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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33002 N Pebble Creek Drive San Tan Valley, AZ 85143

$555,000

4 Beds

3 Baths

3,293 SqFt

Status Active

MLS # 6742840

Property Type Single Family Residence

Price Type --

Awesome two-story property ready to go! Fall in love with the manicured landscaping, 3-car tandem garage, and sweet curb appeal. The immaculate interior has pre-wired surround sound, ample living spaces with endless entertainment possibilities, sizable bedrooms, and an updated A/C unit for convenience. The open-concept kitchen features new stainless steel oven refrigerator and dishwasher, an island with a breakfast bar, granite counters, plenty of cabinets, and a walk-in pantry. In the oversized main retreat, you'll find a walk-in closet and a private bathroom for added comfort. Discover a serene backyard boasting a grassy area, covered patio, and sparkling blue pool. Electrical hookup also available for detached hot tub. ****Buyer failed to fulfill contingency, back on market****

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5521 W Butler Drive Chandler, AZ 85226

$555,000

3 Beds

3 Baths

1,410 SqFt

Status Active

MLS # 6767050

Property Type Single Family Residence

Price Type --

Totally upgraded from top to toe ,in and out the last 2 yrs! Quartz counters in kitchen and island bar, all new appliances, Vaulted ceiling, fireplace and wood shutter in great room with access to side yard for early morning coffee. New air conditioner ,new water heater, new shingles, new windows and doors. Pavers and turf front & back 3 bedrooms,3 bath rooms. Downstairs bedroom & 3/4 bath...ideal guest room! Cozy loft upstairs adds space. Balcony too. Generous oasis back yard with pool, pavers tiled patios and tile surrounding pool! Grassy turf in the right places front and back for low maintenance.. The sparkling pool is so refreshing. Extra lighting invites you out after dark to enjoy and entertain .Double RV gate for boat or trailer or bikes. Storage shed., stuccoed block wall too

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5849 W Monte Cristo Avenue Glendale, AZ 85306

Open House

$555,000

3 Beds

2 Baths

1,839 SqFt

Status Active

MLS # 6784316

Property Type Single Family Residence

Price Type --

Nestled in the highly desirable Sunburst Farms of Glendale, this expansive **.37-acre property** offers the perfect blend of rural charm and modern convenience. Ideal for horse enthusiasts, the property features a **horse trail directly behind** and plenty of space for equestrian needs. The **3-bedroom, 2-bath home** has been beautifully remodeled with thoughtful upgrades throughout. Step inside to discover a bright, open floor plan featuring **bamboo flooring**, **new butcher block countertops**, and freshly painted interiors. The **master bedroom** boasts luxurious Venetian plaster walls, while both bathrooms have been completely updated with new tile and vanities. A spacious living room, dining area, and cozy family room provide ample space for entertaining, complemented by a **large laundry room** with a convenient side exit to the yard. Outside, you'll find a true **backyard oasis**, complete with a **newly plastered sparkling pool**, a covered patio, and lush privacy provided by **mature mulberry and tangelo trees**. Two sheds, a **gated work area**, and **dual RV gates** offer plenty of storage and room for all your toys. The carport is thoughtfully tucked behind an RV gate, maximizing the backyard's usability. Don't miss this rare opportunity to own a piece of Sunburst Farmsa property that seamlessly combines country living with modern amenities!

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20724 W Kaibab Road Buckeye, AZ 85326

$554,999

4 Beds

2 Baths

2,132 SqFt

Status Active

MLS # 6774935

Property Type Single Family Residence

Price Type --

Welcome to this expansive 1-acre horse property on a coveted corner lot! You're greeted by a side-entry 2-car garage, a natural desert landscape, & a circular driveway. Discover an inviting great room with high ceilings, an earth-tone palette, recessed lighting, blinds, & wood-look flooring. The gourmet kitchen comes with granite counters, ample wood cabinetry, stainless steel appliances, & a peninsula with a breakfast bar. The main bedroom offers plush carpeting, an ensuite with double sinks, & a walk-in closet. Outdoors, you'll find a lovely backyard featuring a covered patio, a warm fire pit, an outdoor fireplace for evenings under the stars, & a refreshing pool. Surrounded by stunning mountain views, you can create your dream oasis or establish equestrian facilities. Make it yours!

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715 W Oregon Avenue Phoenix, AZ 85013

$554,995

3 Beds

2 Baths

1,624 SqFt

Status Active

MLS # 6764804

Property Type Single Family Residence

Price Type --

Welcome home to this charming 3 bed, 2 bath home in the heart of Central Phoenix, featuring a new roof, new AC and a freshly painted exterior! Upon entering the home you are greeted by an eat-in kitchen that boasts stainless steel appliances and refinished cabinets and countertops. Next to the kitchen is a cozy living area filled with natural light providing ample space for entertaining and/or dining. Off the living area is a bonus room/den featuring new carpet and a cozy brick-inlay fireplace. Conveniently tucked away is the utility/storage closet that includes an additional refrigerator and a washer and dryer. The primary bedroom boasts new vinyl wood flooring, two closets and an updated bath featuring a new vanity with modern fixtures, new Zellige tile in the shower, and charming charming Cotto tile flooring. Finishing the tour you will find two additional spacious bedrooms and an updated full bathroom that includes a shower-tub combo and a vanity offering generous counter space. Outside you can enjoy a beautifully landscaped yard with a shaded patio, perfect for outdoor gatherings, a storage shed and a back gate with direct access to Colter Park. This home is a rare finddon't miss your chance to own this adorable classic in Central Phoenix!

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4024 S 177th Avenue Goodyear, AZ 85338

$554,990

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6779581

Property Type Single Family Residence

Price Type --

This spacious 5-bedroom 3-bathroom Bailey plan features a large kitchen overlooking the great room and separate dining area. Open concept living at its finest with a third full bathroom adjoining the fifth bedroom for family or guests. Finished with our Divine Package including white cabinetry with granite, kitchen backsplash and 6'' X 36'' tile flooring. Move into this fully equipped home that includes our spray foam insulation, a three-car tandem garage, all appliances, window coverings and pendant lighting with a December completion date.

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15394 W Cottontail Lane Surprise, AZ 85387

$554,990

5 Beds

3 Baths

2,734 SqFt

Status Active

MLS # 6786000

Property Type Single Family Residence

Price Type --

2,743 SQ FT SINGLE LEVEL - 3 CAR GARAGE Quick CLOSE! This beautiful 4 bedroom with a study + 3-bathroom single story is AMAZING !!! the perfect home, upgraded convenient electrical package, prewired for pendant light over the island, gorgeous tile flooring, Burlap Cabs, Quartz Slab, stainless steel appliances, gas range and dryer gas hookup, TANKLESS WATER HEATER, window coverings oversized sliding door, Smart Home and Energy Star Certified, garage door openers included just to mention a few, come see!

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32001 N 117th Avenue Peoria, AZ 85383

$554,990

3 Beds

2 Baths

1,486 SqFt

Status Active

MLS # 6755152

Property Type Single Family Residence

Price Type --

It's the Acacia being built at our newest community of Mystic in Peoria. Barnett Maple Latte cabinets throughout with 42'' kitchen uppers soft close drawers and doors in the kitchen. Wood laminate floor Casita Court with 5'' baseboards and 3 1/4'' door casings in all areas of the home except beds/closets. Large walk in shower at owner's bath with tile on the surrounds and floor. Stainless steel gas appliances including a 30'' cooktop and glass canopy hood. Pavers at drive, walk and entry. Tile in tub & shower surrounds in Bath 2. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 303.

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9857 S Los Picos Drive Apache Junction, AZ 85120

Open House

$554,990

4 Beds

3 Baths

2,164 SqFt

Status Active

MLS # 6779392

Property Type Single Family Residence

Price Type --

3 car garage!! The Fairfield floorplan offers a spacious and well-designed single-level living experience, encompassing 2,164 square feet. you are welcomed into an open-concept living area that seamlessly connects the kitchen, dining, and family rooms. The kitchen is a chef's delight, equipped with modern gas appliances, ample counter space, and a large island that serves as the heart of the home, ideal for meal preparation and casual dining. wood look tile throughout, tankless water heater, 8 foot slider! This community features resort like amenities including a large pool, splashpad, park & clubhouse with fitness center!

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15992 N Gil Balcome Street Surprise, AZ 85374

$554,990

5 Beds

2 Baths

1,955 SqFt

Status Active

MLS # 6724780

Property Type Single Family Residence

Price Type --

HUGE PRICE REDUCTION!! Stunning Fully Remodeled 5-Bedroom Home w/ Luxurious Features This remodeled, move-in-ready home boasts 5 bedrooms & 2 baths on an oversized lot backing to a serene Greenbelt. The gourmet kitchen features custom cabinetry, chef's kitchen appliance package, pot filler, large granite sink, quartz countertops and an oversized island. Wood tile flooring t/o, 10 ft ceilings, upgraded paint, 5 1/2 in baseboards, new doors, and dual-pane windows provide style and efficiency. Luxury baths with dual sinks and floor to ceiling tile. Master Suite features a custom master closet. Laundry room with new GE washer/dryer and cabinetry storage. Outdoors, enjoy a landscaped yard, Pebble Tech Pool, 12x43 covered patio, 12ft RV Gate and 5 car driveway. Move in ready & waiting for you!

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5054 N 183rd Drive Litchfield Park, AZ 85340

$554,990

3 Beds

2.5 Baths

2,275 SqFt

Status Active Under Contract

MLS # 6765735

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Why choose this home over a new build? This exquisite property features an open-concept layout perfect for entertaining. The gourmet kitchen boasts high-end appliances, and the ensuite laundry room is conveniently attached to the primary bedroom closet. Enjoy over $20,000 in beautiful landscaping, ready for you from day one, while new builds often require additional landscaping investments.The luxurious primary suite includes dual sinks in the ensuite bathroom and a well-designed Jack and Jill bathroom for added convenience.With premium upgrades, plantation shutters, and a versatile extra room ideal for an office or bonus space, this home is move-in ready. The spacious three-car tandem garage offers plenty of storage. Don't miss the chance to make this yours!

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242 S 165th Avenue Goodyear, AZ 85338

$554,990

4 Beds

2.5 Baths

2,229 SqFt

Status Active

MLS # 6739790

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the stunning Crimson floor plan with 4 bedrooms, 2.5 bath. Large storage area in garage. 12'x8' sliding glass door off the extended covered patio. Stainless steel gas appliance package with a 30'' cooktop, wall oven, microwave and canopy hood. Barnette Maple slate (Gray) cabinets throughout the home. AZT Della Terra quartz Linen countertops in kitchen and owner's bath. White single bowl undermount sink in kitchen. Satin nickel hardware. Upgrade flooring includes EMS Riverside Firenza 20x20 in all areas of the home except for beds/closets. Dual sinks in bath 2. Soft water loop, 8' tall garage door opener with two remotes and so much more. Please verify all information with onsite agent. Thank you!

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