It’s a Seller’s Market! Should I Downsize Now?

A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

1. A smaller home means less space, but it also means less time, stress and money spent on upkeep.
2. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6 million in the bank to get you through your golden years.
3. Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10–20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.

Realtor.com also addressed downsizing in an article. They suggest that you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers (in italics) and some additional information that could help.

Q: What kind of lifestyle do I want after I downsize?

A: “For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.”

Comments: Many homeowners are taking the profits from the sales of their current homes and splitting it in order to put down payments on smaller homes in their current locations, as well as on vacation/retirement homes where they plan to live when they retire.

This allows them to lock in the home price and mortgage interest rate at today’s values which makes sense financially as both home prices and interest rates are projected to rise.

Q: Have I built up enough equity in my current home to make a profit?

A: “For most homeowners, the answer is yes. This is if they’ve held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home.”

Comments: A study by Fannie Mae revealed that only 37% of Americans believe that they have significant equity (> 20%) in their current home. In actuality, CoreLogic’s latest Equity Report revealed that 78.9% have greater than 20% equity. That equity could enable you to build the life you’ve always dreamt about.

Bottom Line

If you are debating downsizing your home and want to evaluate the options you currently have, let’s meet up to help guide you through the process – J.P. Cook – 602-320-4253.

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19834 W Rancho Drive Litchfield Park, AZ 85340

$640,000

4 Beds

3.5 Baths

2,605 SqFt

Status Active

MLS # 6780734

Property Type Single Family Residence

Price Type --

ASSUMABLE FHA LOAN AT 4.25%!! Discover luxury living in this turnkey home, thoughtfully designed for elegance and comfort with beautiful views of the White Tank Mountains. Skip the wait to build and dive into an entertainer's paradise, complete with a heated 10-person spa, sparkling pool framed by travertine and artificial turf, and a built-in natural gas BBQ grill, Blackstone cooktop, and sink. The spacious, open floor plan is well lit with additional LED ceiling lights throughout the home and features four bedrooms, three-and-a-half baths, office, and an inviting loft. The gourmet kitchen shines with stainless steel KitchenAid appliances, pristine 42'' white maple cabinetry, soft-close drawers, LED under-cabinet lighting, a tile backsplash surrounding picture windows, and an island with breakfast bar seating. You will love the main-level primary suite offering an elegant ensuite bath with dual sinks, upgraded cabinetry and drawers, an oversized walk-in shower, and a large walk-in closet. Upstairs, you'll find the loft, laundry room, bedrooms 2 and 3 with walk-in closets, and bedroom 4 with its own ensuite bathroom. This remarkable property is ready to welcome you home!

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16812 N 59th Place Scottsdale, AZ 85254

$640,000

3 Beds

2 Baths

1,662 SqFt

Status Active

MLS # 6754179

Property Type Single Family Residence

Price Type --

You're going to love this North Scottsdale gem! This 3-bedroom, 2-bath home has so much to offer, starting with NO HOA! Recent updates like new vinyl-plank flooring, dual-flush toilets, and a modern epoxy garage floor make it move-in ready. The layout is super open with high ceilings and plenty of natural light. The kitchen, complete with stainless steel appliances and a big island, is perfect for meal prep or hanging out. The master suite is a dream, featuring a walk-in closet, dual sinks, and access to the backyard oasis. Speaking of the backyard, the sparkling pool and covered patio are calling your name! And when you're ready to explore, Kierland Commons and all the fun spots in 85254 are just minutes away. Don't miss out!

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3775 S Danyell Drive Chandler, AZ 85286

$640,000

4 Beds

2 Baths

2,046 SqFt

Status Active

MLS # 6769582

Property Type Single Family Residence

Price Type --

REDUCED $10K! At over 2000 sf, this 4 BR, 2 BA home feels like a peaceful garden paradise from the inside out! Enjoy the beauty of Travertine tile flooring laid in a special Windsor Versailles pattern and wood laminate t/o; soaring ceilings, plantation wood shutters/blinds, custom paint, lighting, ceiling fans, Tuscan iron security doors at front entry and to back patio, solar tubes in gathering room and guest bath for added natural light and upgraded baseboards. Renewal by Andersen energy-efficient windows installed on south side to keep you comfortable and help with lower utility bills. Outside, a refreshing Pebble Tech California Pool (built only 3 years ago) awaits you with a Baja shelf for lounging/wading/kids play and LED lighting for fun and calming color effects. Separate hot tub, lush landscaping, slate pavers and a variety of fruit trees complete this calming outdoor space. Back inside, gather and cook in the kitchen with the added 8' island, granite counter tops, pendant lighting, SS appliances incl a 2023 French door, two drawer Whirlpool fridge, RO system (connected to fridge/ice), trash pull-outs and pantry. There are two spacious living/dining areas; primary bedroom with bay windows, ensuite with garden tub, shower and walk-in closet: three add'l bedrooms, guest bath with Travertine surround in shower/tub and granite vanity, laundry room with upgraded washer and dryer. Built-in cabinets and pull-down ladder in garage. Trane HVAC and roof regularly maintained. Saguaro Canyon in South Chandler offers tot lots, dog stations, ramadas, shade trees, paths and greenbelts. Highly rated year-round Chandler Schools, tasty eateries, shopping, dog parks, and the San Tan 202 Freeway is minutes away!

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3114 W Donatello Drive Phoenix, AZ 85086

$640,000

5 Beds

3 Baths

3,380 SqFt

Status Active Under Contract

MLS # 6693186

Property Type Single Family Residence

Price Type --

Location! Location! Location! Welcome to the neighborhood. This freshly painted (interior and exterior), two-story haven boasts 5 bedrooms, 3 full baths, a spacious loft, and a perfect blend of comfort and convenience. Oversized driveway with pavers. No neighbors directly across the street. Enjoy the natural desert views instead! Dive into community pools, enjoy a multi-acre park, or serve it up on the tennis courts and spike it at sand volleyball. Several tot lots are scattered throughout the community and you can join a pick-up basketball game as well. Schools, shops, and dining just minutes away, plus easy I-17 access, nearby hiking and biking trails...and Lake Pleasant a mere 25 minutes away! Welcome to the incomparable Arizona lifestyle!

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13609 W Pinchot Avenue Avondale, AZ 85392

$640,000

5 Beds

3 Baths

3,626 SqFt

Status Active Under Contract

MLS # 6735245

Property Type Single Family Residence

Price Type --

Discover your meticulously maintained Home Sweet Home in this stunning cul-de-sac property! This residence features 5 spacious bedrooms with ceiling fans, 3 baths, a killer home gym and a versatile loft. Enjoy both living and family rooms, plus a formal dining room for elegant gatherings. The primary bath offers a garden tub, separate shower, and walk-in closet. The chef's kitchen boasts an island with a breakfast bar, granite countertops, a large walk-in pantry, and upgraded cabinetry with ample storage. Additional perks include extra shelving in the laundry room and a huge backyard with a covered patio extending almost the entire width of the home, with plenty of room to add a pool. Plus, there's a park right across the street! Don't miss out on this spectacular home

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23919 W Pinnacle Vista Lane Wittmann, AZ 85361

$640,000

4 Beds

3 Baths

2,484 SqFt

Status Active

MLS # 6757913

Property Type Single Family Residence

Price Type --

Discover your dream homestead on over 1 acre of land, stunning mountain views and just a short drive to Surprise for all your daily needs. This property is perfect for those seeking space and freedom, with no HOA restrictions. Fenced yard closest to the house, the back RV/carport comes equipped with water and 220 AMP electric service, ready for all your vehicles and projects. A car enthusiast's dream, the 5-car garage features extra-tall doors for over height vehicles, a 220 outlet, and climate control, making it comfortable year-round. Inside, the chef's kitchen boasts granite countertops, upgraded maple cabinets with accent lighting, a walk-in pantry, and ample counter space for all your culinary adventures. The spacious primary suite offers a double-door entry, a private exit to the back patio, a huge walk-in closet, and a luxurious bathroom with a spa tub and walk-in shower. Additional highlights include two secondary bedrooms with walk-in closets, and a fourth bedroom with a separate entrance to the front of the home. The open floor plan is designed for entertaining, with seamless flow to the large covered patio, perfect for enjoying the breathtaking views of the White Tank Mountain Range. Don't miss this rare opportunity to own a unique, spacious property in a peaceful setting!

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11822 Monarch Drive Bellemont, AZ 86015

$640,000

3 Beds

2 Baths

1,782 SqFt

Status Active

MLS # 6780329

Property Type Single Family Residence

Price Type --

Stunning & rare single-level home situated on a highly coveted lot backing to FOREST SERVICE LAND w/breathtaking MOUNTAIN VIEWS. Meticulously maintained residence boasts a spacious floor plan w/high ceilings, archways & numerous upgrades throughout like A/C, recirculating pump & wired for heat tape. The upgraded kitchen features granite countertops, recessed lighting, ceramic tile flooring, stainless steel appliances & spectacular views from every window. Primary suite is a serene retreat with vaulted ceilings, an en-suite bath, soaking tub, separate shower, and dual sinks. Unwind on the covered patio, perfect for stargazing or enjoying the sunset over the mountains. Community offers a scenic park with a fountain, pathways, and playground for outdoor enjoyment. Exterior painted 2024.

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35783 N Geode Way San Tan Valley, AZ 85144

$640,000

4 Beds

3.5 Baths

2,900 SqFt

Status Active Under Contract

MLS # 6763773

Property Type Single Family Residence

Price Type --

This stunning Toll Brothers home has all of the upgrades you could want with no wait time for building! Complete with custom light fixtures, fans, window coverings, and a fully landscaped yard saving you time and money. Premium oversized lot with only 2 neighbors! Low maintenance LVP flooring has been installed throughout the house. The kitchen is fit for a chef, with a gas stovetop, luxurious quartz countertops, and white kitchen cabinets. Second family room/game room and separate guest suite with a private bath. You'll love the extended 4-car tandem garage! Community amenities include a dog park, playground, walking trails, grass parks, pickleball courts & basketball court.

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11357 E Unger Avenue Mesa, AZ 85212

$640,000

4 Beds

3 Baths

2,074 SqFt

Status Active

MLS # 6767449

Property Type Single Family Residence

Price Type --

Stunning 2022 build 4/3 bath + BONUS room. Brand new pool, turf front/back valued at $55K. This home's beautiful upgrades include Sherwin Williams custom paint throughout, new hardware, lighting, and Mikasa fixtures. 12X24 Porcelain Tile, auto roller shades in all 4 bds, and bonus room with blackouts in primary. Quartz countertops, Energy efficient AC-HVAC, Whirlpool high profile appliances. Custom paint to match the home in the garage with EPOXY floors. Smart home Pentair upgraded pool equipment with smartphone controls for lights, and waterfall feature from the Pentair app. This north-south-facing home was pet-free. Tile, carpet, grout and sofa were freshly cleaned by Coconut Cleaning. Home borders a corner lot greenbelt with nobody behind you. Turn-key ready for you! TV in Den included in the sale of the home.

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6334 E Viewmont Drive Unit 46 Mesa, AZ 85215

$640,000

3 Beds

2 Baths

1,978 SqFt

Status Active

MLS # 6768584

Property Type Single Family Residence

Price Type --

Looking for a peaceful escape in Mesa's sought-after Red Mountain Ranch? This immaculate 3-bed, 2-bath home offers a perfect blend of tranquility & convenience. Nestled on a private north/south-facing hillside lot, this property boasts a resort-style backyard complete with a sparkling pebble-finish pool (recoated in 2024). Inside, enjoy the airy feel of soaring ceilings, ceramic tile floors throughout, and ample living space. The large Primary Suite includes double sinks, a separate shower and tub. With recent upgrades like a new AC (2021) and fresh paint, this home is move-in ready! Set in a gated community, you'll enjoy stunning mountain views and easy access to the 202, placing shopping, dining, and outdoor recreation right at your fingertips. Explore the nearby Usery Mountain trails, or experience the perks of Red Mountain Ranch Country Club, featuring a championship Pete Dye golf course, tennis courts, fitness center, and more (with optional membership). Outdoor enthusiasts will love the proximity to Tonto National Forest, offering hiking, mountain biking, paddle boarding, and boating. With the Salt River and Saguaro Lake just minutes away, adventure awaits! Don't miss out on this serene Arizona retreat, priced BELOW appraised value!

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16155 E Glenview Place Fountain Hills, AZ 85268

$640,000

2 Beds

3 Baths

1,776 SqFt

Status Active

MLS # 6774302

Property Type Single Family Residence

Price Type --

Close to middle school and high school in Glenbrook subdivision. Nice 2 master bedrooms with 2.5 baths. Granite counter tops, stainless steel appliances. Plantation shutters throughout. All one level, no carpet. 2 car garage. Covered patio in back with some artificial turf, and beautiful landscaping.

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13672 W Jesse Red Drive Peoria, AZ 85383

$640,000

3 Beds

2.5 Baths

2,603 SqFt

Status Active Under Contract

MLS # 6680532

Property Type Single Family Residence

Price Type --

Welcome to the Desert Paradise known as Vistancia. Nestled adjacent to the mountains you will enjoy an unobstructed view of the mountainous open desert from your entertainer's delight of a backyard. The outdoor entertainment area features mature tropical landscaping, ample ground and decorative lighting, a large rectangular swimming pool including swim up bar stools, shallow sunning deck and lighting. The large pergola covers a fire pit table, large screen television and a chef's delight of an outdoor kitchen. Accent lighting refines the space while enhancing the ambiance. This home is accented with mountain views from the master bedroom, spacious open floor plan, and an exceptionally large garage offering an abundance of closets and storage. The kitchen has been remodeled with New Kitchen Aid appliances. This beautiful home has far too many extraordinary features and benefits to list. It is a Must See on your home shopping tour. The Vistancia lifestyle offers premium, top rated schools, a Home Owner's Association that provides concerts, clubs, poker tournaments, indoor basketball court and family based activities for nearly every holiday. Call for your private tour of this exceptional property in an absolutely wonderful community.

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