‘I’m close to retiring’: I’m behind on my property tax. Is this a really bad time to sell my house?

A growing number of homeowners are facing financial strain as they fall behind on property tax payments amid rising living costs and economic uncertainty. Many are considering selling their homes to alleviate the burden, but the current housing market presents challenges that complicate such decisions. Sellers are navigating a landscape marked by higher mortgage rates, fluctuating home prices, and shifting buyer demand, making timing a critical factor in maximizing returns. The dilemma is particularly acute for older homeowners nearing retirement who have traditionally maintained steady mortgage payments but now find themselves struggling with additional expenses like property taxes. Delays in tax payments can lead to penalties, liens, or even foreclosure, intensifying the urgency to resolve financial difficulties. However, selling a home in a market where buyers are more cautious and financing costs have increased may result in lower sale prices or longer times on the market, potentially undermining the financial relief sought. Experts advise homeowners to carefully assess local market conditions, including recent sales trends and interest rate forecasts, before deciding to sell. In some areas, demand remains robust enough to support favorable sale prices, while in others, sellers may face significant headwinds. Alternative strategies such as negotiating payment plans with tax authorities, refinancing, or seeking financial counseling can provide temporary relief and allow more time to sell under better conditions. The situation underscores broader economic pressures affecting middle- and lower-income homeowners, highlighting the importance of policy measures aimed at tax relief and housing affordability. As the housing market adjusts to post-pandemic realities and monetary tightening, individuals on the brink of retirement must weigh the risks and benefits of selling amid uncertainty, balancing immediate financial needs with long-term stability.