The listing price he'd have it listed at is $199,000.
To refresh your memory I paid $175,000 for it back in February.
Don't get me wrong, it's great to hear that I could list it $25,000 more than what I paid for it just a short 2 months ago. HOWEVER, I am not rushing out to make a sale. Listing at $199,000 doesn't mean it would sell for that much. Plus, I was just looking to have a better idea of it's value to calculate my own net worth, but it's tempting to make a bit of cash.
Hypothetical Selling Scenario:
Listing price - $199,000
Sale price - $195,000
Real estate commission (5% plus HST) - $11,017
Legal fees - $1,400
Mortgage discharge- $930
Mortgage - $159,595
When I purchased the condo I paid a $4,000 deposit and brought an additional $13,500 to closing to cover the remainder of the downpayment.
** This figure is actually less - I paid approx. $1,000 in lawyer fees and $200 for an inspection
Not too shabby for 2 months worth of ownership! Alas, I am not in a rush to sell, so I will update my net worth on the home asset line to $180,000 to reflect the new value.