Profile picture for user8979026

Just purchsed our first home, we want to find a place closer to my office.

I just purchased our first home on 9/18/13. Today is 12/15/13 My wife and I like the house, like the neighborhood, but my commute is long, and we would like a larger home in the coming year. The market is great here, and the area is desirable. 

Question:
-Will it effect me financially (to the bank, credit score, next lender) if I just bought my first home, and want to sell it after a few months??

-Will it look bad to the next buyer, if we are just getting moved in and want to sell??

Thanks for the advice!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 15 2013 - Englewood
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (8)

Profile picture for wetdawgs
If you are able to sell and more or less break even,  buy again when you are confident you will be in your new home for a minimum of five years and preferably more.      With it costing 6 to 10% of the market value of your home to sell, plus another several percentage related to closing costs to buy, buying and selling every few months or even every couple of years is a great way to lose a lot of money.   On average, home prices keep up with inflation.   Sometimes they drop, sometimes they move faster.   But on average, one can't buy and sell in six months and break even even buying all cash and selling FSBO.



  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 17 2013
Profile picture for user8979026
Thank you everyone for your spirited and insightful answers.

A Follow Up ?: If we are able to sell our home and break even, is it smarter (financially, logistically, etc.) to attempt to purchase a home immediately, or should we rent for a period of time until we find the right area and the perfect next home???

Thank you!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 17 2013
It will not effect you anymore financially so long as you are able to handle the closing costs as a seller.  

It will not look bad to the next buyer unless your statement of long commute detours them to a home closer to the city.  

Have your licensee provide you with a CMA and estimate net to seller so that you can review the costs to sell.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 15 2013
If you want to explain to the buyers that you must move closer to work, that is  your prerogative, however, it is not necessary to explain  your reasons for selling. It will not effect your credit negatively and could actually help you if you can sell for a higher price. I've been in your situation before, moving closer to work was a great solution for me as well.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 15 2013
Profile picture for wetdawgs
Plan on it costing 6 to 10% of the market of the value of your home to sell.   This is an expensive proposition.

If you sell and repay your mortgage in full, you should be okay.
Will it look bad to the buyer?  The buyer does not have to need to know why you are selling.   In fact, make sure your real estate agent doesn't know.   What they don't know can't be passed on.

May I suggest when you move your rent for a while in your target community, it is cheaper than tossing out 6 to 10% of the market value of your home every few months to move.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 15 2013
And f you can sell it for more than you aid for it your family will think you're a genius!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 15 2013
It won't hurt you at all and the buyers really don't need to know to why you are selling so quickly. I'd be happy to do a Market analysis for you so that you can see what profit you've made in the past few months.

As long as you're honest on the Sellers Property Disclosure of anything you are aware is wrong with the house since you've owned it, you'll be fine.

Let me know if you'd like my assistance.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 15 2013
Not at all.  If anything, your credit scores will increase after owning a home for a few months, because having a mortgage report timely payments to the bureaus is a major factor that can increase ficos.  

It shouldn't effect most buyers either, because you are required to provide them with a "seller's property disclosure" that tells them everything you know about the property.  So, as long as there isn't anything really wrong with the house... you should be fine.

Your biggest concern is probably going to be making sure that you don't lose money on the sale of the house you just bought.   However, Denver is a hot market, so with any luck you might be able to sell it for enough above the price you paid, to cover the listing fees.  Especially if you have done any upgrades to it since taking possession of it.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 15 2013
 
Related Questions
Wheather to put house for sale due to death in family. House in bad repair and needs work?
Profile picture for Julie Reddington
Latest answer by Julie Reddington
July 22 | 4 answers
Just purchsed our first home, we want to find a place closer to my office.
Profile picture for wetdawgs
Latest answer by wetdawgs
December 17 2013 | 8 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2565 S Dennison Ct, Denver, CO Home For Sale
    2565 S Dennison Ct, Denver, CO 80222

     For Sale: $365,000

    • Beds: 5
    • Sqft: 2738
    • Baths: 2.5
    • Lot: 7690
  2. 520 W Aberdeen Ave, Littleton, CO Home For Sale
    520 W Aberdeen Ave, Littleton, CO 80120

     For Sale: $230,000

    • Beds: 5
    • Sqft: 3455
    • Baths: 4.0
    • Lot: 21344
  3. 12524 E Cornell Ave, Aurora, CO Home For Sale
    12524 E Cornell Ave, Aurora, CO 80014

     For Sale: $40,000

    • Beds: 2
    • Sqft: 1016
    • Baths: 2.0
    • Lot: --