unique needs.