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’s 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.