Maybe your home isn’t the dream home you thought it would be. Or maybe after searching, “How to sell my house fast in Pittsburgh?” you got the idea to flip a home to make a profit. Whatever the reason you want to sell your recently bought home, you might be wondering, “How long after buying a house can you sell it?”
Sell Pittsburgh Now is here to answer your questions. Selling homes can be a tricky process, but we make it easy by offering cash in as little as one week. Learn about when you can sell your home to decide which is best for you.
How Soon Is Too Soon?
You can sell your home whenever you want, but every action has consequences, whether they’re good or bad.
Selling your home too soon may result in paying taxes on your profits. There’s a “2-Year Rule” many people recommend that suggests you should live in your home for two years before you sell it. Doing so will reduce the taxes you must pay on your profits.
Research what will happen if you sell right now, whether you bought the house a year ago or yesterday. Financial hardship or buyer’s remorse can pop up at any time and make you wonder how long after buying a house you can sell it.
Consequences of Selling Too Soon in Pittsburgh
Every home decision comes with pros and cons. You might profit from selling, but you could also run into these problems:
- Concerned Buyers: A house on the market soon after it was purchased doesn’t look good to buyers. Is it the neighbors? Location? Structural integrity? It looks sketchy to buyers, so consider putting a reason in the listing description that won’t scare them off.
- No Home Equity: One of the benefits of home buying is selling for a profit later. Selling before you had a chance to build equity could mean you lose money on the house.
- Mortgage Prepayment Penalty: You may have to pay a percentage of what you owe on your mortgage. This varies between lenders, so ask yours for details.
- Capital Gains Taxes: You’ll likely have to pay a percentage of your sales profit if it’s been less than two years; that’s the 2-Year Rule mentioned earlier.
- Selling Costs: Ironically, it costs to sell. You’ll have to pay closing costs and real estate fees, as well as cover any repairs or insurance fees.
- Bad Market Timing: If you have to sell for reasons you can’t control, you may be stuck in a bad housing market. If you’re selling by choice, try to time it just right.
Avoid Selling Headaches With Sell Pittsburgh Now
How long after buying a house can you sell it? The better question is what price do you have to pay to sell?
If you want to make the process easier, call Sell Pittsburgh Now at (412) 275-5238. We’ll work with you to make a fair offer that will help reduce the number of loose ends you have to tie up, even if you’re selling a house before paying it off, or you’re selling a house damaged by water, asbestos, or fire.