People sell their properties fast usually due to life crisis or major life changes. This pandemic only made it more difficult or more likely. A homeowner might have been laid off and now can’t afford to pay mortgages and is at risk of foreclosure. Maybe a homeowner is offered a more lucrative job elsewhere and needs to transfer to that faraway city right away. Or maybe a homeowner is in desperate need of cash in order to pay off a debt. Whatever the reason, if you are a homeowner and looking to sell your house, condo, or cottage in Sudbury fast, consider selling to a cash house buyer. The process can be done in as fast as five days to two weeks.
Current Trends in Greater Sudbury
In the last month of 2021, home sales were at 23.7% higher than the five-year average and 37.8% over the 10-year average. The Sudbury Real Estate Board reports the average price of homes sold at $420,155 last December 2021. This was a huge increase of 24% from December 2020.
There were only 170 active residential listed units at the end of December 2021. It hasn’t been this low in more than three decades. Active listings were 70.5% under the five-year average and 80.4% lower than the 10-year average for the month of December.
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.
RE/MAX broker network in Ontario projects the market activity across the province to steadily increase this 2022. Sudbury is anticipated to have a 5% increase in the average sale price with an estimate of $422,500. Seller’s market conditions are expected to continue in the city due to the ongoing demand and low inventory.
Zolo reports that a typical house listing lasts an average of 8 days in the market and the current selling to listing price ratio is at 136%.
All reputable sources are stating numbers that indicate now as the perfect time to be selling your property.
What Happens When You Miss Your Mortgage Payments?
A mortgage lender can either use foreclosure on your property or use power of sale if you fail to pay your mortgages. For the first one or two missed payments, you will most likely be charged a late fee of around 3% to 6% of your monthly fee. You will then need to double or triple your next mortgage payment to avoid being late on your payments. If you missed paying at least two to three months of your mortgage without contacting your lender, your mortgage lender would have no option but to take action in order to get what is owed.
Foreclosure is a process approved by the court where the lender legally takes title to the property and sells it. All proceeds go to the mortgage lender. The procedure takes about six months to a year to complete and is usually done in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, and Nova Scotia.
Power of sale is a process where the mortgage lender is legally allowed to sell your home and recover only the amount owed in the proceeds on the sale— the rest of the profits go to the homeowner. This takes about six months to complete and is done in the provinces of Ontario, Newfoundland, New Brunswick, and Prince Edward Island.
Selling Options Open to Sudbury Homeowners
Homeowners can choose to sell their house quickly when their property is being foreclosed, when going through a divorce, inheriting a house, and many other reasons. There are several options open for selling your house, condo, or cottage in Sudbury fast. One is by hiring a real estate agent that specializes in quick sales. Another option is by selling it yourself or what is known as “For sale by owner”. You can use your social media reach and sell it to your network of friends, colleagues, and family. Lastly, you can sell to a cash house buyer where there are fewer people involved, fewer steps to do, and less paperwork to fill out.
Steps for Selling Your Sudbury Home Quickly
Here are some steps you can take to sell your house quickly:
- Check out the Sudbury website to know how you can sell your property better by highlighting the perks and benefits of living in Sudbury.
- Have your home appraised by a professional.
- Try to clean and stage your home to make it more presentable to prospective buyers.
- Price your house competitively— not to low that you lose money, but not to high that people will skip to the next house listing.
- Ask your connections for help. Try selling through them or use their wider network to reach potential buyers.
- Research the best option for you in selling your house quickly.
Advantages of Using a Cash House Buyer in Sudbury
Among the three options we have presented, selling to a cash home buyer is the easiest and less stressful. There are no commission fees for real estate agents, not to mention avoiding other middlemen in the selling process. There are also fewer steps done, skipping processes such as underwriting, mortgage approval, and even home appraisals. Cutting these steps can save you 30 to 60 days. Since cash house buyers routinely and quickly buy homes for cash, you reduce the risk of the sale falling through, making this transaction less risky.
Another advantage when selling to a cash buyer is that you do not need to clean, stage, or do any repairs in your home. They purchase your property in an “as is” condition. Their price offer might be slightly lower based on the state of your home.
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.