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Thankful for the current real estate trend

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    Thankful for the current real estate trend

    Had been holding off on selling multiple properties until recently. The value of just the land alone in some areas is amazing. With increased development and skyrocketing taxes, it’s an easy decision to sell and move on.

    #2
    Congrats! My concern is what am I going to move on to, feel like I'm too young to just take the cash and the hit.

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      #3
      It is very good. We have 5 closings scheduled this month.

      Sent from my SM-G998U using Tapatalk

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        #4
        Seems like a wash for someone just wanting to upgrade homes huh? If I make a large amount selling my home won't I just pay out the roof for my next home and lose all the profits anyway?

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          #5
          Originally posted by Danno View Post
          Seems like a wash for someone just wanting to upgrade homes huh? If I make a large amount selling my home won't I just pay out the roof for my next home and lose all the profits anyway?
          Depends. But, if you were driving a Ford Pinto and could upgrade to a Corvette for the same price, would you?

          Sent from my SM-G998U using Tapatalk

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            #6
            Yep. It will be very good for us. We were already planning on it, but we will be selling our home next April. I think next Spring is going to be the peak of the crazy values before it starts settling down.

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              #7
              Originally posted by Danno View Post
              Seems like a wash for someone just wanting to upgrade homes huh? If I make a large amount selling my home won't I just pay out the roof for my next home and lose all the profits anyway?
              Selling investment properties is one thing, but you are right. Looking at how much your house is potentially worth feels good but if you sell, then what? If you happen to be at a point in your life where you are ready to dramatically downsize it would make some sense.

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                #8
                Good luck on the sale! You going to take the cash and run or buy another property to avoid the taxes?

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                  #9
                  Originally posted by RMW View Post
                  Good luck on the sale! You going to take the cash and run or buy another property to avoid the taxes?
                  Thank you. Not in any hurry to buy something more expensive. I needed to get out from under all the taxes.

                  Something similar happened to a friend. He had planned on holding onto a nice piece of property to retire on but then development moved in and multi million dollar homes started being built up close. And then a substantial number of cookie cutter houses went up on the other borders. His taxes climbed so high that he knew it wasn’t worth owning anymore. He downsized and sold off most everything.

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                    #10
                    The covid eviction moratorium is coming to an end on the 31st of this month here. I want to see how that plays out.

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                      #11
                      Originally posted by RMW View Post
                      Good luck on the sale! You going to take the cash and run or buy another property to avoid the taxes?
                      That's the great thing about selling your home after 2 years is the profit is TAX FREE up to $250K if single or $500K if married.

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                        #12
                        Originally posted by Danno View Post
                        Seems like a wash for someone just wanting to upgrade homes huh? If I make a large amount selling my home won't I just pay out the roof for my next home and lose all the profits anyway?
                        Great time to sale investment properties or possibly downsize. Not primary to upgrade.

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                          #13
                          Originally posted by DFWPI View Post
                          Depends. But, if you were driving a Ford Pinto and could upgrade to a Corvette for the same price, would you?

                          Sent from my SM-G998U using Tapatalk
                          But at todays market prices that Ford Pinto you apply named is now the corvette and the corvette is now a Maserati. Your chances of coming out ahead are pretty slim!!!!!
                          You sell high in this market you also pay high in this market.

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                            #14
                            I'm hoping that it cools soon. Property valuations are up which is very tempting to the taxing entities. I can't think of any winners in a situation like this. It's not that the properties are bringing more, it is that it takes more of this funny money to buy them.

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                              #15
                              I agree if you are wanting to sell off rental investments, it is a good time to do it. I bought at the start of this craziness in market values
                              I’m finding that long term rentals are not too bad given the current market as there is a surplus of renters because they are unable to compete in the current market trend on home values

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