If you are trying to decide if you should sell your home in Anacortes or Skagit County this year or wait, here are some things you should consider. Should I Stay or Should I Go?
Low interest rates
Low interest rates have been a major contributing factor towards high demand as millennials have been able to purchase their first home. Interest rates have started to move up slightly and are expected to continue to rise.
Inventory has remained low because of 2 reasons- One is that there is a national trend for people to stay in their homes longer. Two, Covid-19 caused construction to be completely shut down and then opened on a limited basis with criteria that raised labor costs.
High value and little competition fuel the argument to sell now. In addition, consider the taxes that you might have to pay. The current Administration has 2 significant agenda items that should be considered when deciding whether to sell your home. The first is a discussion about increases in Capital Gain Taxes. At this point, there is talk that it will only impact the highest net worth individuals, but the definition of high net worth is not determined. The second area of concern is that the administration has stated that they want to eliminate the 1031 like-kind tax-deferred program. This could significantly reduce profits from the sale of income properties. This is something to watch closely!
For most people, especially if downsizing, this is the most profitable time to sell. If you are upsizing, a more thorough analysis would be prudent. We know the market this year. We don’t know for sure what next year will be like, but we know Anacortes and Skagit County will continue to be fabulous places to live! So are you ready to decide? Should I Stay or Should I Go? Let’s connect to chat more about your plans and options.