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 Is it better to buy first or sell first?
 It's a tradeoff, but most experts agree that selling your existing home first is best in most circumstances. If you market your existing house first and it sells quickly, you might have to rent or buy very quickly. But you won't have to deal with the downsides of buying first: arranging for interim financing and anxiety about whether or not your first home is going to
sell. On the other hand, if you buy first you know exactly where you are going and when. You know what it will cost. You know if you will need to take the washer, dryer, and refrigerator from the old house. If you do not need them at the new home, you can include them in the sale of your house to help sweeten the deal. |
How can I fulfill the primary-residency requirement so that I can avoid capital gains taxes when I sell my vacation home?
You must live in the home a total of 24 months out of the last five years to qualify for the $250,000 exemption ($500,000 for couples). The 24 months do not have to be continuous. To prove occupancy, save utility bills, auto registration notices, business income records, and voter registration cards. |
How long does it usually take for a home to sell?
Most houses usually take three to four months to sell in a typical real estate market. In a hot market, however, homes can sell the day they go up for sale. In a slow market, homes may sit for months--even longer--before selling. When considering your selling strategy, take
the time to research your home's value online and get at least one comparative market analysis to set your price appropriately. If you need to sell quickly and the market is slow, you may have to do extra work to stage your home for sale or set a lower price to attract buyers. |
Will it help to sell my house if I move out?
Not necessarily. It could be easier on you to sell if you move out before the marketing process begins. Your home can be more easily staged for sale (moving out excess furniture or accessories, for example). It also can reduce stress if you are living elsewhere when the house
is shown. You may not want to purchase another home, however, if the market is uncertain or you are financially unable to bear two mortgage payments.
Should a seller be present when a home is shown?
No. When sellers are home during showings, buyers tend to shorten their visits and restrain
themselves from reacting negatively in any way to avoid offending the seller. Most buyers need to look at a home privately and pick its qualities apart before they come to some decision. This won't happen in your presence and you could lose a buyer as a result. Also, negative feedback can help you make fixes to better present your home. |
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