In this article, we will cover and discuss what to do with proceeds from sale of a house. A frequently asked question is what to do with proceeds from sale of a house if you are going to take a break from homeownership. Home prices have been skyrocketing for almost a decade. Homeowners who are planning on selling their homes and/or selling their homes will most likely make a killing with the high home values throughout the country.
Unless you are a homeowner in a high taxed state, with the exception of California, such as Illinois or New York, the chances are you have made a significant profit on the sale of your home. California is facing a housing shortage due to the state’s tough environmental regulations and demand for housing.
What To Do If You Sell Your Home At a Profit?
Many home sellers are selling their homes at a huge profit due to skyrocketing home values. Home prices in California are double the national median average due to demand for homebuyers versus low inventory. Many Californians who are fleeing California to other lower-priced states can really cash in from the sale of their homes.
Despite the mass exodus of taxpayers and businesses out of California, the California Housing Market Forecast for 2021 remains strong. Home prices are expected to keep on increasing due to more demand versus inventory of housing. Average home prices in California is $600,000 versus the $298,650 median home value for the rest of the nation.
July 23, 2022 - 6 min read