There are five types of sellers I have identified in the current market: If you are not one of these below, I would wait for the election year - 2012 when things should improve.
1) Need to move-up and don't mind selling for loss because your gain will be so much better.
2) Emergency Crisis- lost job, medical crisis, death in the family, etc.
3) Can't make payment and are in danger of foreclosure - Short sale home.
4) Needing to Relocate because of better job position, can take loss on sell side to buy or rent in new area.
5) Retired and need to downsize or move closer to family while prices are somewhat affordable.
I'm going to give you a very direct answer. Unless you have a compelling reason to sell your home, stay for the year or two that you mentioned.
A lot depends upon whether you need to 'make a profit' or at least 'break even'. Perhaps
a change in jobs/commute are motivating your desire to move? I don't know your specific
market, but, in general, houses haven't appreciated much (if at all) in the past year. When
you factor in your "moving costs" (Realtor's commission, attorney's fee, various transfer fee,
plus the cost of actually moving your belongings and transferring your utilities), it is
very likely that you will have to dig into your pocket to come up with some cash for this move.
However, if your personal situation has changed, those factors could outweigh the financial costs.
Prudential New Jersey Properties
With buying your home so recently in 2009 it would be difficult to say if you should sell or wait a year or two. I would have to do a market analysis on your home but I would think it may be hard for you to come out ahead with all of the transaction costs involved.
What you need to look into is what is your motivation for selling now? Why do you want to move out of a home you purchased a year ago? Is it more than you can afford? Do you not like the area? If you are looking to trade up into a larger home it may be a good time because if the home you are in now has not gained value or has lost some value the larger home you would be buying would typically be under those same pressures. So you lose $10,000 on your current house but you are able to buy the larger house for $20,000 less. if you wait for the market to rebound you can sell your home for $10,000 more but the larger home you want to buy is now $20,000 higher than if you bought it a year ago.
Granted these are very general examples but I am giving them to you so you can think about why you are wanting to move. I always put my clients best interests first as all Realtors are supposed to do. Unless I honestly knew your situation in detail it is impossible to say for sure and in the end it is your decision to make. From a standpoint of buying a house and living in it for a year before selling that just does not make economic sense because of the transaction costs involved.
Life sometimes throws you curve balls so look at your motivation and make sure it makes sense. If you are going to buy another home you can lock in the lowest rates we have had in over 40 years. I am also a mortgage broker and 30 year rates are almost at 4.25%. As an added service to my clients I do not charge them origination fees on purchase transactions when I represent them as their Buyers Agent.
I wish you the very best of luck and if you would like to talk about your situation in greater detail please feel free to contact me.
REALTOR | Keller Williams