This actually happens all the time, you’ve purchased a home not long ago, things have changed and you now need sell the home. Selling a home after a shorter time frame has passed is not always the best idea and in flat or declining market, you may actually lose money. Keep in mind a few of these tips in mind if you're ever in this type of situation!
Hope for the best / Plan for the worst
The reality in this scenario is that, unless the market has grown significantly in the short time frame that has passed, it’s best to assume you won’t come out with bags full of money. Once you factor in all your closing costs (property transfer taxes, real estate, legal) it can be pretty difficult to come out ahead, so be sure to have your REALTOR do a CMA (comparative market analysis) for you and determine what strategy will best suit your needs and minimize the potential for any loss.
Nowhere to hide
Anyone who is working with REALTOR or has bought and sold before is going to know the history of your home and that it was just sold recently. Potential buyers will even have access to how much it sold for, and if the photos of the listing are still available, will also be able to tell what (if any) updates have been made to the home in the time that has passed since your purchase. If the market has been fairly flat and you have not put in any updates, its tougher to make an argument onto why you may be selling the home for more than you had purchased it for.
Be Smart
Everyone wishes for the best result in selling their home, however at the end of the day, your best result sometimes might still be one that results in a loss. The reality is, if you are choosing to sell your home this quickly, it’s likely more out of NEED than a WANT and the focus should be on getting the best result, even if that’s not one of profit. If you over price your home trying to recoup costs the best you can, then it will likely sit available for an extended period of time while you continue to have to make more mortgage payments. In addition, any home on the market, the longer it sits, the more likely you’ll attract a low-ball offer adding even more stress to your situation.
Make the right decision
As much as I would love to magically sell your home for more than it may be worth to help you break even or make a little dough, unfortunately that sometimes just isn’t the case. I’d rather be brutally honest with you from the get go about what range your home is worth and come up with the best strategy to achieve that, rather than reach too high (buying your listing), and likely after a long time on the market, end up with a lesser result.
Want more information….
If you are looking to sell in the near future and want to sit down and chat about what strategy might be best for you to help you achieve a positive result, feel free to give me a call/text or email at 250-755-5759 or cmcnabb@460realty.com as I’d love to have the opportunity to earn your business!