Many homeowners don’t realize the impact of today’s seller’s market in housing. Housing supply is running at 2-3 months in many parts of the country… especially in neighborhoods and areas with affordable price points. This means that it may be a great time to consider selling your house. Here are three signs that it may be time to sell:
1 – Lifestyle changes. It may be a great time to sell if you’ve recently experienced any major life changes, or if you expect any major life changes in the near future. Here are a few examples I’ve seen recently:
- A new job
- A new baby or grandbaby
- Family members leaving the house
- Changing elder care situations
2 – Tax-free capital gains. House prices have gone up considerably in many parts of the country. There may be some opportunities for you to walk away with up to $250,000 (single) or $500,000 (married) of tax-free capital gains if you’ve lived in the house as your primary residence for at least two full years out of the past five years. Check with a CPA for details and reference my article called, How to Get the Primary Residence Capital Gains Tax Exclusion.
3 – Buy low, sell high. Housing inventory levels are a lot higher at the upper end of the market. This means that it’s a good time to buy a house if you are trading up. Most people only talk about buying low and selling high. Here’s your chance to actually do that.
Contact me if you have any questions or if you’d like to discuss your options in further detail.