3 Things To Consider If You're Selling A Property
What should you consider if you are thinking of selling a property you own to cash in on the higher prices in today's market?
First you need to consider where you will move to, if it is your primary residence you are selling. If you are planning on staying in this Valley, please talk to one of our real estate brokers about where you can move to. Inventory is better, but it can still be a tight market in certain price ranges.
Second, you get to consider the double edged sword of making a lot of money on your investment property. If it is desirable and possible, please let us help you learn more about how you might be able to do a 1031 Tax Deferred Exchange into another property and possibly defer paying capital gains. This certainly does not work in every instance.
Third, If a tax deferred exchange does not work for you, there is still one more thing to consider. If you wait, and don't sell now, since you think the capital gain tax is too expensive, you might possibly wait long enough that the value or your property could drop, and you could possibly lose more than if you had sold when the value was high and simply paid the tax.
All things to discuss with a professional real estate broker with Team Black Bear in a no obligation consultation.