Owning a house is a source of pride for the time and money invested in accomplishing this is no small feat. Having one in the historic and hip neighborhood of Limestone City is added glitter to the joys of homeownership. There are, however, circumstances in life where we need to make big decisions in order to move forward. One such decision is selling your beloved house, condo or cottage.
Current Trends in Kingston City Real Estate
“Home sales continued at a blistering pace in November, reaching the second highest level for this month on record. On an annual basis 2021 is already set to post the best year in history,” shares Mat Clancy, President of the Kingston and Area Real Estate Association at the Canadian Real Estate Association (CREA) report. Mat continues, “On the supply side it’s the same old story – there just isn’t enough to keep pace with demand. Increased competition among potential buyers for this limited pool of available listings is currently driving MLS® Benchmark Price growth of around 30% on a year-over-year basis.”
The overall MLS® Home Price Index composite benchmark price in November 2021 was at $543,400. This was a 28.9% increase compared to November 2020. Looking at the benchmark price per house type, a single-family home was at $541,800, a substantial growth of 28.8% from the same month last year. Townhouse/row units was at $447,600, an increase of 31.4% compared to a year earlier. Apartment prices rose by 27.4% from last November to $397,500. The more comprehensive year-to-date average home price increased by 27.2% compared to November of last year, priced at $582,626.
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.
When it comes to the number of active house listings, there were only 304 new residential listings in November 2021. CREA noted that active listings did not reach this low a point in more than 30 years.
This seller’s market makes it easy and very lucrative for people to sell their property and it doesn’t look like the market is changing anytime soon this 2022.
Failing to Pay Your Mortgage
If you as a homeowner, missed paying your mortgage once, you can always contact your lender to explain your situation and make a “double payment” the following month with some late fee charges of around 3% to 6% of your monthly payment. However, having too many missed and past due payments may damage your credit score. If you continuously miss paying your mortgages, your mortgage lender can use power of sale or foreclosure to get their money back.
Power of sale is used commonly in Ontario where the lender is given the right to put your property on sale. The lender is entitled to the proceeds of the sale only up to the amount they are owed. The rest of the profit, if any, will go to the homeowner. This procedure takes around six months to complete.
On the other hand, foreclosure also gives the lender the right to repossess your house and sell it though approval of the court. In foreclosure, the lender gets all the proceeds of the sale. This is a long and expensive procedure that takes six months to a year to complete.
It is best that you avoid reaching this point where your lender enacts these legal proceedings. Talk to your lender and cooperate as much as possible and maybe consider downsizing your home and selling your existing one fast.
Ways to Sell Your House Quickly in Kingston
Maybe you are getting married, going through a divorce, or retiring and need to downsize your home. Maybe you found better employment, but it requires you to move to another country. Or perhaps you lost your job or have had a big unforeseen expense that made you unable to afford paying future mortgages for your house, condo, or cottage. Any of these life changes may require you to sell your house fast.
Below are the ways you can try to sell your home fast:
- Also known as “For Sale by Owner”, this is usually done by selling to close relations like family and friends. This might be more difficult, especially if you do not have knowledge on real estate.
- Find an agent or broker that specializes in quick sales. The drawback of this is the commission fee.
- cash house buyer. A cash home buyer is someone that will purchase your property “as-is” for cash. The disadvantage of selling to a cash buyer is that they might pay less, depending on the condition of the house.
Steps You Can Take to Sell Your Home Quickly
If hiring a real estate agent is expensive and if you have exhausted the help of your family and friends to no avail, maybe selling to a cash house buyer is the remaining option in selling your home fast.
Advantages of Using a Cash Buyer in Kingston
Selling to a cash buyer does not involve any agents or broker which means you do not need to pay any commission fees. This also means less red tape and paperwork, unlike selling to a typical buyer who needs to go through the underwriting and mortgage loan approval process. There are fewer people to deal with when selling to a cash buyer, making the process faster and straightforward.
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.
Since cash house buyers purchase your home in an “as-is” condition, there is no need for you to clean up or spend some time and money on repairs in your home! A well-known and trusted cash house buyer is Mortgage Broker Store. They can be contacted for free advice.