Many who buy a property do not know how much time is necessary to resell it after buying. The answer depends on the condition of the market, but also on your “head start” in entering the market. We will try to explain this concept as simply as possible. Keep reading to find out how long after buying you can sell your property.
1. If your house is in foreclosure
A foreclosure is valid for three years, which means that once this period has elapsed, no one can stop you from selling your home without paying back what you owe. However, the value of the new property will be determined based on “distressed” prices (30% to 50% less than market value). Before talking about what you have gained or lost in this deal, it should be noted that foreclosed homes are not legal to buy or live in under normal circumstances. Fortunately, there are agencies and companies that can give you cash offers, so you are able to sell a house fast in foreclosure and this way you do not have to go through the hard and long process of selling. This will help you get rid of unwanted properties fast, which is not something that can happen that often in the real estate market.
2. If you bought a property for investment purposes
If you bought the home with the intention of reselling it, it is recommended to wait less than 1 year before trying to sell it again. However, there are exceptions. For example, if you have purchased an apartment in one of the new buildings that are currently being built or updated, then you can begin to think about reselling the flat only after 12-24 months. This way you will have more time to check whether all necessary measures were taken properly. As well as find out how much new buyers are willing to pay for this property. Keep in mind that people who want to invest money in real estate try thinking long term. They usually prefer buying properties on which the work is already done. Additionally, they have a chance to resell them quickly.
3. If you’ve been living in a property for some time, but you do not like it
If you’ve lived in this house for several months and do not like the place, you should hurry to sell it as soon as possible. In this case, try to resell your real estate at least after six months from the date of purchase. This will give enough time for potential buyers to learn more about your property and assess its value correctly.
Before opening new talks on resale of your home, ensure there are no issues with its repair or major problems occur with neighbors. Also, make sure that there are no issues with your home, as you would want to sell it at its best possible conditions. This is why it is necessary to pay attention to your real estate, make sure that you will be able to sell it, even if you don’t like it. The case is someone else probably will, so try to make it as nice as possible.
4. If you are in a hurry to sell
If, for some reason, you do not have enough money to pay your mortgage, you can postpone the sale of your home for no longer than 12 months after making it. This way, you will not risk losing all that you have invested in this property. However, this is only possible if you own enough equity or assets to be able to stay afloat during the mentioned period. This is a rule that should be followed if you have a mortgage, but not everyone follows it. In fact, some owners try selling their property after four months from the date of purchase, and they still manage to sell it. In this case, use an experienced real estate agent who can help you determine what is the best possible moment for selling your property based on its current status.
So, if you want impressive profit, you should sell after six months from the date of purchase. Find out more using this real estate spreadsheet.
5. If you are willing to invest money in repairs
If you want to be sure that your property will sell fast, then try to invest money in its repair work. This will make the property more valuable, not only because of its condition, but also because it will be less likely to remain on the market without attracting any buyers. While you may feel that this amount of money is too much for making some repairs and repainting the exterior of your home, remember that the sooner it sells, then you can move on to other investments or properties. Even if these repairs are expensive, they will pay off faster than expected, so do not be hesitant to take action right away. The period of repairs and selling is usually about 3-6 months, so make sure you get the most out of this investment.
6. If you want an impressive profit
If you want to sell your home fast for a good profit, then try finding potential buyers who can buy it at below market value. Or rather at its current market value. This is difficult to accomplish, but you can try setting the right price for your home in order to attract buyers who are ready to negotiate on purchase price. This way, you will be able to sell your house faster than if you set it at a standard valuation. You need to check out what other homes are selling for in your neighborhood. As well as their quality and size, then decide how much less you are willing to sell yours for. Keep in mind that people buy real estate by comparing different properties within the same area. So, if you want impressive profit, you should sell after six months from the date of purchase.
The market is highly dynamic so that even a small change in interest rates can significantly affect prices. So if you want to sell quickly, you’ll never know when exactly the right moment will come along. With proper planning and determination, it should be possible for anyone to sell their property fast!
