Sell House Now or Later? π‘π
Sell my house now at $450K (vs. $390K purchase price in Apr 2021) and pay 30% capital gains tax OR wait until Apr/May 2023 to sell avoiding capital gains but risk market uncertainty? The house is in a Maryland suburb of Washington, DC. I am moving to another state for family reasons.
If you are moving to another state, sell it and move on. Way too much of a headache to keep it and not be anywhere nearby should something come up.
Yet most people here think this isnβt a problem. Itβs one they have to learn the hard way.
Housing prices will for sure drop. Mortgages rates have been going up and up which makes buying power drop.
Sell and be done with it. Cap gain will be almost nothing after agent commission and taxes
Capital gains savings will probably be eaten up and then some by time you factor the holding costs to wait till apr may... Especially depending how your property tax works.
Keeing a house has quite some expenses. Just sell it while you still have gains now. The future may see lower prices.