The red-hot housing market is causing homeowners to stress over whether now is the time to sell a house. Home prices are high and the inventory of houses has remained low. Buyers are competing in bidding wars.
Here are some variables to consider when making a decision. There are several cost issues that could erode any profit and when you sell your house and you can become a frustrated buyer as you seek a new home because the same housing boom that raised the price of their current home has also raised the price of their prospective one. You need to take into account everything you are going to spend when you move.
First, you need to calculate the sunk costs. If you have in your home only a short time, there has been less time to recover transaction fees, closing costs, realtor fees furnishings purchased for the house, and upgrades. You also need to consider the impact of the sale on state and local tax rules. You need to keep documentation of any upgrades.
Those in the best position to sell are those selling investment properties or vacation homes as they won’t need to replace their primary residence. Drop me a line and I am happy to discuss!
