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Mentor
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.
Subject Expert
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.
Depends on location
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.
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).
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.
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”
If you hold it, you're guaranteed to pay additional property taxes just for a speculative chance of a bidding war.
What are you doing with it in the meantime, and how much is the mortgage loss per month?
It’s siting there. Paid for.