When exactly could be the best time to sell your house in Philadelphia? The question of the best time to sell a house can be confusing, but the best and ideal length of time to live in a home before you sell it should be between five to seven years.
Although, five to seven years is just a good suggestion of how long you can live in your home before you sell it; it can change if it doesn’t align with your situation or peculiar goals. Maybe you need to relocate for work purposes, or you’ve suddenly lost interest in living in your neighborhood, you can decide to relocate whenever you want then.
However, no matter your reason for relocating, the ideal amount of time to live in a home before selling is five to seven years; this doesn’t just make you seem like a genuine neighbor but it helps you build equity before you buy your new house.
If you sell your home a year or two after moving in, you may have little or no equity to buy a new house. To know the best time to live in your house before selling, you should seek the advice of a local real estate agent. They’re in a better position to advise you on how long you should stay in your house before selling.
But a good place to start is to find out the value of your home and know if it has appreciated over the years. If it hasn’t, you might just have to wait for the right time so you don’t end up losing your profit.
Factors that determine how long to live in your house before you sell it
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Capital gains
When you sell your home, you’re still liable to pay taxes on the money you earn depending on how much you closed the sale of your house and how long you’ve lived there. You can legally avoid these taxes by living in your home for at least two of the past five years.
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Transaction costs
Selling your house isn’t always about making a profit because you’ll have to pay some fees known as transaction costs. When selling your house, the transaction costs amount to about 10% of the total sale price. For instance, if you sell your house for $263,000 your transaction cost would be an estimated amount of $26,000.
Considering these costs and your home’s equity, you’ll have to live in your home for at least seven years before you sell it.
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The housing market
You need to monitor the housing market in your area as there are seasons where it favors buyers and sellers. If you take the time to study the market, you’ll know the best time to sell your house. If this proves to be difficult for you, you can hire a real estate agent to help you through this period.
If you sell your house at the right time, you can be able to make more profit than usual.
The Fastest Way To Sell Your House
Are you thinking of the best way to sell my house fast Philadelphia? The fastest way to do so is to sell your house to a cash home buyer and in Philadelphia, we at Home Cash Guys are your best option.
We buy houses Philadelphia at the best price and we ensure to make the sale process as seamless as possible. When selling to us, you do not need to worry about paying certain fees such as contingency fees and agents commissions. Also, you don’t have to make any repairs or renovations because we will buy your house in any condition.
The best way to sell my house Philadelphia is to sell to a reliable cash home buyer like us at Home Cash Guys so that you can get your house off the market as fast as possible.
Contact us today to learn more about our services!
