How Soon Can I Sell My House After Purchase?
You just bought your house 6 months ago and your boss calls with a huge promotion that requires…RELOCATION.
At this time, it’s natural for panic to set in. You begin wondering if you should or shouldn’t take the job. Unfortunately, we can’t help with that decision; however, we can help to address some things you should think about when selling your home this quickly after purchasing.
The rule of thumb is that if you can, you should occupy your home for approximately 3 years before selling (this doesn’t apply when you are flipping a home for resale). A few reasons that this rule is important are:
1. The Money You Invested to Buy
You may not have built up enough equity from the date of purchase and therefore, may have to take a loss. You most likely put up a good amount of money to purchase the home, and unless you sell for more than you owe on the mortgage, you’ll lose that initial investment.
2. The Money You Will Need to Invest to Sell
There are various costs that need to be factored in when selling your home; repairs, proper marketing, staging and photography, etc. An experienced real estate agent, can help to organize these details and get you the most for your money.
You may wonder whether it’s worth it to try to sell on your own in the hopes of saving money. If you are under pressure to sell within a certain time frame, our best recommendation is to work with a professional. This will ease the stress for you and provide the support you need to make the transition as seamless as possible.
3. Home Buyer’s Perceptions
There is a chance that potential buyers may be apprehensive to look at your home, given you are selling so quickly after purchase. This could sound a buyer’s alarm and make them think something may be wrong with the property and you are trying to get out. There are ways to counterbalance these concerns, and a qualified real estate agent can help to navigate those issues.
Whether you are relocating for a job, family reasons, etc., it’s important to have a plan in place for selling your home. The AdvantageU® Ultimate Home Sellers’ Checklist, is a great tool to start with if you are in the market to sell your home.
The next step is to decide if you want to work with a real estate agent. Depending on the complexity of your situation, you could end up saving the most money by hiring a professional, especially one who has been certified by AdvantageU Home Sellers’ Resource.