Toronto’s housing market has always been one of the most competitive in the entire country and for good reason. While a lot of people find themselves thinking twice about making that leap due to the high prices of real estate in Toronto, it’s actually a very worthwhile investment, one you can cash-in on if you choose to sell while the market is hot.
Reports show that the average house price in Toronto increased by a staggering 17.9% in the third quarter of 2021 compared to last year, coming in at a little over one million Canadian dollars. Condo prices also increased by 12.3% to reach $645,300.
What is a Cash Home Buyer?
A cash house buyer can be a company or an individual who purchases homes, condos, or cottages in a certain region to resell or rent them later on. When you’re dealing with a cash house buyer, you’re dealing with a legitimate entity that follows the same rules as realtors and private lenders or banks. However, you still have to filter potential buyers and check their backgrounds as you would before dealing with any entity. This is why it’s important that you look into their past real estate experience so you can find a reliable cash buyer that will help you sell your house fast in Toronto.
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.
Why do People Prefer to Own Houses in Toronto?
If you need lots of extra cash, selling your home in Toronto has never been more profitable. Toronto has quickly grown to become one of the hottest housing markets in Canada, but where does its appeal stem from?
Toronto is Canada’s biggest city. It offers great employment opportunities to young and aspiring professionals as well as the more experienced veterans. It’s one of the country’s biggest tech hubs and you’ll find all the major tech players there. Toronto is also Canada’s foremost startup hub with plenty of incubators located in the city to help rising entrepreneurs grow and learn.
Moreover, living in Toronto means you’ll take advantage of a powerful transportation network and benefit from the easy access to museums, art galleries, sights, parks, and a host of great restaurants and cafés. .
Another reason why Toronto has such an active housing market is the fact that it’s extremely diverse. There, you can meet people from all around the world and engage with fascinating cultures. Immigrant communities are pooled in Toronto and international travelers flock to the city to experience what life in Canada has to offer. From savory cuisines to ethnic music and religious destinations, Toronto is one of the most multicultural cities in the world.
Infrastructure and Safety
When people decide to buy a house in a city, they look for infrastructure first. Toronto has an excellent infrastructure with affordable public transportation that is constantly developing. The city is also a very safe place to live in and the people are as friendly as they come.
These factors contributed to making Toronto one of the most desirable cities to inhabit in the whole world. If you have a house that you want to sell fast, you’ll find some excellent opportunities if you look in the right places. While you can go with the traditional approach and hire a real estate agent, cash house buyers are often a better option.
Toronto includes Scarborough, East York, North York and Etobicoke. Scarborough has smaller communities which include Wexford, Agincourt, West Hill, Rouge, Guildwood and The Bluffs. East York includes communities such as The Danforth, Riverdale and The Beaches. North York includes communities such as Forest Hill, Bayview, York Mills, Newtonbrook, Don Valley, Thorncliffe Park and Amour Heights. Etobicoke includes The Queensway, The Junction, Weston, Rexdale, Islington and Humber.
While you can try to sell the property on your own, the process will be much longer, more complex, and time-consuming than if you deal with a cash house buyer. The reason why cash house buyers are your best option if you want to sell your home fast is the fact that they are significantly more flexible and accommodating compared to dealing with realtors or trying to sell the property on your own. If you hire a real estate agent you’ll have to pay them a commission––there’s also no guarantee that the realtor will be able to sell your house as quickly as you need.
Cash house buyers, on the other hand, are fast and efficient. Once you reach out to one, they will either send someone to appraise the house, or, if you prefer, check the photos and/or videos of your home that you send them. A day or two at the most later, they will send you a quotation for your home. This is certainly less time-consuming than dealing with private buyers who always check many houses before settling on one, which may not even be yours. You also don’t have to hire a real estate agent and you’ll pay no commission, which can be anything between 3% and 7%, so for a $1,000,000 house, this could amount to $30,000 to 70,000. That’s a lot of money that most homeowners would rather avoid paying.
Why You Should Deal with Cash House Buyers
Speed and Efficiency
The process of selling a home can be taxing and time-consuming, which is why a lot of sellers view cash house buyers as a lifeline that can save them a lot of time and effort. You get an offer 24 hours after the appraisal, and the sale could be closed a few days or a week later. You don’t have to deal with the nuisance of open houses or strangers coming every day to check the place and the consequent cleaning after they’re gone––a process that could take weeks or months until you find a willing buyer. Instead, you just deal with the cash house buyer directly and you close the sale quickly. Cash buyers are also very easily found online and in local ads. From Leslieville to Rexdale, cash house buyers are available everywhere and can purchase properties faster than private buyers will.
Selling Your Property ‘As-Is’
Speaking of nuisance, one of the most cumbersome tasks associated with selling a house or a condo is having it inspected and then having to repair any problems you find around the place. If you’ve lived in a home for more than a few years, chances are there are a couple of problems. It could be a leaky roof or creaking floorboards or a flooded basement. To sell the place, you would normally spend a lot of money having it repaired, and after that, you’ll have it professionally cleaned in preparation to list it. With cash buyers, you don’t have to do that.
Cash house buyers purchase the property ‘as-is’ in its current state, which means you don’t need to do any of the above. They will appraise the house, condo, or cottage in its current condition and then give you a fair price. They will then do the necessary repairs and cleaning before reselling or renting it, but you’ll have walked away with the cash and it wouldn’t be your problem.
If you have a house or cottage on the waterfront or in a smaller village/town like Yorkville or Little Tibet, finding buyers isn’t always easy. It’s always simpler to sell properties in the heart of the city, but in the distant suburbs and villages, it might be a challenge even to an experienced realtor. With cash house buyers, however, it’s as straightforward and simple as any other property downtown. They still want to buy houses and cottages in the less demanding housing markets, and they will give you a fair quotation for your place.
Cash house buyers offer flexibility in more than just the speed of the deal. Some sellers want to sell their homes fast because of financial difficulties, so they need the cash from the deal. In this case, you can opt for a ‘sell and rent back option,’ which would allow you to live in your home as a renter and get a large sum of money from the sale. You’ll simply sell the house or condo to the cash buyer and continue to live there as a tenant. This way, you’ll handle your financial problems at your own pace and find another home without being rushed into it.
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.
Work With a Reliable Cash Home Buyer in Toronto
These reasons have made cash house buyers the number one preference for homeowners who want to sell fast without the nuisance of dealing with banks or the costs of dealing with realtors. To learn more about this process and how you can get started, call us at 416-499-2122 or click the ‘free quote’ icon at the top of the page. Someone will get back to you and offer a free of charge, professional quote on your house, cottage, or condo.