If you had a second house and wanted to sell it, but didn’t need the cash right away, would you just sell now to get it done or wait a little in hopes rates go done and you get more interested buyers and thus a higher sales price?

like
Posting as :
works at
You are currently posting as works at

I'd sell now to get it done. I wouldn't want to deal with some unexpected big expense on a house I want to get rid of.

like

If you can wait until spring, I think you’ll see a big shift in the market between now and then. Most markets also have a huge uptick in spring and summer anyways.

But I don’t think it’s worth holding on to for a few years just to hope for appreciation.

helpful

Depends on location

like

Also depends on your plan.

If you’re selling 2nd house and it’s a rental, there’s tax to think about. If you plan to buy another 2nd house and rent it you might want to wait and do a 1031 but if your plan is not related then maybe better to sell now because then you have the cash capital without having to wait to sell at a later time.

like

If you’re hoping for mortgage rates to go down, that seems like it’s going to be at least a year for any measurable drop by the Fed (and not assured, either).

like

I’m aware. Just depends what OP is hoping for and where we see enough of a drop that people begin looking more earnestly again. I don’t think the 6s are it when you couple that with housing prices still being high.

like

Some might debate it’s better to sell now and use that capital to invest in stock or something but others might argue that the tax implication might not be worth it. It also depends on your long term goals like if it’s something you want to pass down to your children or the reason you need to sell (maybe you need it to move across country).

It really depends on a lot of factors.

Personally if you’re convinced you need to sell I would sell it now. Be done, be free. Not selling now you risk other things (roof leak, plumbing breaking, water heater breaks, and it’s all for a gamble that “maybe” you can get more or higher bids in the spring or “maybe the feds will lower interest rates and you’ll get more competition to buy”

like

If you hold it, you're guaranteed to pay additional property taxes just for a speculative chance of a bidding war.

like

What are you doing with it in the meantime, and how much is the mortgage loss per month?

like

It’s siting there. Paid for.

Related Posts

What actual stocks you all buying today? Got some cash from settled trades I want to deploy

like

28 year old with ~125k in cash/brokerage. Have been wanting to begin purchasing rentals but anxious to use a good bit of my liquid savings. Thoughts on biting the bullet vs. investing in stocks. In Houston if that is a factor

like

So what stonks are we buying?

like

I'm remodeling my apartment and am debating on heated floors (kitchen and bathroom). Worth the spend?

like

Personal finance book recommendations?

like

Does anyone have any book recommendations for information on buying a house?

like

How did you get started with your personal investing in stocks? I am 26, F, have some money in savings, 401k, stocks and just started my own business albeit small. I’m extremely interested in real estate investing have been reading and listening to podcasts. Any advice?

like

Do you suggest booking profits now (even if they are less) to reduce the risk profile, given that market is moving sideways and bubble might finally burst 😬

like

Those who moved nyc to nj- assm min change in rent, how much did you save on an avg cause of taxes etc.?

like

Does LTA and phone allowance are processed each month as a taxable income if we do not produce the bills ?

like

How much percentage of your Salary do you Save/Invest?

like

Porsche IPO worth buying now amid market and economy turbulence?

like

How common are credit checks for roles in accounting or finance positions? Will high utilization on credit card balances and low credit score be a deal breaker? I’ve been irresponsible and made mistakes, but wondering if I can switch jobs now or if I’m best off waiting 1-2 years and cleaning up my credit first.

like

I’m leaving my job soon but I’m wondering if I should be truthful when I hand in my letter of resignation. There’s a ton of reasons but it boils down to: I’m worth more than they can pay me and I need to pay off these student loans. What should I say?

like

Did anyone get a jumbo loan with less than 20% down?

like

Hi everyone, any tips for resignation letters, who to meet/tell first, what to do before your last day (i.e. anything adulty like 401K or healthcare)? Any insights would be greatly appreciated!

like

Is stimulus check based on gross or net 2019 income?

like

I am looking into buying a multi unit (dullex,triplex,quad) in Chicago ideally in Lakeview East/West, Lincoln Park, Wicker Park, Logan Square, Bucktown areas.

This will be my first property and planning on living in one of the units. Downpayment will come from what I have in stock market but wondering if anyone has any models to how to analyze if it would be a good investment property. Would appreciate any help? First in family to get into something like this.

like

Anyone here willing to explain their thesis on bitcoin? Thanks!

like

Heading to Buenos Aires and Montevideo tomorrow. Will be in each city for 1 week. Are credit cards widely accepted or do I need to exchange cash before I go. Thanks!

like

More Posts

Can anyone let me know for any opportunities in amdocs india (pune/ Bangalore) for java/mainframe/python positions.

like

Is tonight a good night to go out (Friday of Memorial Day weekend) or is it going to be dead? Trying to strategize

like

Hello Colleagues - I am a Tax Senior (M) applied for a transfer to Pune office and will be moving around Nov/Dec - no rush as such as we need to report to office by Jan.

Looking for a chilled out flatmate who is also looking for something similar. Lil about me if it matters;
Super organized, non-smoker, Beer connoisseur, console gamer-Xbox series S (Almost unbeatable Div1 in FIFA 22), a backpacker

Will find a 2 BHK fully furnished in a gated society around Kharadi-EonIT park Please drop a DM!

like

How many days/weeks are expected from a candidate (Manager+ level) to accept/decline offer?

likeuplifting

I’m interviewing for an Associate, Private Equity role; I’m currently on the public equity side. Is there anything I should prepare ahead of the interview?

like

Curious what’s a fair salary in MA? Was just told that there is likely not going to be a chance for a raise during my upcoming performance review due to my salary already being “above average for the industry” based on my employer’s questionable research. I’ve been with the company 8.5 years & am the only one in my role, which they can’t operate without. I execute tasks from two investment advisors and two financial planners - they make the decisions of what should happen & I make it happen.

likehelpful

Anyone here from Toronto area? Looking to relocate from NY to Toronto and in search of apartment/condo. My budget is $1500 for a 1bd. Is that realistic? Things I care about:
1. Walking distance to gym
2. Walking distance to a grocery store
3. Proximity to Old Toronto/kings st (work) with biking/public transport
4. Don't plan to own a car

What are some good sites to look for apartments or realtors?

likehelpful

Any healthcare strategy practices hiring here? I have 2.5 YOE in healthcare valuation and am looking to move into strategy work!

like

EY New Hire Question - did you complete I-9, onboarding tour, after background check completed or while it was processing ?

like

I had a super that would always appear behind me or circling my car late at night. Turns out it was a “me problem” when I reported it

Post Photo
like

Hourly rate for freelance Sr Designer in NYC, any ranges?

like

Hi Fishes, I want one information. If a person serving notice period of 90 days, gets released from the project and comes to bench.
Do IBM decrease the notice period to 30 days for such employees?

In hand salary?? plz help

Post Photo
like
like

What should be a based salary for an office coordinator in financial services?

like

Why doesn’t Accenture give an inflation relief bonus like every other consulting firm?

funnylike

I’ve started a new job and though they have a community, it has been stagnant for a long time. Would you face the change directly with a “we’re back!” style post, or just increase the activity without acknowledging the absence?

like

Hello, I am currently in Toronto, and have two year expereince as Development and Operations. With skills in AWS cloud and DevOps, how much salary is appropriate to ask during process? (per hour). Thank you for your consideration.

like

Can anyone tell me if Marcum drug tests experienced hires?

like

Additional Posts in The Real Estate Bowl

Someone asked me if it’s a good time to sell vs buy. So I explained that we’re in a seller’s market, then realized i lost a potential buyer. To what extent should I be transparent in this market?

like

Any potential flags/benefits for dual agency? My agent and the seller's agent work for the same company.

like

I am considering putting down an offer for a TH in a community that has Mello Roos. It gets added to the property tax. I am looking at paying an additional 5-6k for that.

Online videos say it’s all good because the money gets invested in building the community .

any potential downsides? In terms of future sales and demand ? What am I missing?

like

For people who recently refinanced, bought or is in the process of buying a new home, what APR did you get?

like

I would like to learn more about development and real estate. Can anyone recommend any books or courses that you think are informative. Eventually I would like to own a few apartment buildings, but I know there is a lot I need to learn 1st. Any advice appreciated. 

like

Does anyone have experience managing an out of state property yourself? Are there any tips/services you use?

like

Can I get a commercial loan without 25% down?

like

Looking to buy in the DMV suburbs (northern VA). Is this the wrong time for such a move? Beyond down payment, got about 6mo emergency fund and must tap into it for moving&house expenses like furniture

like

Finally got an offer accepted on a home I love! (In DC) Spent months searching. Next thing is getting to the closing date.

Now I feel super anxious about everything going thru and getting the keys. How difficult is that process of getting to close, have heard the underwriting portion could be a headache?

like

What do you all think of fundrise and start engine Real estate Reit ? Any experience? Would you invest here if you didn’t have the time to actually buy and rent properties? Any insight is welcome.
Thanks

like

From a financial standpoint in this market, which would be a better approach in Austin -

1. Buy a ~8-850k house that meets most of our ideal criteria (size, schools, interiors etc) to stay long term

2. Buy a ~5-550k house that’s not ideal with the plan of moving into an ideal home in 4-5 years when kid is ready for school.

How easy is it to get a mortgage for the second home?

Household income - 300k

Happy to add more details as needed

Thanks

Anyone punched out of state 4-10 unit apt building? How did you find the listing?

like

We are renovating a condo and the previous owner had two Crane toilets (not sure how old, but functioning although seals are old according to our contractor). Back outlet flour mount ones are the only options for the building, and one toilet can cost $300-$500.

We are redoing all the bathroom tiles and walls and debating what we should do with the two toilets. Would resealing the toilets extend the use life? Or should we just replace the toilets? Any other recommendations? TIA!!

like

Thoughts on buying pre-construction homes in markets that are popping and flipping selling them when construction is complete?

My uncle does this (he’s a realtor) and usually gets 2-3x return. Obviously there is huge risk because property prices can change a lot in 1-2 years, but at the same time the upside is hard to ignore.

Anyway I protect myself against the downside risk? (other than loosing my down payment)

like

I thought the answer is yes but now double checking. Can we write off the interest we pay on our primary residence mortgage?

like

I am moving to Charlotte, NC for a new job. I currently live in Portland, OR and have a single family home here. With my income, and current mortgage, I can afford a 350k house I’m Charlotte with about 10% down. What are the pros and cons of buying a new place in Charlotte and then sell my house in Portland?

like

I'm under contract for a new build in progress that won't be done until much later this year. I fully expect interest rates will be higher than what I originally estimated. I may or may not try to lock in a good rate early, but I'm planning on renting it out and this throws a bit if a wrench in my margins. I can take it financially, but wondering, If I absolutely needed to get out of buying it, what recourse do I have? Or could I go ahead, and refinance later (who knows rates at that time...)?

like

Planning on Arizona, Phoenix area. What is the best today, purchasing a home or building?

like

What's the best city in UK to buy a buy to let property, with best returns?

like

Question for folks with second homes: Considering buying a vacation home but would be primarily for family use. We currently have a primary residence with a mortgage balance of ~640K, so my understanding is I could only deduct the mortgage interest on 110K of the second mortgage to stay under the 750K cap. If I were to buy the second home through an LLC, would that allow me to exceed that 750K since the expenses of the second home would be pass through expenses/income?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal