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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12003 W Parkway Lane Avondale, AZ 85323

$572,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6761530

Property Type Single Family Residence

Price Type --

The heart of this ranch-style home is an open floor plan with a family room, a breakfast nook and a large gourmet kitchen. The adjacent primary suite offers a walk-in closet and an attached bath. You'll also find two additional bedrooms and a bath, as well as a quiet study and complete with a living area, bedroom, and private bath. Includes covered patio and a 3-car-garage!

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16348 W Avenida Del Sol -- Surprise, AZ 85387

$572,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6727605

Property Type Single Family Residence

Price Type --

This home features a lovely Guest Suite as well as dramatic 10' ceilings throughout and a tray ceiling at entry; a gourmet kitchen with quartz countertops, 42'' cabinets, a spacious open great room with a multi-slide door; a beautiful primary suite with a generous walk-in closet. The walk-in shower features a rain shower head. This home offers stylish pavers at driveway/walkway.

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16355 W Avenida Del Sol -- Surprise, AZ 85387

$572,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6718951

Property Type Single Family Residence

Price Type --

This home features a lovely Guest Suite as well as dramatic 10' ceilings throughout and a tray ceiling at entry; a gourmet kitchen with quartz countertops, 42'' cabinets, a spacious open great room with a multi-slide door; a beautiful primary suite with a generous walk-in closet. The master bath features a drop-in tub and a shower. This home offers stylish pavers at driveway/walkway.

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16400 W Avenida Del Sol -- Surprise, AZ 85387

$572,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6686225

Property Type Single Family Residence

Price Type --

4 bed 3 bath Elev B 2570 SQ FT 2 Car Garage. Has Gourmet Kitchen, Deluxe Master bath with walk in shower. Garage service door, 10ft ceilings at entry. Gas cooktop/range, Gas stub at Patio, 42'' White upper cabinets with 2-1/2'' molding. Wood looing tile through out and carpet in bedrooms.

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3070 E Bellerive Drive Gilbert, AZ 85298

$572,990

3 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6774476

Property Type Single Family Residence

Price Type --

This charming single-story home offers a thoughtfully designed open floor plan with 9-ft. ceilings, a large great room, and beautiful vinyl plank flooring throughout the common areas. The modern kitchen is a standout, featuring sleek quartz countertops, a center island prewired for pendant lighting, a walk-in pantry, and extended 42-in. upper cabinets. The spacious primary suite, located at the back of the home for added privacy, includes an en-suite bath with a walk-in shower, dual-sink vanity with WaterSense® labeled faucets, and a linen closet with ample storage space. Additional highlights include a soft water loop, ceiling fans in the great room, bedrooms, and covered patio, a convenient side-access door to the garage, and a Wi-Fi-enabled ecobee smart thermostat.

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4320 Sawbuck Way Wickenburg, AZ 85390

$572,671

2 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6770325

Property Type Single Family Residence

Price Type --

Welcome to the Dream Floor Plan, thoughtfully personalized in the Shea design studio. This 1,648 sq ft residence offers 2 beds & 2 baths, featuring GE built-in stainless steel appliances, including a gas cooktop, & brushed nickel accents throughout. The primary bath boasts a heavy glass shower enclosure & upgraded granite countertops in both the kitchen & baths. Enjoy custom mosaic tile details, 42'' kitchen cabinets with pullouts, soft-close cabinets & drawers, under-cabinet lighting, & a 15ft sliding glass wall in the living room. Additional highlights include prewired fans in the den & patio, upgraded electrical, smart home features, an extended covered patio, & a 250-gallon underground propane tank. Visit the Shea sales office for current incentives.

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1724 S Rockwell Street Gilbert, AZ 85295

$572,400

4 Beds

2 Baths

2,085 SqFt

Status Active

MLS # 6781274

Property Type Single Family Residence

Price Type --

**$5K flooring credit for the new owner from the seller!** Welcome to Lyons Gate! Enjoy the charm of a spacious setting without the upkeep, as you step outside to an HOA-maintained field ideal for kickball, tag, or cozy evenings by the renovated patio for s'mores. Just a short walk from your front door brings you to one of multiple community pools, a basketball court, and a playground. Inside, you'll find an extra-deep garage with fantastic storage solutions, and in the backyard, an included spa awaits your relaxation. You get all of this PLUS great access to the freeway, Mesa Gateway Airport, schools, AND amazing restaurants! Come experience this home and neighborhood for yourself!

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16380 W Avenida Del Sol -- Surprise, AZ 85387

$570,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6701706

Property Type Single Family Residence

Price Type --

The gorgeous Cassandra floor plan offers 10-foot ceilings with a tray at entry, gourmet kitchen with quartz countertops and 42 inch cabinets, a huge walk-in pantry, a multi-slide door at great room and a slider at Nook, walk-in Shower with rain shower, and pavers at driveway/walkway, the lot is nearly 8000 square feet and it is North/South exposure.

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11937 W Parkway Lane Avondale, AZ 85323

$570,995

3 Beds

2.5 Baths

2,400 SqFt

Status Active

MLS # 6760074

Property Type Single Family Residence

Price Type --

Explore this eye-catching Celeste home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; a large great room boasting center-meet doors leading onto a tranquil covered patio; an elegant primary suite showcasing an expansive walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car tandem garage. This home also offers additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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19026 W Stella Avenue Waddell, AZ 85355

$570,990

4 Beds

2.5 Baths

2,399 SqFt

Status Active

MLS # 6745705

Property Type Single Family Residence

Price Type --

The beautiful Irwin floorplan has a 3 car tandem garage, 4 bedrooms and two and a half bathrooms. 9' ceilings, wood plank style tile floorings throughout the home, 8' interior doors, gourmet kitchen package, kitchen tile backsplash and huge island makes this home the perfect spot to entertain! This home is built zero energy ready with spray foam insulation, 2 x 6 construction and 85% offset solar system included giving you a HERS rating in the single digits! This home gives you almost no energy bill and is ready now!

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23055 E Watford Drive Queen Creek, AZ 85142

$570,990

4 Beds

3.5 Baths

2,688 SqFt

Status Active

MLS # 6770743

Property Type Single Family Residence

Price Type --

To Be Built of our very popular Pebble single story plan. This plan boasts a 3 car garage, 4 bedrooms, 3.5 baths and an office. Build time is approximately 7 months. We offer a full design center experience where you can colorize the home to your liking. Options and upgrades may increase the price of the home. Please ask about our special financing promotions.

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15922 W Electra Lane Surprise, AZ 85387

$570,699

4 Beds

3 Baths

2,229 SqFt

Status Active

MLS # 6719014

Property Type Single Family Residence

Price Type --

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