Are you eager to sell your house for cash? Well, if it’s really that urgent, it makes sense to steer clear of realtors and buyers who may need mortgage brokers. Selling your house for cash will have both advantages and disadvantages; however, a cash offer is one of the easiest ways to sell your property fast.
What is a house cash sale?
A cash offer means that you will sell your property outright without the buyer needing a mortgage or other financing options. For the most part, these kinds of offers are suitable when you need money ASAP for emergencies. There is absolutely no need for the buyers or the sellers to go through mounds of paperwork, which means you can close the deal faster.
If you are thinking about how to sell your property fast, you can visit HomeFlippers.ca to receive cash house sale offers. As the leading cash buyer in Canada, Home Flippers allows you to sell your property instantly for cash at a competitive price.
Cash offers are more common than you think
Statistics show that cash offers are becoming more common in today’s real estate market. In 2018, ATTOM Data Solutions reported nationally, cash house sales represented more than a quarter of the modern homes and condos sold. While that is lower than the cash offer peak in 2011, it’s still much higher than the pre-recession average recorded between 2000 and 2007.
House sales in Canada were tipped to soar to more than 583,000 homes in 2021, compared to the 489,000 recorded in 2019. The Canadian residential housing market is experiencing rapid change, thanks to various measures put in place by the government. Home sales recorded through Canadian MLS Systems reached 5.2% between February and March this year, setting an all-time high record. Following the surge in demand, the skyrocketing sales are attributable to the increase in supply. Nationally, the February-March increase in sales activities was driven by new listings in various locations.
Here are a few scenarios that make house cash sales more popular
- A real estate investor expresses a deep interest in the property
- The potential buyer sold their old house and has the sale proceeds to invest
- The seller is in dire need of cash
- The buyer market is highly competitive such that one buyer wants to stand out
- Your home needs only major or minor repairs and is attractive to Home flippers
Pros of cash offers
- Gives the seller more confidence as instant cash is more convenient
- Ensures a faster closing time
- Does not consider a buyer’s credit score
- You won’t need a home appraisal
- Eliminates extra paperwork and documentation
Cons of a cash house offer
- Buyer needs to be of good financial standing
- Limits your liquidity, and makes it hard to move assets
- Limits you from using mortgage-related tax deductions
Overall, you will need to consider the overall competitiveness of the real estate market before you make any move.
Home Flippers offers you a faster, easier & better way to sell your home without a realtor. Sell your property in any condition for cash instantly.
Follow Home Inside for more!
