Many property owners ask the question, “When is the best time to sell?” The housing market is ever changing. It is virtually impossible to “plan” the best time. Sellers should, instead take in to account their personal lives and plan accordingly. Maybe you need a larger home for a growing family. Maybe downsizing is in order. There may be a job offer that would require a move. Others feel they would like to capture the appreciation in their property and buy another property.
We also advise that prospective Sellers seek the advice of their accountant regarding possible tax liabilities. Tax laws vary depending on the property you are selling. Is your primary residence? Have you fulfilled the requirement of 2 years as your primary residence to qualify for the $250,000 single tax free gain, or the $500,000 co-owner tax free gain? If you’re selling investment property is a 1031 tax exchange in order? A qualified accountant should be able to advise you correctly and advise you on what costs are tax deductible.