In a turbulent world economy like today’s, your most valuable asset is your home. Owning a property in Peterborough offers a unique opportunity for homeowners who want to sell their homes fast due to the popularity of houses, condos, and cottages in that area.
The average MLS composite benchmark price for homes sold in the area in October 2021 was about $750,000, a massive gain of over 33% from last year’s numbers for the same month. Yet, despite the increase in house prices, home listings in 2021. As a result, if you want to sell your house fast, your house or condo can prove to be a very desirable property in the Peterborough real estate market.
Why People Want to Buy Homes in Peterborough
Peterborough ranks as one of the best cities in Canada to live in. The city has much to offer.
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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.
Peterborough is known as a gateway to the Kawarthas –– one of Ontario’s most popular recreational locations. Being just a short drive from cottage country, Muskoka, and the GTA, Peterborough’s location provides an abundance of opportunities for employment and adventure.
Peterborough is also a very affordable city to live in, especially compared to Toronto or other more crowded cities in the Ontario area. Properties in Peterborough are on average $500,000 dollars cheaper than in Toronto, and they are quickly growing in value. This makes owning a home in Peterborough a great investment.
These factors make Peterborough a destination that people want to buy homes in. Townships like Selwyn and Cavan Monaghan also offer a suburban lifestyle for those who want a quieter life while also maintaining a close distance to the city. Whether you own a house, condo, or a lakeside cottage, you can find buyers in Peterborough and sell your home fast.
There are many other affordable towns in this area which include Bridgenorth, Norwood, Havelock, Trent Hills, Campbellford, Marmora, Madoc, Grafton, Hastings and Brighton. All of these small towns offer great communities to live in with a lower cost of living. This area also has excellent lakes, which include Rice Lake, Seymour Lake, Round Lake, Crowe Lake, Belmont Lake.
Why Sell Your Home in Peterborough
If a house in Peterborough is so desirable, why would you want to sell it? Even with such a valuable asset, sometimes your best course of action is to sell it. With everything happening in the world today, people suddenly find themselves in debt with no means of paying off what they owe.
You may be unable to pay off debts or a sudden medical expense. Financial difficulties aside, divorce is another reason why people would want to sell their homes in a place like Peterborough, and sell them fast to avoid prolonged legal battles concerning the separation of assets.
It doesn’t have to be something as bleak as a divorce or debt. Sometimes, people sell their homes to buy in other locations. Others inherit a property they can’t maintain. Long story short, people’s needs vary with time.
So, if you want to sell your home fast in Peterborough, what should are your options?
Hire a Realtor
The traditional way to go about it would be to hire a real estate agent to sell your house. They will list your place online and possibly in local ads, and they will host open houses and for potential buyers. The realtor will also handle the necessary paperwork, which can be quite a nuisance if you’re going about this process on your own.
There are some setbacks, though, to dealing with realtors. The first of those is you have no guarantees that they can sell your house fast. No matter how experienced and good they are, all realtors sometimes hit dead ends and can’t close the sale. It may take months to find the right buyer, and if you want to sell your home or condo fast you would rather avoid wasting so much time. The biggest problem with hiring realtors is their commission, which can amount to 3% to 7% of the sale.
Selling to a Cash Home Buyer
A cash buyer can be a company or individual that purchases a property to rent or resell it, and the process is much smoother with them. Cash buyers don’t waste time by checking other potential houses before settling on the one they’re getting like a private buyer would since they need to compare properties.
Cash buyers appraise the property and send you an offer within 24 hours, which is significantly faster than any other buyer would take to give you an offer. With cash buyers, you just need to send them photos and/or videos or invite them to appraise the place in an hour or two. A day later, you’ll get an offer.
Moreover, cash buyers pay you in cash, so you won’t have to wait weeks for bank approvals as you would with a buyer who is getting a mortgage. You get paid in cash on the day of the sale, which can be less than a week after you accept the offer.
Which Should You Go with?
If you can afford to wait a long time and put up with the hassle and stress of the traditional home-selling process then you should go with a realtor.
If you want to sell your home fast, cash buyers are probably the best way to go. You won’t need a real estate agent as communication is directly between you and the cash buyer, and you will pay no commission. This way, in case you’re in debt, you’ll get paid in cash quickly and you’ll pay off your debts and have some money to spare.
Cash buyers also offer several flexible options for homeowners who have special needs. With a ‘sell and rent back’ option, you can stay in the property after selling it. You’ll get the cash for the sale and you’ll rent the house or condo back from the buyer.
With real estate agents, lakeside cottages and rural houses may prove to be challenging to sell. Cottages in townships like Douro-Dummer or Otonabee–South Monaghan offer a rural and quaint lifestyle that appeals to some people, but selling a property there might take months. With cash buyers, this isn’t the case. If you reach out to one about a cottage or a house there, they’d make you an offer, which might otherwise take months if you’re trying to sell the property on your own or with a real estate agent. You can sell your cottage in Millbrook just as fast as you could sell a condo in downtown Peterborough.
One more factor to keep in mind is the condition of the property. If you hire a real estate agent to sell your home, they’ll probably tell you to make some necessary renovations like redoing the tiles in some rooms or fixing the roof. Then you’ll need to clean the place so it would look good for viewings and open houses.
Cash buyers don’t demand anything like that. They can purchase the property ‘as-is’, meaning in its current condition, and you don’t have to waste any time or effort making repairs or cleaning up. The company will do any necessary repairs before it puts the house or condo back on the market, and you’ll get paid either way.
Find a Professional Cash Home Buyer in Peterborough
Most people who want to sell their homes fast prefer working with cash buyers since the process is much easier without the banks’ involvement and it takes significantly less time. You just need to find a company with a proven track record of purchasing homes from clients and that has a good reputation of being thorough, quick, and reliable.
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.
Mortgage Broker Store is an active cash home buyer in Peterborough, Ontario. If you are in a situation where you need to sell your home fast, or, just want to get the process over, we can work with you. To learn more about cash home buyers and how you can sell your home fast in Peterborough, call us at 416-499-2122 for a free consultation and we’ll work with you to find the best option that suits your circumstances.