Real estate remains one of the more reliable investment options, especially nowadays with fluctuating stock markets and volatile economies. Owning property means you have a valuable asset that can bring you a lot of money in times of financial hardships. If you have a house in Cambridge, you can sell it fast and leverage the city’s rich history and unique location to cash in. Cambridge offers a very rich cultural experience and some stunning landscapes that make it a desirable destination for potential homeowners.
The real estate market in Cambridge, Ontario, saw a steady rise in prices and demand in 2021 compared to 2020. The MLS stats show an average composite benchmark price for houses of $823,800 in October 2021, a staggering increase of 36.1% from October 2020. Single-family homes had a benchmark price of $840k while townhouse units were $619,700, 36.5% and 37.3%, respectively, higher than last year. Apartments, on the other hand, had a benchmark price of $682,700, which is 27% higher than last year’s numbers.
Despite the increase in the average home value, the number of listings decreased in October 2021 by 21.4% compared to October 2020 with 232 residential listings this year. This goes to show that the listed homes may not cover the demand for homes in Cambridge, a trend that will likely continue as more urbanites from cities like Toronto keep moving in.
Need to Discuss Your Sale?
The traditional mortgage or home selling process is not a good fit for everyone, and can feel overwhelming. You can contact us for a no cost consultation, and we can outline your options.
This also means that if you want to sell your house fast in this area, now might be the perfect time to do that since there aren’t many listed properties, and the homes that are sold sell for much higher values than one year ago.
Common Reasons Why People Sell Their Homes
Even if you own an asset as valuable as a house or a condo, you may still find yourself facing some financial difficulties. You can have some debts that you can’t pay off unless you sell your home. Or you may be unable to pay the mortgages on your home, which might lead to the risk of foreclosure or power of sale and losing your property. In these cases, you will need to sell your home fast so you can pay your debts off and turn a new page. Moreover, some cities are more expensive to live in than others, which forces homeowners on occasion to sell their homes and move elsewhere where the lifestyle is a bit more affordable.
This is a particularly relevant reason for many millennials whose circumstances have changed drastically over the past two years. Many found themselves working from home all of a sudden, which for some meant the need to move to a more secluded home to work freely. If that is the case, you can sell your home in Cambridge and relocate to a new city that is more suited to your current circumstances.
Some homeowners want to have a sum of money to invest. They can sell their property in Cambridge so that they can invest a large sum in real estate elsewhere or in other business endeavours. In other cases, the house, condo, or cottage in Cambridge is inherited and it needs to be sold fast so that the money could be distributed among the beneficiaries who would rather take the money instead of maintaining the property.
It can even be a straightforward reason like a divorce where the assets need to be separated. Whatever your reasons are, if you need to sell your house fast in Cambridge, you should act quickly and leverage the city’s historic and cultural attractions, recent real estate trends, and natural sights, to find the right buyer.
How Can I Sell My Home Fast in Cambridge?
Sell it on Your Own
Some homeowners try to sell the house or condo on their own, which is doable, albeit not easy. Doing so ensures that you have complete control over the terms of the sale, but it comes with several drawbacks. First of all, you’ll have to inspect your home to find any hidden faults and then decide whether or not to fix any you find.
A big problem with selling on your own is the difficulty of attracting buyers and agreeing on a sale price, especially if you have no marketing, sales, or real estate experience. Selling your home fast for a good price won’t just cost money, but also time, which is why trying to sell the property on your own is a bad idea if you have no professional experience doing so.
Hiring a Real Estate Agent
This is the approach that most people would go with. All you have to do is find one and ask them to help you sell the property. They will list the property online and in local ads, arrange viewings of the property, and handle the necessary paperwork on your behalf once they find the buyer. Dealing with realtors saves you the trouble of handling the entire process on your own.
However, with real estate agents, the process could take months until they find a buyer, and there are no guarantees they will be successful. They may request that you declutter the place and get a professional cleaning service before you list the place and hopefully find some potential buyers..
Another disadvantage homeowners face with realtors is the commission. If you hire a realtor to sell your property, their commission will range between 3% and 7% of the sale value, which adds up to tens of thousands of dollars, money that some homeowners would rather avoid spending.
Cash Home Buyers
This is the option that best suits homeowners who are in a hurry to sell their property. A cash home buyer is an individual or company that buys property, often to sell or rent in the future. Since they are buying property to make a profit, they don’t need to view and compare other properties as an ordinary buyer would.
This allows them to place an offer faster than any other potential buyer. Cash home buyers can put an offer on your home in just 24 hours after they inspect and appraise it. With cash buyers, you also get paid the full amount in cash without having to wait for bank approvals, so the whole deal goes through in a matter of days.
Which Approach Should I Go With?
If You are in Urgent Need of Fast Cash
There are several factors that you need to take into consideration when you’re considering the best approach to selling your home, the first of which is urgency. How fast do you need the place sold?
If you want to sell your home fast, cash home buyers are probably the way to go. They are much faster than the average private buyer since they don’t plan on living in the property, which means they want to go through with the sale just as fast as you do. You get paid in cash on the day of the sale or a date of your choosing rather than waiting weeks to months to get paid from a bank. The speed at which you can get paid by working with a cash home buyer is crucial if you need the money fast to pay off debt or relocate.
If You Have a Property
Rural towns like Woolwich and Wilmot offer a suburban lifestyle that some people do enjoy, but cottages in areas like these don’t always sell fast, especially if they need repairs. If your cottage has been damaged, you will need to spend some money and time fixing any problems and doing some renovations if you’re trying to sell the place to private buyers.
Cash house buyers don’t have reservations when it comes to the condition of the property. They will purchase the property ‘as-is’ regardless of its current state and make the needed repairs and renovations before selling it in the future. If you want to sell your damaged cottage or second home fast, but you don’t want to invest in repairs, cash buyers are a great option to explore.
Cash Home Buyers in Cambridge can Get Your Home Sold Fast
Cash home buyers in Cambridge offer a lot of flexible options, and since you won’t be dealing with a real estate agent you’ll pay no commission. Cash buyers offer flexibility and speed that you won’t otherwise find with traditional approaches to selling a home. You just need to look for reliable companies or individuals with a good reputation and experience in Cambridge’s real estate market.
Need Advice on Your Sale?
You may have more questions on the entire process and how much money a cash buyer may offer. You can contact our team directly and we’ll do our best to answer your questions.
It doesn’t matter if you live in a big city or a small community, cash home buyers can purchase your house, condo, or cottage fast and without the nuisance of dealing with banks. To learn more about this process and how you can sell your home fast in Cambridge, call us at 416-499-2122 or fill out a form on this website and we’ll walk you through the whole process free of charge.