Poll: Physicians, what is your current house market value?

[Tim]

Wow, I must be slumming it, I’m in the 500K-750K bracket

Devil is in the details. You need to value the land and the house separately. Your house itself is gorgeous. Probably a couple million on the coasts.
I’ll be most included the land value, not the house.

[Anne]

The 100k down payment as a young attending, followed by years of quite reasonable mortgage payments along with some serious market appreciation has us now mortgage free with around a 3 million market value in a VHCOL area.

We are beginning to consider selling and moving to a smaller home in the 1 million price range. But while downsizing and simplifying sounds very appealing, jettisoning decades of possessions sounds quite tedious and annoying.

It is tedious and annoying. But will probably be a freeing experience, and help you clarify what you want to focus on in the later stages of your life. And if you don’t do it now, your kids will be stuck with the headache of doing it someday.

[MPMD]

hcola/ultra desirable area, as crazy as it sounds i believe my Zestimate.

[Hatton]

I live in a LCOLA-MCOLA area. Homes are really appreciating in my neighborhood. I paid $585k and the zestimate is $855k. I have lived here 3 years. This is a 4200 sq foot house in a walkable neighborhood near a greenway creek (one block). People keeping buying and selling in the neighborhood. The thing that would make me move is a view of water or mountains.

[FIREshrink]

All this cashing out and/or downsizing incurs taxes over $500k capital gains. Annoying.

[FIREshrink]

It is tedious and annoying. But will probably be a freeing experience, and help you clarify what you want to focus on in the later stages of your life. And if you don’t do it now, your kids will be stuck with the headache of doing it someday.

As a child who has done this, I wish my parents had done more of it.

[Brains428]

All this cashing out and/or downsizing incurs taxes over $500k capital gains. Annoying.

Tell me in you're in the in 1% without telling me your in the 1%.

It would be great if we could get 500k of capital gains on our home. Local market probably won't make that happen.

[Tim]

Tell me in you're in the in 1% without telling me your in the 1%.

It would be great if we could get 500k of capital gains on our home. Local market probably won't make that happen.

Depends on the base you are starting at. I have “owned” 5 houses . I could only wish I still owned them all. That sentiment is basically universal NOW. Not the same during the GFC. Eventually you will see $500k gain unless you sell. No clue what taxes will be then.

[Brains428]

Depends on the base you are starting at. I have “owned” 5 houses . I could only wish I still owned them all. That sentiment is basically universal NOW. Not the same during the GFC. Eventually you will see $500k gain unless you sell. No clue what taxes will be then.

Yea- I had an original longer comment. I would guess that people who purchased homes for 80k in 1960 would never think they'd sell for 200k. Interest rate dynamics and monetary policy can change over time, but desirable land/location is limited. "location, location, location"

[wideopenspaces]

As a child who has done this, I wish my parents had done more of it.

My mom's a moderate level hoarder? I've always said I'm just lighting a match and walking away when my parents die. I have 5 siblings but I can guarantee I'll be the only one prepping the house to sell it. . . From halfway across the country. It's gonna be great 👍

[jhwkr542]

We paid $750k six years ago it's up almost 70% since then.

Is that my house going up or my dollars going down?

Both!

[xraygoggles]

It is tedious and annoying. But will probably be a freeing experience, and help you clarify what you want to focus on in the later stages of your life. And if you don’t do it now, your kids will be stuck with the headache of doing it someday.

Yep - minimalism is a good philosophy to follow, in general. It declutters your home, but also your mind.

Experiences > material goods. Steve Jobs was a big proponent of this as well.

[FIREshrink]

Tell me in you're in the in 1% without telling me your in the 1%.

It would be great if we could get 500k of capital gains on our home. Local market probably won't make that happen.

I never would have imagined bumping up against the $500k cap gains exclusion. Monetary policy and COVID printing presses have caused mass inflation and my house, 2800 sf not in a hcola is exhibit A.

[artemis]

My mom's a moderate level hoarder? I've always said I'm just lighting a match and walking away when my parents die. I have 5 siblings but I can guarantee I'll be the only one prepping the house to sell it. . . From halfway across the country. It's gonna be great 👍

if you can convince your parents to do just one thing, convince them to keep all of their financial records in one place that is easily accessible. As long as you know that you’re not throwing out any important documents, the rest of the stuff in the house is just stuff. You can hire a company to do an estate sale to liquidate all of that stuff. You may not get the best possible price for it, but as an already-over busy working professional saving your time is going to be more important than getting the best possible price for your parents’ junk. You just need to make sure you’re not throwing out documents you will need to settle the estate.

[Lordosis]

if you can convince your parents to do just one thing, convince them to keep all of their financial records in one place that is easily accessible. As long as you know that you’re not throwing out any important documents, the rest of the stuff in the house is just stuff. You can hire a company to do an estate sale to liquidate all of that stuff. You may not get the best possible price for it, but as an already-over busy working professional saving your time is going to be more important than getting the best possible price for your parents’ junk. You just need to make sure you’re not throwing out documents you will need to settle the estate.

Still too much work. Is there a company that can do the match idea for you?