What You Should Know Before Selling Your House After 1 Year
If you’re considering selling your house after 1 year, there are several things to consider before making a final decision. It’s not uncommon for homeowners to stay in their homes longer than they originally planned—especially if their children have just finished school or if they’ve made significant upgrades to the property. If this sounds like you, here’s what you need to know about selling after 1 year:
You’re Not Alone
You’re not alone. Many homeowners end up selling their house after one year for many reasons, including:
- They can no longer afford their mortgage payments.
- Their work has moved them to another city or country, and they need to relocate quickly.
- They want a new house with more space and better amenities.
Whatever the reason may be, you don’t have to worry about being singled out as an oddity should you decide to sell your home in this timeframe. In fact, it’s quite common for people who have lived in a house for less than two years (or even less than one year) to put their home on the market!
Research The Local Real Estate Market
The first thing you should do before putting your house on the market is to take a look at what other homes in the area are selling for and how long they take to sell. You can get this information from your real estate agent or by searching for recent sales records online. You’ll want to make sure that your house will sell quickly at a fair price, which means checking out similar homes near yours that had sold recently and seeing if their prices were reasonable and/or if it took them long enough (months) before someone bought them up.
Consider Your Finances
Once you have a buyer, you will need to pay for the closing costs and other fees that come with selling your house. These fees are usually around 5-10% of the sale price but can be as high as 15%. You should also consider any cost of cleaning up or preparing your home for sale. The last thing you want is to take money out of your pocket just before moving day.
Consider A Buyer’s Market In Your Favors
When the market is favorable for sellers, buyers may be more willing to negotiate with you. They may even be willing to take a lower price if it means that they can get into your house sooner. As a seller, this is one of the best times to get top dollar for your home because it’s not uncommon for buyers to be competing for properties like yours.
Weigh Your Option For Selling Privately Versus With An Agent
The other thing to consider is whether you want to sell your house privately or use an agent. While it’s true that you can save money by selling privately, there are some downsides as well. For example, if you choose this route, keeping the property in good condition and ensuring that it shows well will be your responsibility—not the agents. Also, since agents often charge a commission on top of their fees (which are standard at 6% of the sale price), they’ll have more control over the process and how much money they make from their efforts. You’ll have more control over everything else, though: who you show it to; what time frames you set for accepting offers; how much time passes between each showing; how often people come by etc… Keep in mind that these things take time so if someone wants an immediate answer then they may not be suitable buyers anyway!
The bottom line is that it can be hard to sell your house after 1 year. But with some research and planning, you can overcome the challenges and make this transition easier. Remember that your real estate agent has plenty of experience in dealing with these situations and will have suggestions for how best to proceed.