> if it's your primary residence you get capital gains relief on the first $500k.
Yes, I know. But our appreciation is substantially more than that. The higher it goes, the more expensive it becomes to make a move.
> which is less impactful since you've already made a profit on it
Only if we move to a less expensive area. If we make a local move, that "profit" just gets rolled in to the next house. There's no way to cash out without leaving the area.
> Clarification - you can't afford to move in the general vicinity, but you could certainly move to Nevada (for example).
Yes, exactly right. What we really want to do, but can't because it's too expensive, is downsize. This would not be the case if prices were stable.
Yes, I know. But our appreciation is substantially more than that. The higher it goes, the more expensive it becomes to make a move.
> which is less impactful since you've already made a profit on it
Only if we move to a less expensive area. If we make a local move, that "profit" just gets rolled in to the next house. There's no way to cash out without leaving the area.
> Clarification - you can't afford to move in the general vicinity, but you could certainly move to Nevada (for example).
Yes, exactly right. What we really want to do, but can't because it's too expensive, is downsize. This would not be the case if prices were stable.