Home Selling in Green Bay>Question Details

Nick, Both Buyer and Seller in Green Bay, WI

What can be the expected projected profit after a home sale?

Asked by Nick, Green Bay, WI Mon Sep 8, 2008

My wife and I are contemplating selling our existing home in Green Bay, WI and upgrading to a larger home. We would like to use the profit from the sale of the home in addition to cash that we have in savings towards the down payment.

We figure the value of our home to be in the $135,000-$140,000 based on comparable homes. We have owned the home for 5 years. We owe approx $104,500 on the mortgage.

How much on average can we assume to lose in profit due to realtor fees, etc?

We are trying to just get an estimate so we can plan for the purchase.

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Answers

1
Call a Realtor or several in your area and ask your questions. You will pay Realtor fees when you sell but also don't forget title insurance for the buyer, possible state and local taxes on the sale, Most Realtors can give you an Approximate Proceeds estimate that will list all the seller costs so that you will have a good idea what you will have available. Also ask for buyer closing costs, however, so that you will not misjudge what price home you can purchase. Most home prices have been falling in the past several years, so it is a good time to purchase if you have the profit from the sale of your current home and additional savings. Please be careful that you have additional savings that you will leave in savings, however, for emergencies. It is never a good idea to have every penny wrapped up in real estate or any other investment for that matter. Generally financial advisors suggest from 6 to 12 months living expenses in savings whenever possible. Good luck to you.
1 vote Thank Flag Link Mon Sep 8, 2008
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