“Massive price gains are pretty common all across the U.S.,” says realtor.com chief economist Danielle Hale. “We’re talking double-digit price gains over a year ago.” While it may be tempting to cash in right now and make a profit on your house, there’s plenty to think about before you put that For Sale sign out front. And unless you’re downsizing or moving to a cheaper market, selling your house now may not make financial sense. “You have to consider what’s your motivation for selling it,” says Steven Podnos, MD, CFP, principal of Wealth Care LLC. “If you turn around and buy a house in the same area, you’re going to pay the same high price for whatever you move to. Optimally, when you’re selling your home, you’re moving somewhere that’s not as expensive.” If your sale is too speedy for you to find your perfect next home, you can always get a little creative with your contract. “You can sell your home, then rent it back for a little while until you find your next home,” Hale says. “Then you don’t have to deal with the logistics of timing both sales.” Decluttering, a fresh coat of paint, sprucing up your home’s exterior, and the best staging and photos you can manage are extremely important right now, when many people will be limiting how many homes they actually tour. “You want to put your best foot forward and take the best photos—if your home doesn’t pass the view test, you may not sell as quickly or for as high a price,” Hale says.
