Life does not always go the way you plan it.
Unemployment, divorce, work relocation, the need for more space, or even unfriendly relationships with your neighbors are good enough reasons for you to want to sell the home you just recently bought.
If you're wondering how soon you can put your Waukesha home up for sale, the answer is "it's up to you". Whether you list your home as soon as you walk away from the closing table or wait for a couple of years is your choice. However, doing it immediately after you've completed the transaction is not ideal and will have certain repercussions.
Should you wait then before selling your home? And how long do you have to wait?
Here are some things you must consider before deciding to sell your home.
No profit, not even break-even. Your home is an investment which takes time to appreciate. Although buying a home is neighborhood specific and some neighborhoods appreciate faster over others, it still takes at least three to five years for the home's equity to increase. When you sell your home in the next few months after you bought it, you won't gain profit. In fact, you may even suffer a loss.
Mortgage payments. Also, if you've noticed the structure of your mortgage, you'll see that you pay more interest in the first few years. It takes at least five years for your monthly mortgage to have made enough progress on the principal.
Transaction costs. You also have to remember all the payments you've made during the closing cost. Aside from the six percent agent's commission you made to your Waukesha Realtor®, you also paid the taxes, insurance, homeowners association dues and more. You've shelled out quite a good amount of money, and your pocket is still in the process of recovering.
Selling a home within the year of its purchase will give you a major financial hit, but is it possible to do so without losing money?
Yes, it is. The biggest factor you really have to consider is the mortgage payments. However, if you can pay a big chunk of the principal amount, that would go a long way in lowering your monthly mortgage.
If you’re in a hurry to sell the property and do not mind losing some money, here are some things you need to do.
Price it below market value. You know how much you paid for, but if you would like to move the house fast off the market, you may have to sell it a little below the listing price you know.
Clean and declutter. Nothing is more attractive to a buyer than a bright and clean home. A decluttered home is a spacious home. Make your home more appealing by ensuring that everything is clean and sparkly.
Get the help of an experienced and excellent Realtor® like me, Kristin Johnston, to help list your home. Statistics show that you get a better and faster deal with the help of the best real estate agent.
According to NAR 2016 Profile of Home Buyers and Sellers, the average FSBO sales price was $185,000 compared to homes represented by an agent averaging at $240,000 a month. Plus you have professional assistance to make selling your Waukesha property easy and convenient for you.
Take some time to enjoy your home, unless flipping the house was your original intent all along.
If you plan to sell your home soon, call me, Kristin Johnston, at 414-254-6647. As my client, you’re my priority.
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