2Yrs Living in my house selling should I do it or wait more?

Hi Im Trying to Sell my house right and my Real Estate Agent said I could cause I have 2Yrs in it. But one of my friends are saying that if I Sell now I might have to pay some Penaltys and also said that 3Yrs you wont is that True?

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This entry was posted on Monday, September 21st, 2009 at 3:27 pm and is filed under Sell My House. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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5 Responses to “2Yrs Living in my house selling should I do it or wait more?”

  1. Christopher B Says:
    September 21st, 2009 at 3:27 pm

    You won’t have to pay capital gains tax on any profits you make (if you make profits) now that you have lived in it for 2 years.
    As for penalties - that depends on the terms of your loan, and whether you had any pre-payment penalties in the terms of your contract.

  2. lamusicababiie Says:
    September 21st, 2009 at 3:27 pm

    i dont know about penalty, but you should also look at the prices of the past and see if it looks like the price will go up, you could make so more moo-lah. as well as that thing with the penalty.

  3. Adam Smith Says:
    September 21st, 2009 at 3:27 pm

    Penalites? Maybe in the mortgage, but only if there is a prepayment penalty even for an outright sale. Get out your mortgage paperwork, brew some strong coffee and read it end to end.

    Why are you selling? Buying another house? Moving away? About to adjust way up?

    Newsflash Yahoo! Answers viewers-real estate is not a short term investment-too many fees, illiquid, high carrying costs. Either buy a home and live in it forever or buy quality rental or commercial real estate and let tenants pay for it over time.

    Real estate is mostly location and psychology. Don’t know where you are, but the emotional climate favors buyers. In most markets, negative emotions now after "irrational exuberance" around when you bought means you will likely lose lots between commissions, fees, and lower values.

    Of course your realtor wants you to sell-how else do they make a living?

  4. TygerLily Says:
    September 21st, 2009 at 3:27 pm

    If you’re considering purchasing another home, make sure you have enough equity to pay for the selling agent and the cost of the relocation would be my best take on the situation. It would be nice to make a profit on your investment.

  5. short shrimp Says:
    September 21st, 2009 at 3:27 pm

    In a lot of cases, if you purchase a home and sell in less than 3 years, the profit you make will be added to your income taxes as a "capital gain". Be sure to check with a real estate lawyer AND a tax lawyer first.

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