Selling home in Bay Area and relocating to San Diego

[Betty Chou]

Hello!

My family and I are considering selling our home in the Bay Area and relocating to San Diego, CA. We will not be buying right away, but staying at a family’s condo. Is it a good idea to sell right now then buy later despite interest rates going up?

[Twana Rasoul]

Hi @Betty Chou If you are going to sell might as well do it and take advantage of the sec 121 exclusion and save from paying capital gains on up to $500k of capital gains.  There is nothing wrong with not buying right away in San Diego.  Since you have a place to stay down here you can get a feel for San Diego before pulling the trigger.  I wouldn't personally let interest rates rising be the sole reason for buying something quickly.    You want to be mentally and financially ready for your first purchase here before moving forward, regardless of whats going on in the Real Estate market.