I had a house built in Boise Id. to get away form expensive L.A. Now i am regretting it?

Question

What does it take to sell a house? How much will I lose to real estate comissions?

Answer 1

Here typical comissions range from 4% to 6%. The 4% is usually when the buyer is represented by your realtor or another realtor working for the same broker. You also need to look at capital gains tax. If you have been in the house for less than 2 years you could pay a hefty penalty. There are ways around it though such as finiacial hardship, moving due to employment, etc. Make sure and check with a CPA or real estate attorney. It may cost you money but save you tons. And depending when you built your house you might have a good amount of equity in your home. Boise had strong growth in real estate and it is still pretty stable. You might come out better than you think.

Good luck.

Answer 2

you have more options than just selling. i'm sure you have thought about renting it out but don;t want the headaches of being a landlord. hire a realty company to manage it for you. you can be very specific about the rent and what type tenant would be acceptable to you. if you want to sell the house i'm afraid you would not come out very well financially after you pay the Realtor, the fee is negotiable btw, pay the short term capital gains and losing the tax break. sometimes a better answer is called equity sharing. this is a technique similar to rent to own. do your research and get as much information as you can on your options. then make an informed decision. never make a decision out of fear or panic. seek out the advice of people that are experts in the real estate field in boise and la. even if you have to pay for a consultation you will be able to make a better decision.

Answer 3

Is the house already built? My coworker got luck out. The builder failed to complete the project in time and she will get her deposit back.

Commission is usually 6%, but you can negotiate.

Not sure if this would help. Usually, a housing market correction last for years. It is unlikely things will brighten up in a few months, afterall, this bubble took 5 years for form.

It might be better to give some discount so you unload the house quickly and can use the gain of the home to make money elsewhere quickly. At the same time, you will save money by not paying mortgage for the next 5 months.

For example, if mortgage is $2500/mo. and you have $300,000 gain sitting in the house, by selling it now rather than 5 months later will save you $12500. It will also earn you as much as $7000 from interests (Assuming CD are paying 5.5% or higher).

Total financial benefit for selling early would be $20,000. I would give buyer some discount just because of that.

Finally, keeping a house in selling condition is a lot of work. If your realtor does staging, it costs extra to rent furnitures. If you are living in the unit, it takes extra effort to keep it clean. So, sell it fast!

http://money.cnn.com/2006/09/25/news/economy/homesales2/index.htm?postversion=2006092513
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814

Answer 4

Might want to hang on in Boise. I keep hearing people here, San Diego, talking about moving to Boise. New trend I guess.

Answer 5

If you're determined to do so, you can easily take a beating on your house. Think about getting as much as you can and coming away with some profit, hmm? Shoot for the moon, take what you can get. It's often more than you expected.

Answer 6

5% to 6% is the commission for selling a house through a Realtor.
Maybe you have some equity and something to walk away with. check it out.

Answer 7

Call a local Century - 21 agent