First time poster, long time lurker.
I purchased a full reno home (2 beds, 2.5 baths, home office that could be a BR, unfinished basement, sodded yard, great roof deck and machined hardwood floors on the 1st) in October 2018 for ~$310K on the extreme north border of the Point Breeze section of Philadelphia. There are signs of gentrification all over, most significantly some giant eyesores turning into retail and condo/apartment buildings.
My house shows a Zestimate of ~$420k and a Redfin Bullshitstimate of ~490k. I have an official appraisal coming on Friday, July 30th, but some friends in RE have told me they think $415k-$435k are reasonable conservative estimates.
I have ~$280,000 left on my mortgage. (3.25%, monthly payment of $1608). I currently rent this home to an awesome couple for $2450.
I moved my family to the suburbs for more space/bedrooms for my stupid gremlin children and intelligent dog. We have 18 months left on our $2350 lease.
My wife and I want to move to the Delaware beach for our forever home. Lewes, Dewey, Rehobeth, something a few miles inland, whatever. Just in Delaware ~20 min or less from the beach. There is presently scant inventory, and I do have to sell the philly house in order to purchase the next one, so meaningful engagement with a real estate agent is rare.
1.) Given the state of the market and that I have have no educated understanding of what it may do in the next 3-5 years, is it wise to simply sell this home immediately, run with what could be $100-$150kish equity, and look to buy in Delaware while I live in my suburban hell house?
2.) Is it smarter to hold onto the house, continue to collect rent and pay off my mortgage, cross my fingers for higher appreciation in the medium term so I can sell a few years from now and to hell with the Home Sale Tax Inclusion? https://www.revenue.pa.gov/FormsandPublications/FormsforIndividuals/PIT/Documents/rev-625.pdf
3.) Is there any reason to believe this current steady rise in values will continue?
4.) Is it logical to believe that a house in Philadelphia will be subject to ebbs and flows in valuation over the years, while a DE beach property will appreciate slowly bust more consistently as we go?
5.) Would it be wiser to purchase the best possible plot of land in DE with our proceeds, wait for construction costs to come back to earth, and seek a construction loan to build our dreamhouse?
6.) Did I miss anything glaring?
Thank you very much for your thoughts, opinions, and humbling ball-breaking/information sharing, as I am truly not well informed here.