Answers by Scott Bergmann

Capital gains tax is what you pay when you sell an asset, like real estate, for more than you bought it for. If you make a profit on the sale of your home or an investment property, the IRS looks at that profit as taxable income. There are a couple of exceptions: if it’s your primary residence and you’ve lived there at least 2 of the last 5 years, you may be able to exclude up to $250,000 (or $500,000 if married filing jointly) of that gain. Who pays it? The seller. What paperwork should you keep? Your closing statements (HUD/ALTA), records of improvements you’ve made, and of course your purchase documents. Those help calculate your “basis” and show what your actual gain is. Always loop in your tax pro—they’ll thank you for bringing those papers.

An ARM (adjustable-rate mortgage) usually starts with a lower interest rate than a fixed loan, which is why it’s tempting. The catch? After that fixed period (say 5, 7, or 10 years), the rate adjusts based on the market, and it can go up. If you’re planning to stay in the home short-term or know you’ll refinance, an ARM can save you money in the early years. If you’re planning to put down roots long-term, a fixed-rate gives you stability and peace of mind. Neither is “bad”—it just depends on your timeline and comfort with risk. I always tell first-time buyers to run the numbers both ways with a lender they trust.

There is no rule that says you have to wait. You can relist right away if you want. What really matters is making sure you are addressing why it did not sell the first time. Was it price, condition, marketing, or timing? Sometimes a little refresh such as new photos, updated description, or a small repair makes all the difference. Also, depending on your MLS, your agent may need to wait a few days for it to reset as a “new” listing. Talk with your agent about the strategy because relisting is more about positioning than timing.

Price, presentation, and exposure equal speed. If you want a fast sale, you will need to be priced right from the start, sometimes even a touch under market to generate urgency. Presentation matters too with decluttering, cleaning, and maybe a fresh coat of paint. On the exposure side, your agent should be marketing everywhere buyers are looking such as MLS, Zillow, Realtor.com, social media, and to their own database. If you combine all three, fair pricing, great presentation, and strong marketing, you will move quicker and cut down on back and forth negotiations.