How Much “Cash For Your House” In Vancouver B.C. Can You Get?
If you’re thinking about selling your house, here’s how much money you can get
Some homeowners are curious about cash for houses in Vancouver B.C. – they are interested in how much they might get if they decide (or need) to sell their house. If you’re thinking of selling (or are in a situation where you need to sell) and are wondering how much you might get, this blog post should give you a better idea of what to expect from a sale.
An Important Definition
As this post will be read by people all over Vancouver B.C. (and surrounding areas), with various product types and prices spread throughout the region, it can be difficult to state any specific dollar figures or percentages. However, there is an important concept that will help you understand how much people pay cash for houses in Vancouver B.C. . Also, it should be noted that when someone pays “cash” for a house it usually just means that they aren’t getting a mortgage, they won’t be handing over a suitcase full of paper cash to the seller!
Selling “On The Market”: When a house is listed and sold “on the market”, that means it’s usually listed by a real estate agent and/or brokerage on the Multiple Listings Service (MLS). The house will be sold after several potential buyers have viewed the property at least once, and at least one has made an offer which is accepted by the seller. Houses that are sold on the MLS will usually be sold for approximately the same amount that comparable houses in the area have recently sold for. There are many variables that affect the market price, most of which are out of the sellers and buyers control, and these variables are also the reason that home prices aren’t the same everywhere.
Selling “Off The Market”: When a house is sold “off the market”, that usually means the homeowner has decided to do the work of advertising and showing the home themselves, thus selling directly to a buyer rather than using a realtor and brokerage as an intermediary. Houses sold off the market (or “for sale by owner”) will sometimes be sold for slightly less than market price for a comparable home.
At Lifemark Properties, we are professional home buyers who buy houses off the market, usually from homeowners that are in a difficult situation and unable to sell their home on the standard market. To learn more about what we do, click here to fill out the form or call us now at (604) 961-6765
While reading this you’re probably thinking, “why would anyone accept below market price, and less cash for their house in Vancouver B.C. than they could get by listing on-market?”
That’s a great question but there’s usually more to the story:
- Listing and selling through the MLS usually means you’re selling it to a person who will choose to live in the house. They’re buying the house for themselves and their family and plan on living in the house for many years. But when you sell off the market, you’re often selling to a private investor or company that is likely investing in your house to turn it into a rental property or to renovate it and sell it in the near future
- Selling on the market usually means the buyer needs to qualify for and obtain a mortgage from a lender. Selling off the market, in a private sale, often means that an individual or professional home-buying company is will to pay cash for houses, or is able to structure a creative deal in Vancouver B.C. . (That’s why some people prefer to sell off the market – they don’t want to, or are unable to wait for the process of listing, showing and hoping the buyer is able to close; or they may be in a difficult situation that requires a more creative solution other than just a straight-forward sale.
- Listing and selling on the market can actually cost money… sometimes a lot of money. If you want to attract attention that garners top price, and your house needs renovations and repairs, you usually have to spend money to fix up your house to make it stand out more on the market. In a good market the extra cost can be worth it as you may get back your return on that investment and then some, that’s not always the case though. However, when you sell it off the market, such as to a company like us at Lifemark Properties, you may be able to sell your house as-is – not only saving money, but sometimes more importantly saving you time and stress.
- Selling on the market through an agent will result in commissions and fees to the agent for the work they did to sell your house, which again is usually worth it. But selling off the market to a home buying company like Lifemark Properties usually means no commissions or fees or closing costs.
How much can you get for your home? That really depends on many variables Selling on the market may mean you sell your house for more money but it could take longer and cost more; selling off the market may mean you sell your house for below market price but it’s faster and there are usually no expenses or fees.
So, how much will sellers get in cash for houses in Vancouver B.C. ? It depends on the current state of your local market and how you sell – on the market or off the market… and that is determined by your personal situation; how quickly you need to sell and how much time and money you’re willing to invest in order to sell your home.