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Can i sell home after owning for a little over a year with out loosing a lot?

Hello. I have owned my condo for a little over a year now and am wanting to sell it and move into a house that is bigger. Is it possible for me to sell it with out loosing on it? Or just even after owning it for a year? We have a first time home buyers loan as well if that makes a difference, some one said we have to own it for at least 2 years? I know right now is a really good time to buy but not sell right!? Thank you!
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July 10 2012 - Grand Junction
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Profile picture for sunnyview
Probably not. You will likely lose money if you sell on basic transaction costs like escrow and commission even if your market has skyrocketed since you bought.

Read your paperwork and see if it allows you to sell or not with your type of loan and call several agents to get a ballpark estimate of what your house might sell for right now. Buying and selling is expensive so you need to look before you jump into another house.
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July 10 2012
Very unlikely.  If you hire an agent charging a traditional fee, you are going to have to sell for about 108% of what you paid to break even.  More if you add in the cost you paid when you bought.  If you do realize a gain, you will have to pay taxes on that gain.
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July 10 2012
What city and state is your home located in? The buyer or seller market will vary from location to location.  Contacting a local area expert is highly recommended.
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July 10 2012
Profile picture for wetdawgs
Plan on it costing 6 to 10% of the selling price to sell your condo.   Therefore,  is it possible?   Perhaps you can get a CMA from an agent or two to see how they perceive the market value of your home today.

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July 10 2012
 
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Can i sell home after owning for a little over a year with out loosing a lot?
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July 10 2012 | 4 answers
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