(Closed) Anyone sell their house and buy another in a year?

posted 7 years ago in Home
Post # 3
Member
392 posts
Helper bee
  • Wedding: June 2011

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
Member
351 posts
Helper bee
  • Wedding: September 2010

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
Member
13099 posts
Honey Beekeeper
  • Wedding: July 2010

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
Member
4137 posts
Honey bee
  • Wedding: May 2011

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
Member
351 posts
Helper bee
  • Wedding: November 1999

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
Member
5977 posts
Bee Keeper

@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!

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