By just about any measure, selling a home for a multi-million dollar profit qualifies as a good deal. Waiting to sell it for a few million more is an even better deal — and exactly what Dave Ramsey might recommend to his followers.
In fact, the CEO of Ramsey Solutions has firsthand experience with the above scenario. A Tennessee home he sold for $10.2 million in 2021 recently went back on the market for $15 million, Realtor.com reported.
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Had Ramsey waited a few more years to sell the home, he might have earned about $5 million more. But should he have waited to sell?
‘Every Luxury Imaginable’
As Realtor.com noted, Ramsey bought the land that the home sits on for $1.5 million back in 2008. He and his wife then built a seven-bedroom, 8.5-bath residence and filled it with “every luxury amenity imaginable.”
It’s hard to find information on how much they spent to build the home itself. Given its size and features, however, the cost was probably a couple million dollars or more. But even with that much money invested, Ramsey likely netted a few million dollars in profit when he sold the home for $10.2 million.
Today, the site is considered “one of the most coveted and unique” luxury properties in the region, listing agent Erin Kruger told Realtor.com.
“You have an incredible view for over 20 miles,” Kruger said. “This kind of elevation can’t be built on anymore because of the ridge-top ordinances.”
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Should He Have Sold?
Ramsey might have doubled his profit by waiting to sell the home. But that doesn’t necessarily mean he should have.
For one thing, it’s not like he needs the money. Celebrity Net Worth puts Ramsey’s net worth at about $200 million, so an extra $5 million wouldn’t have pushed his wealth up by that much.
Zillow cites numerous reasons why you might want to wait to sell your home — and one of the biggest is that you owe more on the home than it’s worth. Clearly, that was not the case with Ramsey.
Another reason you might want to wait to sell is that you can’t afford to relocate elsewhere — another thing Ramsey didn’t have to worry about.
Why Wealthy People Sell
In fact, few if any of the reasons you should wait to sell a home apply to wealthy people like Ramsey. They tend to make these decisions based on life priorities rather than financial priorities.
Zillow cited “life changes” as one of the top reasons to sell a home rather than wait, whether those changes involve downsizing as you get older or moving to a more desirable location.
“Perhaps you found a different home that’s more suited to your needs,” Zillow noted. “Whatever your reasons, you may find that selling will get you to where you need to be.”
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This article originally appeared on GOBankingRates.com: Dave Ramsey Sold His Mansion in 2021 and It’s for Sale Again: Should He Have Waited To Sell?
