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Message
Where to park money from home sale
Posted on 8/5/22 at 4:38 pm
Posted on 8/5/22 at 4:38 pm
My house is on the market and I have a place to live rent free as long as needed.
Plan is to sell house and wait out the market, as long as needed.
Where would you put all of the money received back from profit/equity?
Also, any worries with capital gains taxes?
TIA
Plan is to sell house and wait out the market, as long as needed.
Where would you put all of the money received back from profit/equity?
Also, any worries with capital gains taxes?
TIA
7
Posted on 8/5/22 at 4:40 pm to 23parker
Whsi
Posted on 8/5/22 at 4:48 pm to 23parker
LINK
Outside of a 2008 type situation, home prices aren’t going to drop, at least in any significant amount. The best case you could probably hope for is the rate of increase to slow.
You’re going to be waiting longer than you think. Odds are, you will never get a better price than what you’re currently seeing.
Good luck
Outside of a 2008 type situation, home prices aren’t going to drop, at least in any significant amount. The best case you could probably hope for is the rate of increase to slow.
quote:
Plan is to sell house and wait out the market, as long as needed.
You’re going to be waiting longer than you think. Odds are, you will never get a better price than what you’re currently seeing.
Good luck
Posted on 8/5/22 at 4:49 pm to 23parker
Yeah good luck on finding a better deal anytime soon. You’ll be waiting for years
Posted on 8/5/22 at 5:06 pm to iAmBatman
I disagree as someone with a home on the market that I’ve had to reduce 3 times.
Houses are not moving much right now. I don’t expect drastic changes, but it seems something’s gotta give if people want to sell…
Houses are not moving much right now. I don’t expect drastic changes, but it seems something’s gotta give if people want to sell…
Posted on 8/5/22 at 5:21 pm to iAmBatman
quote:
home prices aren’t going to drop, at least in any significant amount.
Correct. We are still years away from having adequate inventory. Home prices may not appreciate like they have the last couple of years, but they should still increase yearly at 3-5 percent.
Posted on 8/5/22 at 6:03 pm to 23parker
quote:
I disagree as someone with a home on the market that I’ve had to reduce 3 times
Just because you’ve had trouble selling your home, doesn’t mean the market as a whole is going down.
You think prices are going to go down once interest rates peak and even start decreasing?
Posted on 8/5/22 at 6:04 pm to Paul Allen
quote:
Home prices may not appreciate like they have the last couple of years, but they should still increase yearly at 3-5 percent.
Agreed.
A slowdown in appreciation =\= home prices declining.
Posted on 8/5/22 at 7:42 pm to 23parker
CELSIUS!
Posted on 8/5/22 at 8:14 pm to 23parker
quote:
Plan is to sell house and wait out the market, as long as needed.
Have you quantified what exactly you are waiting for? Prices to drop 5%? 10%? What if prices don't drop for years but rates continue to go up?
Posted on 8/5/22 at 9:01 pm to 23parker
The thing to do is not just wait for prices to go down, but be an aggressive buyer with cash in hand.
Find that house that’s been sitting for a while and make a low-ball offer.
Find that slightly run-down house in a great neighborhood that you can get cheap.
Don’t be cheap, be opportunistic.
Find that house that’s been sitting for a while and make a low-ball offer.
Find that slightly run-down house in a great neighborhood that you can get cheap.
Don’t be cheap, be opportunistic.
Posted on 8/5/22 at 9:13 pm to iAmBatman
So you think they will continue to increase as interest rates also go up?
I agree the growth will slow, but I have been watching all around my neighborhood (Old Metairie, so not in BFE), and most houses have been listed for weeks and several have had decreases.
There is plenty of inventory in the area as well. Just speaking on observations.
Pay attention to what’s around your house for sale and I think you will get a better idea.
I agree the growth will slow, but I have been watching all around my neighborhood (Old Metairie, so not in BFE), and most houses have been listed for weeks and several have had decreases.
There is plenty of inventory in the area as well. Just speaking on observations.
Pay attention to what’s around your house for sale and I think you will get a better idea.
This post was edited on 8/5/22 at 9:15 pm
Posted on 8/5/22 at 9:27 pm to 23parker
quote:
So you think they will continue to increase as interest rates also go up?
Sure they’re going up. Again, not 20-30% like you saw the past couple of years, but why wouldn’t a home appreciate by its yearly average of 3-5%, even with mortgage rates going up or down?
Posted on 8/5/22 at 9:34 pm to Paul Allen
By no means do I think they will depreciate. I think the prices will come more in line with where they were pre 2020 craze. I think they will appreciate from those prices.
All of the current decreases I am seeing still place the homes above pre 2020 craze prices.
All of the current decreases I am seeing still place the homes above pre 2020 craze prices.
Posted on 8/6/22 at 12:36 am to Bjorn Cyborg
quote:
Find that slightly run-down house in a great neighborhood that you can get cheap.
This is your best bet for a great deal and instant equity, especially if you have a place to live rent free while the work is happening. Lumber and construction prices are dropping from all time highs. Find a house with good bones that just needs some lipstick and rouge.
Posted on 8/6/22 at 12:37 am to 23parker
quote:
and most houses have been listed for weeks and several have had decreases.
Houses taking weeks/months to sell is normal. What we saw the last 2 years was abnormal.
Posted on 8/6/22 at 2:23 pm to 23parker
quote:
Where would you put all of the money received back from profit/equity?
IMO, your scenario/timeline is too open ended to suggest anything other than a high yield savings or money market account.
Posted on 8/6/22 at 7:08 pm to gpburdell
quote:
Houses taking weeks/months to sell is normal. What we saw the last 2 years was abnormal.
It blows my mind that people don't see this. I've seen post after post saying some permutation of what you quoted, as though it's some indication that the market is going down. Ignoring that the "decreased" list price is still $100k+ above the last sale price just a few years ago
Posted on 8/6/22 at 9:35 pm to Joshjrn
This is the “decrease” I am speaking of. I think they will come off the “abnormal” $100k increase, but still ~5% above normal pricing to level out.
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