Post # 1
My H and I got married in August, we own a home already, we bought a little over a year ago. It’s a cute small starter house, we added a second bathroom and expanded the deck, and were planning to stay there for about 3 years and then try and sell. We live on a busy road and it’s more of city area but it’s considered a great location. A few weeks ago, my parents were telling us about a house at the end of their street that has been for sale and they went and looked at and thought it was great for us and we should check it out.
Just for the heck of it, we went and checked it out and fell in love with it, it’s the last house on a dead end street, with tons of woods on the side and 2 acres of land behind the house, there are only about 7 houses on the street ( including my parents house) and it’s a beautiful quiet street, everyone knows everyone ( someting completely different from where we live now), and I can def picture having kids there and having them fulling enjoy it.
So we contacted a Realtor who will be coming out next week to tell us what he thinks about our house and resale as the only way we could afford this house is if we sold our house. We spoke with the selling Realtor who said they sellers would be willing to work with us on price, so we would have a really good shot at getting the house, but are we crazy for selling after a year??? We won’t sell if we can’t get the price that we would like, but our realtor just from looking at the specs and the area and the work we did on it thinks we can get a good price for it, this is just so all new to me, anyone else go throuhg something like this?
Post # 3
We bought our house in July 2008 and put it on the market in March 2010, almost 2 years but none the less. We did it so we could get back to where we’re from after job changes for both of us.
We’ve been on the market 6 months now but we’re in a very rural area and the market is horrible right now.
Good Luck! If you have any questions just let me know. We’ve been around the block on this one, we had a buyer back out 8 days from closing.
Post # 4
I’m not in your position but I’ve now owned my townhouse for 3 years at the end of this month. H and I are wanting to upgrade soon so we can have a yard for our dog and just some things that you don’t get with a 2 BR townhouse like a 2 car garage, 3 bedrooms, and a basement. We feel cramped in the house right now and my montly association fees are really high along with H paying a monthly storage fee for his stuff that won’t fit. Sometimes I feel like 3-3.5 years isn’t long enough and we’d be crazy to sell, but fortunately I think townhouses might be an easier sell.
Sorry to get off-track! As for you – it sounds like you have a great home and you have done some nice additions. I probably wouldn’t expect a big profit after 1 year, but I’m sure there are other people looking at starter homes for the right price! And as for this other house being on your parent’s street – it sounds great! You would be so close to family and you obviously enjoy the neighborhood. I don’t think you could ask for more when choosing your next house. I’m sure you didn’t think you would upgrade so soon, but if the right house comes along it’s definitely something to consider. Hopefully your agent will present you with some positive options. Good luck!
Post # 5
I have no experience buying / selling houses yet, but I do know that short turnarounds can kill you with the realtor fees (assuming your current home was your first, that’s still 3 realtor fees – 2 purchases and a sale – in a 1 year span). It can really put you in a hole since the property you’re selling hasn’t had time to increase in value or gain equity. So unless the work you put into it increased it’s value a pretty decent bit, the realtor fees could make the quick move not worht it.
Just something to look at!
Post # 6
are you willing to lose money on your current house? unfortunately, you probably will if you decide to sell. realtor fees can be killer, and pp is right that your house hasn’t had time to gain any equity.
just because this new house sounds perfect doesn’t mean there won’t be another one like it on the market in a few years. i would probably wait, but it’s up to you how much of a risk you’re willing to take. generally, realtors say buy a house only if you plan on living there 10-15 years — that’s the amount of time it takes to build equity and not waste money in fees.
Post # 7
If you have lived in the house for less than 2 years, I believe you may be subject to capital gains tax on any profit that you make on the house.
Best of luck on whatever you decide to do. I have a townhouse that is just too small for us now that we’re living together so we just got approved to go ahead and buy a new house and then I will rent mine out. I hate the idea of having two mortgages, but we can afford it if it doesn’t rent quickly, and the market here is terrible, so I think renting is the best option.
Post # 8
@ams12: I’m also not sure if you received the homebuyers’ tax credit, but if you don’t hold your primary residence for 3 years, you have to pay it back. Another thing to think about!