You will rarely meet people who choose to sell their home before at least five years pass. Part of the reason for this is because the move is recent – picking up your life to transport from one home to another home is a huge commitment of time and energy. The other reason is the enormous amount of money that many people have wrapped up in their homes. Selling your Vegas home after a year is doable, but you should make sure that it’s a necessary move – many people will find themselves needing to sell with that kind of turnaround if their finances change, like in the case of unexpectedly high medical bills, or a change in marital status. A new job could also turn your new Vegas home into the home you used to own.
Tax penalties, the time and financial costs of networking the home, and the costs of preparing your home for sale will add up, and quickly. Plus, don’t forget that you also have to hunt for a new place to live. If your intent is to use the profits from the sale of your new-ish home to a brand-new home, you’ve got your work cut out for you.
Work with a Local Real Estate Agent
It could be the very same agent who sold you the home that you’re currently trying to sell. Your agent will be surprised, but you can anticipate that they will still be able to help you. While your agent won’t be able to work with you without taking commission, you can anticipate that they will be able to help you network your home. Your real estate agent will probably recommend that you clean and maintain your home throughout the process. This will make it easier for you to find a staging company for your home. Staging companies make your home look minimalist and appealing to potential buyers. This will inevitably involve removing some of your personal items, and making room for neutral furniture and decor. All of these reasons are why it’s better to go through a real estate agent when you’re ready to buy a home, or sell the one you have.
A real estate agent will also be aware of the housing market in your area, and how to properly price your home for sale.
This can be jarring for some – even at just a year of occupying a home, some people understandably feel an emotional bond with their property. It could be their first, or it could have been purchased after years of saving, waiting, and searching. Always remember that selling your home is a process, a lengthy one, and can have unexpected emotional consequences.
Be Prepared to Spend
You may have just purchased your new home, but the process will take time – and money. Hiring professional home cleaners is a good start, and making sure you’ve made necessary repairs to your home is also extremely important, especially if you bought a fixer-upper. If you have several pieces of large or heavy furniture, you’re going to need help from a bonded and insured moving company. You could recruit friends and family to help, absolutely, but moving companies have protections for their workers, in case they’re hurt, or in case they damage or break a piece of your property, or something in your home.
Know the Market, and Consider How Potential Buyers May Feel
The first thing that you should know (or ask your real estate agent) is whether or not the time that you need to sell your home is a good time to try and sell a home overall. In a slow market, your house could be on the market for months, which isn’t good for a property for sale. While you may not be able to wait for a better market to put your house up for sale, knowing the market will give you a realistic expectation for how quickly you might be able to sell your home.
Bear in mind that selling your Vegas home after one year may look odd to potential buyers. While every inquiry won’t inevitably lead to a potential buyer asking how long you’ve been in the home, you should be prepared for the surprised look that some will have when they hear that you’ve lived in the home for such a short period of time before selling the home. Don’t be surprised if you’re asked if the home is haunted, whether or not there is nearby gang activity, if the foundation is cracked, if neighbors are loud or rude, or any number of questions as to why you’re selling your home after just one year.
Tax Penalties and Other Financial Considerations
To determine the government’s costs for selling your Vegas home, you can consult your local real estate agent, or you can contact a real estate tax professional. The costs of selling your Las Vegas home before a year also includes the downpayment that you put down for the home that you have now. Capital gain taxes, for example, could be charged to you if you make a certain profit on the quick sale of your home. Whether or not you’re liable for these taxes depends on how much of a profit you made from the sale of your home, and can also be affected by your income. Let’s say you bought your home for $100,000, and you’re able to sell your home for $375,000. In this case, you will pay capital gains taxes. As a single homebuyer, you’re allowed a profit of up to $250,000 – quite bit of money, really, but far from improbable, particularly in extremely active markets with higher home prices, typically due to a housing shortage. If your $100,000 home goes for $375,000, you’ll have to pay taxes for $25,000 of your home’s profit – and depending on your income, it could be as high as 20%, or $5,000.
Selling Your Home After One Year in Vegas Can be Easier than You Think
Any number of reasons can be the reason that you need to leave your new home. This isn’t unheard of, and you’re far from alone. Your best bet is to contact your local real estate agent for help. You’re going to receive some warnings about the financial implications of a quick turn-around sale, especially from a good real estate agent, but make sure that selling your home after one year is the best decision for you.