If you bought a home in Murray 15 or 20 years ago, you're sitting on a lot more equity than you probably think about day to day. The mortgage payment feels the same as it always has, the neighbors are the same, and the idea of selling feels like a giant, expensive question mark. Most long time owners I talk to consider exactly one path, which is sell and leave. There are at least four, and the best one isn't always the obvious one.
Start with what you actually own
Equity is the number that changes everything, so we start there. Long time Murray owners often bought in a very different price environment, which means the gap between what you owe and what the home would likely sell for can be very large. Before making any decision, I like to walk through a realistic price range for the home, subtract what you owe and the cost of selling, and see what that leaves. Most people are surprised by the number, in a good way.
That number isn't just about selling. It also shapes what you can afford next, whether you can pay cash for a smaller place, or whether you would rather keep the home and put the equity to work.
Option one, sell and stay in Murray
Murray has a lot of range. Older brick ramblers, mid century homes, townhomes near State Street, and newer construction pockets all exist within a short drive of each other. Plenty of long time owners assume they have to leave the city to downsize or right size. In reality, a smaller home, a one level floor plan, or a townhome without yard work can often be found within a few miles of where you already live, close to the same friends, doctors, and grocery stores.
Option two, sell and move up or out
If your family has outgrown the home, or you want more land, more space, or a different part of the valley, the equity you built in Murray becomes the down payment on the next chapter. The key is timing the sale and the purchase together. Selling first gives you a clean number and stronger buying power. Buying first gives you certainty about where you land. Each has a cost, and we can talk through which one fits your situation.
Option three, keep it and rent it
Some owners hold on to the Murray home as a rental after they move. That can work, but it changes the tax picture and adds a landlord's responsibilities. Financing a new primary residence while owning a rental also gets more complicated. I always tell people that this option needs a real conversation with a lender and a CPA before it becomes a plan.
The tax question
Federal tax law has a home sale exclusion, generally up to $250,000 of gain for a single filer and $500,000 for married couples filing jointly, as long as you owned and lived in the home as your primary residence for at least two of the last five years. Long time owners with very large gains can exceed those numbers. I'm not a tax professional, so this is a conversation to have with your CPA before you list, not after. What I can do is help you get an accurate sale price estimate so your CPA has something real to work with.
Getting the house ready without overspending
A house that has been lived in for 20 years usually has some deferred maintenance. The goal isn't a full renovation. It's picking the repairs that buyers notice and that inspectors flag, like paint, flooring, minor plumbing and electrical items, and a clean, decluttered look. Then we decide what to leave alone. Spending big on a kitchen you're about to sell rarely pays back dollar for dollar.
Frequently Asked Questions
How much equity do I need to sell my home in Murray?
There's no magic number. What matters is that your sale price covers your mortgage payoff, closing costs, and any repairs, and still leaves you with enough to buy or rent where you're going next.
Should I sell my house before buying a new one?
It depends on your comfort with risk and your timeline. Selling first gives you clean numbers, while buying first gives you certainty about your next home. We can also build in a rent back or flexible closing date to smooth things out.
Do I have to pay capital gains tax when I sell my house in Utah?
Many homeowners can exclude a large portion of the gain under the federal primary residence exclusion, but it depends on your filing status, how long you lived in the home, and how much your home has appreciated. Your CPA is the right person to confirm your situation.
Can I sell my Murray home and stay in Murray?
Yes, and many people do. The area has a mix of townhomes, ramblers, and newer builds that make it possible to right size without leaving the city.
If you have been in your Murray home a long time and are wondering what your options look like, reach out and we'll run the numbers together. No pressure, just a clear picture of what the home is worth and what each path could look like.
