we just bought a house that we don't like to live in. it is a good time to sell it now???Our house is in a

Asked by Sara, 07410 Fri Dec 21, 2007

great area of Fairl Lawn NJ, 4 bed. 2 bath, we paid 430K
Thanks, Sara

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8
Patti Pereyra, , Chicago, IL
Fri Dec 21, 2007
Hi Sara,

I don't know your market, so perhaps my concerns for your situation will be ill-founded.

You say you JUST bought a house and now want to sell it? Unless you live in a bionically-appreciating market, it is likely you will not even break even on the sale of your home after typical transactions costs.

Selling a house can be expensive, and I'm not just talking Realtor fees. There are transfer stamps, and title fees, and survey fees.....

Additionally, should you happen to make any profit, because (and I'm assuming this based on your question) you have lived in the house less than 2 years, you will not be protected from having to pay capital gains taxes.

Again, I don't know your market, but unless you bought your current home way under market value, you might want to consider the potential financial loss on your investment.
2 votes
Andrew Tisel…, Agent, Clifton, NJ
Mon Aug 20, 2012
I hope you sold in 2007

let me know if I can help
0 votes
Brian Parkes, , Montvale, NJ
Sun Dec 23, 2007
The last two answers are assuming the home was bought at 100% market value? Very good points thought.What do you owe, can you rent it and cover expenses, is there room for improvment, can you still afford the payments, life changes? If in fact you truly need out-- we need to discuss selling now or 6-8-10 months from now, if any, do we think there will be a difference? Is it in the Radburn area?
Web Reference:  http://www.bparkes.com
0 votes
Don Tepper, Agent, Burke, VA
Sat Dec 22, 2007
Marc and Patti hit the nail on the head. If you just bought it, even if prices were stable, you'll still have to come out of pocket by maybe $40,000. Ouch!

You say you don't like to live in it. OK. What is it that you don't like? Are the problems correctable? New paint and carpet? Outdated baths? Old kitchen? You can live with those, at least for a while. And if you need new baths, or paint and carpet (or, frankly, even a new kitchen), it'll cost less than $40,000. And those improvements will either add to your house's value, or make it easier to sell when the time does come.

Other things may just force you to grit your teeth. Maybe you went from a 20 minute commute to a 60 minute commute. (That's what happened to me the last time I changed jobs.)

Now, everyone's different, but the only thing that would really make me sell now and swallow a $40,000 loss is if I felt that I or my family were unsafe in the new house or new neighborhood.

I was in a situation sort of similar to yours. Back a while ago, my wife fell in love with a house. I hated it on first sight. It had a huge, unusable great room...the bedrooms were too small...it had no dining room...it was on a gravel road...it had a swimming pool that I knew would be a pain to keep clean...my commute went from 20 minutes to close to an hour...and on and on. But she loved it, and women wield a lot of power when it comes to buying houses. It took her about 6 months to realize the purchase was a mistake. It took us 1-1/2 years to sell it and break even. The point is: Sometimes you just have to grit your teeth and make the best of an unpleasant situation.

But, again, to address your specific question: No, now is not a good time to sell (in general). And while you absolutely should get a CMA from a Realtor and discuss your situation with him/her, it's unlikely to be a good time for you to sell a home you "just bought."

Good luck.
0 votes
Sharon Kozinn, Agent, Hillsdale, NJ
Sat Dec 22, 2007
A lot depends on your house, its location, etc Your first step should be to get a Comparative Market Analysis from a Realtor. Then, you would have an idea of what the current market will bring you, and you can make an informed decision. Please contact me through my website, and I would be happy to speak with you, and get you the info you need . Perhaps I can suggest some things that would make your home more appealing to you, or an alternative to selling.

Happy holidays and good luck.

I hope to hear from you.

Sharon Kozinn
Web Reference:  http://www.sharonkozinn.com
0 votes
Marc Paolella, Agent, Succasunna, NJ
Fri Dec 21, 2007
Hi Sara,

Fair Lawn is stable right now. Values have not changed over the past year. So it is likely you will come close to breaking even. However if you use a Realtor, you will lose about $20,000-$25,000 on the commission. You will also pay a transfer tax of $3,500. There will be moving expenses and closing costs on a new house. So even if you break even, you will lose $25,000 to $35,000. I don't think you should sell right now. At least wait until the Spring when there are more buyers in the market, and that will also give you a chance to live there a little longer to see if you settle in. I'd stay put a little longer.

However, if you absolutely hate it and need an analysis of what you can get for the home, contact me through my website. I think I've appraised every home in Fair Lawn at one time or another. (Just kidding, but I have appraised a lot of them...)

Good luck and Merry Christmas!

-Marc
Web Reference:  http://www.marcpaolella.com
0 votes
Brian Parkes, , Montvale, NJ
Fri Dec 21, 2007
Hi Sara
I would be glad to stop by. I lived in Fair Lawn and know the area well my office is in Ridgewood.
There are quite a few homes on the maket. I will need some more details. Check my site and give me a call or email. I would be glad to go over some options.

Brian
Web Reference:  http://www.bparkes.com
0 votes
Diane Menard, Agent, Marietta, GA
Fri Dec 21, 2007
Sara,

I would suggest talking to a realtor in your specific area to see what has been selling and how long houses have been sitting on the market for and that will give you a better idea of what the housing market is going to do for you.

I am pretty sure accross the board we are all in a buyers market and wil continue to see this trend for the next several months, so that being said there are so many homes on the market, buyers have lots of choices making houses sit longer than usual.

Good Luck!
0 votes
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