The real estate market is booming. The pandemic has created a sort of great migration. Many people are working from home now. This one change has opened the door for people to move where they truly want to live, instead of within a reasonable commuting distance.
What to Expect from Cash Home Buyers in Vaughan
Many are also moving to a bigger home to accommodate a home office. There are also those that just feel safer outside of big cities. Vaughan is no exception to this shift in the housing market. In the last year, Vaughan housing prices have increased 18% up to an average of $1.3 Million. The soaring prices have led to another portion of homeowners looking to sell their homes fast to take advantage of this lucrative point in housing market history.
The traditional route of listing with a real estate agent is typically what many people think of first when they decide to sell their condo or home. They forget that there’s another way to sell property, opting for an all-cash offer. Taking an all-cash deal, especially at this point in unprecedented housing market times, is an option well worth considering.
Why Go for a Cash Offer When Selling Your Home?
While making use of the traditional housing market system is a valid option to choose, it has drawbacks. It’s a much slower process and there are more people involved which can cause complications. Cash offers can be done in as little as 48 hours. A big reason for that is the lack of a middle man. With no real estate agent, there’s less hassle and no commissions to pay either.
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.
Most all-cash sales are done with a contingency that the house is sold as-is, so there’s also no need to juggle complicated, time-consuming, and expensive renovations. In fact, depending on how bad of shape a house is in, a cash sale may be the only option. The need for lots of repairs is the main reason a lot of cottages sell faster with a cash deal.
What Circumstances Make the Most Sense for Accepting a Cash Offer?
A house being in really rough shape is just one scenario where an all-cash deal makes the most sense. Quite often, a couple going through a divorce, those that just inherited a house, or someone in the midst of financial hardship and looking at foreclosure, opt for a cash sale. For them, selling the home for cash means minimal disruption to their lives and cash in their hands quickly.
This also goes for cottages and vacation homes. A seller may not have the time to go back and forth between their primary home in Toronto and their second home in Wasaga to sell their cottage fast. A cash deal can be down quickly minimizing the hassle of the sale.
Why do People Buy Homes in Vaughan with Cash?
It’s not just sellers that benefit from all-cash sales. Buyers enjoy a bit of a discounted price that gives them the cash flow they can use for other reasons. Most cash buyers are flippers. They buy houses at a good price, fix them up, and then resell them to make a profit. The speed of an all-cash deal makes this an even more realistic option for them. Other buyers decide to live in the property or rent it out to someone else. Sometimes, in a sell to rent back option with the previous owner.
Determining a Fair Price for Your Home in Vaughan
If there’s one thing that can be considered a downfall to an all-cash offer is the price. Typically, a cash deal will be lower than if you use the traditional market. Even so, established brokerages like Mortgage Broker Store, can offer an all-cash sale close to the property’s market value. If the house needs a lot of repairs or if you really want to sell your condo fast that small difference could be well worth it.
Taking a lower offer doesn’t mean you should settle for something unfair. To determine what a fair offer is, start by researching what properties with similar characteristics as yours have sold for in your region. You’ll want to pay particular attention to those homes with the same square footage, as well as, the same number of bedrooms and bathrooms as yours. Calculate the average price these homes have sold for. That number is your base price. If there are any repairs needed to the property add up the cost of those repairs and then deduct the total from your base price. That final number would be a fair price to sell your home.
How to Make the Most of a Cash Offer
Certain things really appeal to a cash buyer. These things tend to be anything that can speed up the sale process or save them money. Accepting an offer with a very quick closing time and no contingencies will help you get the best deal possible. Depending on what shape the property is in, doing manageable repairs and splashing on a fresh coat of paint doesn’t hurt either. Just be sure to keep in mind what repairs a cash buyer would actually find valuable. A new roof could do the trick, while a bold new tile in the kitchen may not be a smart investment of time and money.
How do you find a cash buyer?
Cash buyers are actually much easier to find than you might expect. A simple “For sale” sign in the yard will work. Attending real estate auctions works as well. Buyers tend to look for listings on Facebook, Craigslist, and Kijiji so it’s a good idea to put postings on each of them. Most importantly, you’ll want to post on the Multiple Listings Service (MLS). If you’re in a really big rush to sell, a simple Google search of ‘Woodbridge or Thornhill Cash Buyers’ or ‘Edgeley Houses for cash’ will bring up a number of companies that focus on buying houses for cash. A word of caution with the Google search method, do your research,.
How to properly vet a cash buyer?
There are certain things in an all-cash offer you can look out for to make sure the company (or person) you’re dealing with is reputable. Is there one reliable point of contact for the company? Do they respond promptly to your calls and emails? Do they have a website or online profile? Does this online platform have lots of reviews from past clients or is it barren?
A cash buyer that is straightforward about what to expect while working with them, including clearly outlining when payments will occur (and sticking to those dates), is another good sign. Asking good questions can also help determine whether to move forward or not. Ask about why they want to buy the property and how long they’ve been in real estate.
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 or need to sell your home fast, it would be worthwhile exploring an all-cash offer. If you want to find out more about doing cash deals or to speak with a cash home buyer in Vaughan, call our team at Mortgage Broker Store at 416-499-2122 or fill out a form on our website to get answers to all your important questions. With our firsthand experience and expertise buying and selling homes in Vaughan, we can answer all your real estate questions and help get your home sold fast.
- What to Expect from Cash Home Buyers in Vaughan
- Why Go for a Cash Offer When Selling Your Home?
- What Circumstances Make the Most Sense for Accepting a Cash Offer?
- Why do People Buy Homes in Vaughan with Cash?
- Determining a Fair Price for Your Home in Vaughan
- How to Make the Most of a Cash Offer
- How do you find a cash buyer?
- How to properly vet a cash buyer?