Downsizing from the family home
Selling the house you raised a family in is more than a transaction. Here's how to think it through, including whether staying could cost less than you think.
No obligation. No pressure. Takes about 2 minutes.
The short answer
Start with where you want to live next and what it will cost, then work back to the house. Listing usually brings the higher price if you have time to prepare and show it, while a cash sale trades some of that price for speed and skipping repairs and showings. Before you decide, check whether local senior property tax relief would make staying easier, and ask a tax professional about the gain on a home you've owned for decades.
Step by step
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1
Picture the next place first
A condo, a smaller house, a rental, or somewhere near family. Knowing the move-in date and the monthly cost tells you how fast you need to sell and how much you need to walk away with.
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2
Check whether staying is really off the table
Virginia lets each city and county choose to offer real estate tax relief to owners 65 and older or with disabilities. DC cuts property tax in half for qualifying owners 65 and older or disabled. Maryland's Homeowners' Property Tax Credit is based on income. If taxes are the main reason to move, one phone call is worth it.
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3
Give the belongings the time they need
Decades of things take a while to sort. Decide what goes to the new place, then what goes to family, then what gets donated. Some people take it one room at a time, with a date for each.
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4
Compare the two roads on paper
Listing can mean repairs, staging, showings and commission, usually in return for a higher price. A cash sale can close in as little as 7 days with no fees or commissions. Seeing both net numbers makes the choice clearer.
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5
Ask about the gain
Long-time owners can have a large gain on the house. Our capital gains guide explains the home-sale exclusion, and a tax professional can apply it to your numbers.
Sources: Code of Virginia § 58.1-3210 · DC OTR: Real Property Tax Reliefs, Credits and Deductions · Maryland SDAT: Homeowners' Property Tax Credit
This page gives general information. It isn't tax advice. Relief programs have their own income and ownership rules, so confirm with your city or county, and ask a tax professional about the gain on your sale.
Cash offer vs listing
Example: a $250,000 home
| Offer | $205,000 |
|---|---|
| Repairs | $0 |
| Commissions | $0 |
| Closing costs | $0 |
| You walk away with | $205,000 |
| In 7 to 14 days | |
| Sale price | $250,000 |
|---|---|
| Repairs | about $8,000 |
| Commissions | about $13,800 |
| Closing and holding | about $6,000 |
| You walk away with | about $222,200 |
| In 60 to 90 days | |
Example only. Your numbers depend on your home and market.
We'll show you the cash offer next to what listing could net after repairs, commission and time, so you can plan the next place with real numbers.
Frequently asked questions
Should I sell before I've found my next place?
It depends on whether you need the sale money to buy. Our guide on selling before buying walks through both orders.
Is a cash sale or listing better for downsizing?
If the house is in good shape and you have time, listing usually nets more. If it needs work or you want a firm moving date, a cash sale may fit better. We'll show you both numbers so you can decide.
Are there property tax breaks for older homeowners who stay?
Some. DC offers a 50% property tax reduction for qualifying owners 65 and older or disabled, Virginia localities may offer relief for owners 65 and older, and Maryland has an income-based homeowners' tax credit. Check with your city or county.
Who are you?
We are real estate investors based in Baltimore, helping homeowners since 2016. We buy houses directly for cash. We are not a licensed real estate brokerage and do not list homes ourselves; if listing could get you more, we show you the math so you can choose.