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R M | We bought a house last year for $350.000, the price now is $372.000, if we sell it, do we make profit ? |
Additional Details
The reason I ask is because maybe I will be moving out and find my own place like a town house, so we have to sell the house. Can I afford a town house with approx. $60K annual income ?
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dzwreck
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If you are able to sell the home on your own you may be able to realize a small profit. However, if you sell your home with a Realtor, which most people need to do, your profit will all be eaten away by closing costs and Realtor fees. Read below for info on selling on your own and also selling with a Realtor. |
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Ms.Social Worker
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The difference between the above prices is $22. What you need to do to answer that question yourself is factor the standard 6% commission. In addition to subtracting the commission, you'll have to factor in closing costs. Given this, a margin of $22,000 isnt going to net you much of anything in the way of profit. Get it? |
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justice19601
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no, your closing cost plus the cost of moving will eat any profit |
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david d
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May be not. the realtor will take a chunk percentage of the total sale. Then you will be looking for a new place and paying that realtor more. |
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rhsaunders
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Maybe. If you can actually sell it for $372K, you will net $22K. But that assumes that (a) you can actually get that much money for it, and (b) don't have to pay a large brokerage commission. Brokerage on vacant land can be as high as 10%. |
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roritr2005
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Yes. Whatever is left after your load is paid off is yours unless you have some other debt incurred on the house. Hope this helps!!! |
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ron d
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for sale by owner! |
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Art
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Figuring real estate fees (@6%) and closing costs (upwards of 3%), you are going to be cutting it very thin if you do, but I'm leaning towards "NO"!
Sorry! |
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Your NC Realtor
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Evenif you sell for sale by owner, do not forget that you will have to pay Capitol Gains Tax, which is a percentage of your increase in value, so you will have to pay tax on the $22,000 you have made the past year since you have not lived in the property for two years.
Check out info on this here:
http://www.irs.gov/taxtopics/tc409.html |
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