Each of us has our own reasons why we need to sell our house fast. Life just sometimes make us do these big decisions in a rush. You might have landed the career of your dreams, but it requires you to move out of Orangeville and in another city or country in a short timeframe. Maybe you are going through a bankruptcy and have missed your mortgage payments. Or perhaps you’ve made an offer on another home, but you need to sell your current one to be able to pay for it.
Whatever your reason is, we will help you sell your house, condo, or cottage, in the Orangeville fast by providing you with reliable information about the latest on real estate in Orangeville and how to sell your property fast.
Current Trends in Orangeville Real Estate
The small town of Orangeville has a population of 28,900 according to the last census of 2016. It is projected to reach 36,490 by the year 2036. Meanwhile, Dufferin County, where the town sits, is projected to increase by over 31% or 81,000 residents by 2036. This will mean new opportunities for services, businesses, and the current residents. This growth in the population is one of the reasons why it will be easier for you to sell your home fast in this charming town.
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.
The Canadian Real Estate Association (CREA) show that the MLS® Home Price Index of Orangeville to be at $843,894 for October 2021, a 29.1% year-on-year increase from October of last year from $653,605. According to Zolo statistics, Orangeville ranks 16th fastest growing among the 23 GTA cities according to the price growth changes in the sale price. It is 6th in place in terms of how fast the property is selling with an average of only 20 days in the market.
Shaun Cathcart, CREA’s Senior Economist, shares that “2021 continues to surprise. Sales beat last year’s annual record by about Thanksgiving weekend so that was always a lock, but I don’t think too many observers would have guessed the monthly trend would be moving up again heading into 2022… A month with more new listings is what allows for more sales because those listings are mostly all still getting gobbled up; however, with demand that strong, the supply of homes for sale at any given point in time continues to shrink. It is at its lowest point on record right now, which is why it’s not surprising prices are also re-accelerating. We need to build more housing.”
What Happens When You Miss Your Mortgage Payments?
Missing a mortgage payment several times is one of the most common reasons for selling a house fast. First, you will be charged a late fee that is around 3-6% of your monthly payment. Then on the next month, you will need to make two mortgage payments in order to avoid rolling in late on your payments. If you are on the point where you have missed paying two to three months of mortgage, the mortgage lender can take action and use judicial foreclosure or the power of sale process to recover the outstanding balance of the mortgage.
Foreclosure is a legal proceeding where the mortgage lender takes the title of the property and sells it. It typically takes 6 months to a year to process. When the property is sold, the lender receives all the proceeds in the sale. Judicial foreclosure is used in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, and Nova Scotia.
On the other hand, a Power of Sale is a legal process that allows the lender to sell the property without the involvement of court. This takes around six months which is a lot faster than foreclosure. When the property is sold, the mortgage lender only gets the amount owed and the homeowner is entitled to the excess profit. Power of Sale is used in Ontario, Newfoundland, New Brunswick, and Prince Edward Island.
You can stop your mortgage lender from enacting these two legal procedures by paying the money you owe. You can do this by getting a second mortgage or selling your home fast before the lender takes it.
Selling Options Open to Orangeville Homeowners
First, is by selling to a cash house buyer. A cash house buyer is a person or corporation that is willing to buy your property “as-is” for cash. This avoids the lengthy process time of the buyer getting a mortgage loan.
Second, is by selling through a real estate agent or broker that specializes in selling properties quickly. The entire process is done usually in a matter of weeks.
Third, is by selling it yourself to your family, friends, or neighbors. This method is also known as “For Sale by Owner” or FSBO.
Steps for Selling a Home Quickly
So, you need to sell your property right away—make sure you research the necessary options of doing so. Check the available options for selling your home quickly in Orangeville. Make sure you know how much your house is worth by having your home appraised by a professional. You can also do your own research by checking the latest housing price index and the deductibles for the repairs and damages in your home if any. If you have time, make your house as presentable as possible and take good pictures of it that makes it warm and inviting. You should also price your house to sell; this means pricing it a bit lower, so your listing is competitive in the market. Offer your house to family and friends and use your social media to check if anyone is interested in buying your home immediately. Additionally, try to find a house buyer or mortgage lender to check the choices you have in selling your home fast.
Advantages of Using a Cash Buyer in Orangeville
Selling to a cash house buyer is the sweetest option if you want to sell your house fast. You do not need to prepare your house or do any repairs. There is no real estate agent involved, no fees and commissions to pay, and less persons and paperwork to fill out. The whole transaction can be closed in a matter of days. Mortgage Broker Store is a trusted cash house buyer and can be contacted for free advice.
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.
Selling your house fast is dependent on the options available in your area in Orangeville and on what you are open to doing. The timing of when you put your property on sale is also particularly important. With the housing demand on record high this pandemic, the right time is now while it is still a Seller’s market.