Good time to sell in Mountain View now or next year?

Asked by MV, Mountain View, CA Thu May 8, 2014

My tenants just asked to get out of their lease as of Aug 1st. I was planning to sell my Mountain View Condo (3BR, 2.5BA) at Gables End next year to collect rent for 1 more year and still be able to take Tax exclusion within 3 years of moving out. Now I'm debating to just sell the property vs bringing in another tenant for 1 year. I noticed the market has cooled, how will the market look 1 year from now? I'm trying to make a decision on if I will get higher value this year. Any opinions and advice is much appreciated!

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Terry Bell, Agent, Santa Rosa, CA
Fri May 9, 2014
Well, I think the place to start is to contact your tax accountant and see what the effect would be for your selling this year instead of waiting. I think everyone has gotten very nervous about the quick upswing of the market after the disasterous fall of the economy. While there may be some fluctuations in the market along the way of recovery, I think the trend will continue to go up especially in your area where all the tech companies seem to be booming and adding more employees.
If your tax accountant feels that it would not make a significant difference to sell this year instead of next, I would suggest selling this year. However, It sounds like you are talking about your tenants wanting to leave before the end of their lease. If so, why not negotiate with them to stay a month or two more and then put the house up for sale with a close of escrow right after the new year. Why not run the idea by your tax accountant and see if that would meet the requirements.
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Clarence Mad…, Agent, Saratoga, CA
Thu May 8, 2014
It is really hard to predict the future. There are so many factors that may effect the market. For example how healthy is the local economy, the amount of inventory or confidence of homebuyers. Although the market has cool down a bit when compare to last year in Santa Clara County, the market has stabilized.

You would have to consider the possible tax implications and the current market for renters in your decision.

Clarence Madrilejos
Century 21 M&M and Associates.
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Cindy Davis, Agent, San Diego, CA
Thu May 8, 2014
This question comes up routinely and it really is a personal decision. No one can predict the future with any certainty. We are definitely at a high point for sellers right now...the rest is unknown.

Best wishes.
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