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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2614 N 15th Street Phoenix, AZ 85006

$639,900

3 Beds

2.5 Baths

1,972 SqFt

Status Active

MLS # 6735434

Property Type Single Family Residence

Price Type --

This exceptional home offers quality and low-maintenance living in the heart of Coronado. Completely rebuilt in 2016, the home was taken down to the studs and updated with all-new electrical, plumbing, insulation, and premium finishes throughout. The thoughtfully designed floor plan includes an inviting library with raised ceilings and floor-to-ceiling bookshelves, a spacious primary suite with vaulted ceilings and a luxurious en suite bath, and a gourmet kitchen equipped with a breakfast bar, pantry, and high-end AGA range. Modern upgrades include dual HVAC systems with WiFi thermostats, energy-efficient dual-pane windows, hardwood flooring, a tankless water heater, and a robust whole-house water filtration system. Additional features include a dedicated laundry room, an upgraded garage with a 220V line for EV charging, hanging storage, and extra outlets. Enjoy entertaining on the wraparound porch amidst lush landscaping, including fruit-bearing trees and large shade trees, or retreat to the custom-designed great room with a hardwood bar and ample amenities. With paid-off solar panels, an average electric bill of only $120, and a prime location near parks, restaurants, and the Oak Street Alley Murals, this home offers the perfect blend of charm, convenience, and efficiency. Don't miss out on this standout property, recently featured in the 2024 Coronado Home Tour!

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17425 W Tara Lane Surprise, AZ 85388

$639,900

4 Beds

2 Baths

2,185 SqFt

Status Active

MLS # 6737950

Property Type Single Family Residence

Price Type --

Seller is offering a $10,000 credit toward rate buy-down or closing costs with a full-price offer! This stunning, one-of-a-kind home has been fully remodeled with over $100K in upgrades, making it an entertainer's paradise! Located on a massive 12,000 sq ft lot, enjoy your private pool and spa in a resort-like setting. The home features 4 spacious bedrooms, 2 luxurious baths, a versatile bonus room, and a secured large dog run with a convenient doggie door for your furry friends. Host gatherings in the fabulous great room with bifold doors that seamlessly open to the outdoors, a formal dining room, and an eat-in kitchen perfect for entertaining. Step outside to find a built-in BBQ under a stylish shade structure, a putt-putt green, and a pergola with a projection system for games or.... family movie nights. The backyard is the ultimate retreat for both relaxation and entertainment! This home truly has it all.

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17724 W Ocotillo Avenue Goodyear, AZ 85338

$639,900

3 Beds

3 Baths

2,718 SqFt

Status Active

MLS # 6754137

Property Type Single Family Residence

Price Type --

Experience mountain living in this beautiful, gated semi-custom TW Lewis home in Estrella Mountain Ranch. Located on a spacious corner lot just under 1/3 acre, this home is filled with luxury upgrades. The master bedroom offers an extended patio and elegant single lite door, while the master bath features a tiled snail shower. The cozy living area includes a fireplace with custom media niches, and the 3-car garage provides ample space with a service door. Enjoy energy-efficient solar shades, security doors, and a pebble stone driveway. The expansive backyard is ready for your dream pool or oasis.

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7805 W Noble Prairie Way Florence, AZ 85132

$639,900

2 Beds

2.5 Baths

2,541 SqFt

Status Active

MLS # 6757218

Property Type Single Family Residence

Price Type --

**This is the one!!** You'll be hard pressed to find another home like this in Anthem at Merrill Ranch. Absolutely immaculate with amazing upgrades and a private Oasis for a backyard. You can tell as you pull up to this house that it stands out...amazing custom design landscape with a front courtyard to enjoy your morning coffee. Enter through a high-end custom front door to a large, open floor plan with designer finishes. Everything from the flooring to the ceiling presents custom finishes and top of the line hardware. The open floor concept combines the kitchen, eating and living space that opens up to a beautiful, over-sized backyard with resort style finishes and no neighbors behind! This includes extras such as outdoor LED lighting... WIFI controlled landscape irrigation, natural gas fire-pit and outdoor covered kitchen with grill, lighted water feature, custom remote controlled fans, custom windows coverings, Quartz countertops and oversized kitchen island, crown moulding, ceramic tile backsplash, custom pendant lighting, walk-in pantry and Butler pantry, extensions for more room in the eating and master bedroom space, and much more. This floor plan also features a den/office that could be utilized as a 3rd bedroom. This is a must see home if you are looking for one of the premier homes in the community. Combine this home with the award winning community of Anthem at Merrill Ranch and all of it's amazing amenities and you have absolute paradise! BONUS...this home can be purchased furnished.

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7326 W Villa Hermosa -- Glendale, AZ 85310

$639,900

3 Beds

2 Baths

2,057 SqFt

Status Active

MLS # 6766305

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 3 bedroom, 2 bathroom home, perfectly located in a cul-de-sac in North Glendale. This home boasts vaulted ceilings, creating an open and airy feel, and a spacious floor plan ideal for comfortable living. With a 3-car garage and an RV gate, there's plenty of room for parking and storage. The backyard is an oasis, featuring a sparkling pool and plenty of space for outdoor entertaining and relaxation. Whether you're hosting summer gatherings or enjoying a quiet evening by the pool, this backyard offers endless possibilities. Conveniently located near shopping, dining, entertainment, and with easy access to the freeway, this home provides both tranquility and convenience. *BONUS Pre-paid Tesla Solar Lease*

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445 W Grant Avenue Williams, AZ 86046

$639,900

3 Beds

2.5 Baths

2,332 SqFt

Status Active

MLS # 6770424

Property Type Single Family Residence

Price Type --

*Owner willing to carry!* Welcome to 445 W Grant Ave. One of the largest, custom homes you'll find this close to downtown Williams! Situated perfectly on a corner lot, the grand entrance ushers you in to 9ft ceilings, a grand, great room with an open kitchen and dining room. The kitchen features a gas range, an oversized island, and an abundance of custom cabinets. Step into the capacious Primary bedroom with an en-suite bath. Primary room features grand, walk-in closets and private access to the back patio. Attached bath include dual sinks, a soaking tub and a custom, oversized shower. The home also presents two additional large bedrooms, a full bath and a partial bath for all your guest needs. This house does not lack in space or storage! With multiple, oversized storage closets, abundance in cabinets and the two separate, attached, oversized garages gives you all the storage you could need. The backyard is poised perfectly for low maintenance with space to enjoy the cool mountain county. This home would make an excellent short term rental with close access to downtown Williams, or a second home for easy lock and leave!

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318 N Washington Street Chandler, AZ 85225

$639,900

4 Beds

2 Baths

1,675 SqFt

Status Active Under Contract

MLS # 6759421

Property Type Single Family Residence

Price Type --

Walking Distance to Thriving Downtown Chandler In Silk Stocking Historic Neighborhood, Many opportunities for this Updated Duplex on a 7,449 Sqft Lot Across AZ Ave from Historic Chandler High School and Chandler Center of the Arts. Currently One Unit is MTM at $1950. The other is Ready For either Long Term Market Rents, Owner/User With Income. Both Units are 2 Bed 1 Bath/Tubs with Laundry, The back Unit has An Extra 450 sf Room with Its Own Outside Entry Door That Can Be Used for a Third Bedroom, Office Or Workshop with Air. Laminated Flooring in all living and Bedrooms with Tile in Kitchens and Baths. Security on All Doors and Keyless entry pads on Front Doors. All Facts and Figures are Approximate, Buyer to Verify to their own Satisfaction

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9237 E Sector Drive Mesa, AZ 85212

$639,900

4 Beds

3 Baths

2,224 SqFt

Status Active

MLS # 6774308

Property Type Single Family Residence

Price Type --

FORMER MODEL HOME! Ready for Quick Move-In. 4 BR + Loft / 3 BA. The home features a gourmet kitchen with white cabinets, black pulls throughout, quartz counter tops in the kitchen and a 'Mosaic Ripple' 2x8 brickwork stacked backsplash. This home features upgraded wood tile flooring throughout the downstairs and carpet flooring in the bedrooms. This home comes included with a Tankless Water Heater, REME Halo Whole House Air Purifying System and a Apple Pod Smart Home Kit.

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5909 E Crocus Drive Scottsdale, AZ 85254

$639,900

3 Beds

2 Baths

1,416 SqFt

Status Active Under Contract

MLS # 6702362

Property Type Single Family Residence

Price Type --

Location location location in the MAGIC 85254 zip code. This single story popular Monterey model, block constructed Crane home is located within minutes of the Kierland corridor. Features include: light/bright ceramic tile, newer roof(2023), newer AC(2020), N/S facing, low maintenance landscape, stainless steel appliances, granite countertops, partially updated baths and lighting, oversized laundry, plenty of storage, private patios and no HOA. Opportunity is knocking...welcome home!

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19528 N 55th Drive Glendale, AZ 85308

$639,900

5 Beds

3 Baths

2,397 SqFt

Status Active Under Contract

MLS # 6702911

Property Type Single Family Residence

Price Type --

This Home Won ''Best Home On Tour'' in the Glendale Home Tour! You'll LOVE this impressive 5 Bedroom remodel with NO HOA and upgrades around every corner. Gorgeous hickory wood floors. The kitchen has custom cabinets and granite counter tops accented by sleek stainless steel appliances. There's an island w/ seating & pendant lights! The primary bedroom is spacious w/gorgeous views of the green backyard. The primary bath has a garden tub & a glass walled shower.. You won't be disappointed out back either. The oversized backyard offers lush green grass, perimeter trees for shade, a covered patio, a flagstone sun patio, & a gas fire pit. Don't miss the built in barbeque plumbed w/ Natural gas. There's a 3 car garage, an RV Gate with concrete pad and NO HOA. Roof was replaced in 2022

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1415 E Monterey Street Chandler, AZ 85225

$639,900

4 Beds

3 Baths

2,321 SqFt

Status Active Under Contract

MLS # 6763096

Property Type Single Family Residence

Price Type --

This great 4 BR/3 Bath home is located in Superstition Ranch/AshleyPark community. It is surrounded by single level homes for privacy and has the desirable N/S exposure. The newly remodeled backyard & heated pool has artificial turf and a fun mural on the wall! New roof in 2024. New AC in 2022. Interior special features of this home are; crown molding, gas fireplace, surround sound, shutters, ceiling fans, skylight, 3 remodeled baths in 2019, water softener, RO, and stainless steel appliances.

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2604 E Joan D Arc Avenue Phoenix, AZ 85032

$639,900

3 Beds

2 Baths

2,015 SqFt

Status Active Under Contract

MLS # 6760734

Property Type Single Family Residence

Price Type --

Welcome to your mountainside retreat! This beautifully designed 3-bedroom, 2-bathroom home boasts 2,015 sq. ft. of stylish living space, nestled on nearly half an acre. Enjoy breathtaking mountain/valley views from every angle, offering a serene backdrop to your daily life. Step inside to discover tastefully done finishes that seamlessly blend comfort and elegance. The heart of the home features a cozy flagstone fireplace, perfect for those chilly evenings. The open-concept layout flows effortlessly from the living area to the kitchen, ideal for entertaining family and friends. PVUSD schools. Seller Financing Available. Buyer to verify all facts and figures

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