How Soon Can I Sell My House After Purchase?
If you legally own a house, there’s no law banning you from selling it immediately. However, doing so can lead to massive financial losses. I’m Andrew, the Home Buyer, and I’m here to guide you on your selling journey.
Keeping yourself informed is one of the best ways to minimize your losses. Read on to learn more about selling your home after purchase.
Reasons To Sell a Homes Sooner Than Expected
A recent study reveals that an American homeowner will usually stay in a property for eight years before selling it. However, below are reasons why a resident might sell a home sooner than expected.
- An irresistible job opportunity: You may have to move to a new home for career advancement.
- A growing family: There will come a time when your bachelor or bachelorette pad will be too small for your household.
- Unexpected life events: Undergoing a divorce, death, or moving out in the family might lead to an unforeseen home sale.
- Financial difficulties: Economic factors like a job loss or high property taxes can make a house too costly to keep.
- Medical emergency: If you come across hefty bills because of health reasons, you may need to free up some equity.
Whatever the reason is, you might find yourself in a situation where you have to sell a property sooner than expected. When this happens, remember to do your research and exhaust all options to minimize your losses.
Staying in a House Long Enough to Avoid Losses
As the legal owner, you can sell your property at any time. However, selling a house within one year of buying it will void the financial benefits of ownership. Before selling a home, consider the costs associated with it. We’ve listed some of them below.
- Preparation: These costs include marketing, staging, landscaping, and cleaning. This stage is necessary to attract potential buyers.
- Moving: It’s challenging to time transactions to avoid additional housing expenses. You will likely have to find temporary housing and spend on utilities and insurance.
- Concessions: A whopping 83% of sellers will offer trade-offs to address buyer needs, including repairs, warranties, and closing costs.
- Closing: Such costs involve commissions, taxes, insurance, and more.
In the real estate industry, there is a concept called breakeven horizon. It refers to the period needed to make buying a property more sensible than renting it. This notion factors in all necessary expenses involved when purchasing a home.
Many homeowners believe that staying in a home for a while instead of renting makes the most sense financially. However, the reality is you need to own a home for an estimated two years and three months to obtain enough equity or pay the mortgage down payment.
Get in touch with us for a free breakeven horizon computation. This computation assumes a 20% down payment and monthly remittances on a 30-year mortgage. It should be a reliable indicator of how soon you can sell a home without incurring losses. Keep in mind that the Arizona breakeven horizon will be different from those in other states.
Benefits of Selling Fast
In some cases, it’s possible to benefit from selling your home fast — even before you reach your breakeven horizon. Below are some of the usual instances:
- House flipping: This term means purchasing an asset and reselling it for profit. If you make notable renovations, you can increase your resale value.
- Hot seller’s market: Neighborhood developments or economic factors can affect the demand for your property. Once your home value shoots up, you can take advantage of the scenario and sell it immediately.
- An enticing deal: If you bought your property for a low price — say from a foreclosure or a short sale — you can make a profit even if you sell it immediately.
These options may seem ideal, but they don’t happen frequently. If you have to sell an Arizona home quickly, I have a solution for you.
Your Trusted Arizona Cash Buyer
Many clients often search for the words: how soon can I sell my house after purchase? The answer is: you can sell it immediately. However, you have to gauge the pros and cons to minimize your losses. In some cases, you will not have to incur any at all.
There’s one way to sell a home immediately without the usual stress associated with such a pursuit: find a reliable cash buyer in your area.
If you’re in the Arizona area, I can help you sell your house in the fastest, most convenient way possible. Follow these steps now to get a free, no-obligation cash offer:
- Call 602-737-1509 or fill out this form to request a cash offer.
- Discuss your needs, from price to other particulars.
- Get your offer — with no repairs or hidden fees.
- Once you accept the offer, I will buy your home.
We can agree on a closing date that works for you. We can close in as little as seven days, or you can opt to stay rent-free for up to 30 days! Get in touch today to sell your home fast.
- Financial Samurai