Should I sell in current market or wait till the market changes/interest rates drop

[Genevieve Pietroski]

Hi All,

I'm looking for some help on a decision I need to make in 2024. 

Background: I have a single family purchased in 2020. We would potentially get $140K in equity if we sold at the current appraised amount. We are hoping to sell and then buy our first Multi-family in Providence. 

My main question is should I sell my single family home in current market or wait till the market changes (interest rates go down)? It's my understanding that if rates go down I could potentially get more money for my single family if it turns into a sellers market. The multi would be more expensive in a sellers market but I would also get a lower interest rate.

Is it worth it to wait or should I sell/buy now and just refinance when/if rates go down?