Avoid These Mistakes When Selling Your Home - Investopedia in Dalworthington Gardens, TX

Published Mar 08, 22
7 min read

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Communicate with your buyer. Keep your home insurance up to date until you’ve signed the dotted line. Make a list of what to bring on closing day. Remain flexible because delays can, and will, happen. How Long Does It Take to Sell Your Home? There’s not a one-size-fits-all answer to how long it will take to sell your home.

How long it actually takes to sell your house depends on the real estate trends in your area and the particulars of your home. If you’re wondering how to sell your home fast, remember that these factors can impact your home-selling timeline: If you live in an area with a hot market, you can typically expect your home to sell faster than in markets where buyer demand is low.

But that’s not true for every home or market. And ultimately, the best time to sell your house is when it’s the right time for you. Details like your home’s school district, neighborhood, and distance to restaurants and shopping can also affect how long it takes to sell. Larger, more expensive homes can take longer to sell because the pool of buyers is smaller.5 If you decide to take on some updates or repairs to your home before listing, your selling timeline will be longer.

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Your closing could also be delayed by home inspection or appraisal issues. How Much Does It Cost to Sell Your House? Even though you’ll probably be making money from the sale of your home, there are some home-selling costs you have to pay in the process. How much you end up paying start to finish depends on the sale price of your home, what repairs you have to take care of, and how much it takes to get your home ready to list.

Usually that commission is 6% of the home’s sale price.6 As you’re preparing to list your house, you could spend some money getting your house staged or investing in some new decor to give your space a fresh look. You may decide to take care of some repairs before you list your home.

As part of your purchase and sale agreement, the buyer may ask you to cover a portion of the closing costs, title insurance or other fees. Sell Your House Faster With a Professional Agent The best way to have a great experience selling your home is to partner with a professional agent.

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They should inform you but not overwhelm you. Our Ramsey, Trusted real estate agents are just the ticket to take the stress out of your home sale. ELPs are professional real estate agents who have a track record of success and excellent customer service.

As of 2020, homeowners stay in a home for an average of eight years before selling. That’s twice the average tenure seen before the 2009 housing crisis. With home prices hitting an all-time high in 2021, homeowners today see greater financial incentive to stay in the same homes for longer and gain equity.

But selling your home soon after buying can mean losing money, facing capital gains taxes, or paying mortgage prepayment penalties. That’s one reason why the colloquial “five-year rule” exists. This rule says you shouldn’t consider selling until you’ve lived in a home for five years — and there are good reasons for that.

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In this guide, we’ll discuss some of the factors that impact how soon you can sell a house after purchase. Even selling a house after two years is perfectly practical if you go about it right. What is the “five-year rule”? Common thinking says sellers won’t break even on their initial home investment if they don’t stay for five years.

But, as they say, rules are meant to be broken, and the conventional wisdom didn’t account for the past few years seeing one of the biggest housing booms ever. It appears the home prices will continue to grow at least through 2021, so you may be able to sell your home sooner without losing money.

There are a number of reasons why you might sell sooner than expected. Reasons homeowners sell sooner than expected, While most people who aren’t professional home flippers don’t plan to sell two years after purchasing, there are plenty of reasons people do end up selling soon after buying. A new career opportunity is one life change that impacts where you’ll want to live.

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A new baby, kids leaving for college, or a death in the family may make you reconsider where you want to be. If someone in your household loses their job, property taxes increase, or unexpected costs arise, your mortgage may become too expensive. With how hot many markets around the country are today, you may have gained equity in your home quickly and want to turn a profit while you can.

How soon can you sell your home without losing money? While there may be good reason to sell your home soon after buying, doing so comes with financial risks. When you bought the house, you paid closing costs that you can’t recoup without gaining equity or the house appreciating in value.

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Before you consider selling, think about something called the breakeven point. What is the breakeven point? The breakeven point is when you can expect to sell your home and recoup all the money you spent on purchasing it in the first place. In a normal market, housing prices tend to rise, and you’ll also gain equity as you pay your mortgage, thereby offsetting costs of ownership as well as buying and selling transaction costs.

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You can sell anytime, but it’s smart to wait at least two years before selling. By living in your home for at least two years, you can exclude up to $250,000 (or $500,000 if you’re married) of the profits of the sale from your taxes, thanks to the Two Year Ownership and Use Rule.

To avoid taking a loss, you’ll need to make back your down payment, closing costs, and the monthly mortgage payments you’ve already made. You’ll also want to make back the property taxes and the mortgage insurance you’ve been covering every month. Calculating those numbers — which tend to be the same every month — should be simple.

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This calculator is a great resource for inputting your numbers. (It will take most homeowners at least two years to reach breakeven point with equity and payments, but the market fluctuates — so this is why you calculate!)Most importantly, you must determine a realistic price for your home. Research list prices of comparable homes in your area and have a professional do a comparative market analysis or home evaluation done.

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Finally, calculate the costs associated with selling your house. If your ultimate home sale price ensures you recoup your down payment, closing costs, to-date mortgage and insurance payments, nets enough profit to justify your equity gain, and offset the selling costs, you can sell your home soon after buying without taking a loss.

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