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.

What’s Your Home Worth?

Search for Your New Home

Listing types.

For Sale

For Rent

Land

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

6274 E Walden Way Prescott Valley, AZ 86314

$520,000

3 Beds

2 Baths

1,661 SqFt

Status Active

MLS # 6677779

Property Type Single Family Residence

Price Type --

View Property

16015 W Cocopah Street Goodyear, AZ 85338

$520,000

4 Beds

2.5 Baths

2,913 SqFt

Status Active

MLS # 6677879

Property Type Single Family Residence

Price Type --

This home is beautiful in the well sought out city of Goodyear! The large open kitchen has granite countertops. Formal Living room and dining room, fireplace, and an office. Seller needs a leaseback or extended closing while waiting on new construction build.

View Property

2112 W Harwell Road Phoenix, AZ 85041

$520,000

4 Beds

2.5 Baths

2,574 SqFt

Status Active

MLS # 6678576

Property Type Single Family Residence

Price Type --

Don't miss out on this great home in a gated community. Interior and exterior of the home was recently painted!!! Great floor plan with a huge backyard that is ready to make it your own!! Beautiful curved staircase, large grand vaulted entry way, and an RV Gate will not disappoint!!

View Property

12106 W Rowel Road Peoria, AZ 85383

New

$520,000

5 Beds

3 Baths

2,294 SqFt

Status Active

MLS # 6699723

Property Type Single Family Residence

Price Type --

Absolutely Beautiful 5 Bedroom, 3 Bath, Two Story Home Located on Premium 10K SQ FT Corner Lot, Amazing Views & Boarding Preserve Land, Gourmet Kitchen w/Custom Cabinets & Granite Countertops, Gas Range & Built-In Microwave, Stainless Steel Appliances Included, Walk-In Pantry, Kitchen Island w/Breakfast Bar, Eat-In Kitchen Dining Room, Spacious Great Room w/Triple Sliding Doors, One Bedroom & Full Bathroom Downstairs, Upstairs: Large Master Bedroom w/Walk-In Closet, Master Bathroom w/Dual Sinks & Custom Walk-In Shower, 3 More Bedroom & Hall Bathroom, Extended Backyard Patio w/Customer Pavers & Grass Area, The Views Are Awesome to the North w/State Land Boarding Behind, Professionally Landscaped Front & Backyard, 2 Car Garage, Amazing Home - Come Check It Out!

View Property

5611 W Chicago Street Chandler, AZ 85226

$520,000

3 Beds

3 Baths

1,686 SqFt

Status Active

MLS # 6694243

Property Type Single Family Residence

Price Type --

No HOA w/ near quarter-acre! Dream life home w/ 11' RV gate & RV parking w/ electric; even a tree house & swing to play. Huge grass backyard for camping, movie projectors, private coffee moments, & late night firepits. Allowed up to 5 chickens on lot! Orange & lemon trees line the back fence for seasonal fruit & privacy. White kitchen cabinets w/ sparkle backsplash & glass pulls to brighten your day as you overlook the grass yard. Flooring was updated w/ cherry engineered hardwood & diagonal porcelain tile & sealed grout to last & compliment all your furniture. Bump-out bay window with view of tree house to keep an eye on everything or enjoy a book w/ the view. Third-car-garage separately fenced so you can run a business, park a boat, or store cars w/o ruining the view. Loft for extra rm. Balcony on master to have a private outdoor living area or easy to enclose for add-on master space. Big enough to build on to make more rooms, as neighbors have done, without changing the floorplan but enough unrestricted space to do so for decades of growth. Kitchen sink overlooks backyard so you can view the greenery or sunset as you're using the kitchen. Minutes to Chandler Mall, movie theatre, and restaurants for a convenient and entertaining lifestyle. Quick access to highways so you don't waste time getting across the valley so you can spend more time on work or friends. Upper bedroom has low e window and wooden plantation shutter to keep the room cool, quiet, and dark for anyone that sleeps during the day. Ceiling fans or pre-mounted boxes for fans in bedrooms so you can sleep individually in comfort. All bedrooms have direct access to a bathroom so any guests can have their own bathroom. City has public green-belts one street over that connect schools & large park so you can walk/ride/jog in safety and comfort. Down the street from city pool and dog park make relaxing an easy decision. Windows have separate 90%-blocking sunscreens to keep the heated summers to a minimum inside; currently removed for better view. Front door has separate security door that can be used as a screen door to let cool spring/fall air in without, well, leaving the door open; currently removed for easier entry. Olive tree in the front and Honey-bell orange tree in the back is the best producer of sweet seasonal harvest.

View Property

12041 N 30th Street Phoenix, AZ 85028

$520,000

4 Beds

2 Baths

1,280 SqFt

Status Active

MLS # 6694510

Property Type Single Family Residence

Price Type --

Great investment property /or Owner occupied that will live in the Main house and can rent the separated bed room with private kitchen & Bath and entrance Horse property With no HOA 1/3 Acre Corner Lot House, 4 Bedrooms, 2 Baths + 1 Car Port & R.V. Gate, Remodeled house with newer kitchen, HVAC & painted inside/out. New quartz counter tops & SS appliances, Great Suburban life style in the heart of the city, Lots of room to accommodate your pets & animals as well. Great location with access to SR-51 that will take you south to airport/ downtown or north to Loop-101... close to the PV Mall and Desert Ridge shopping. Newer roof 5 years old and AC is 5 years old, the whole house has been remodeled within three years, water heater is 2 months old, appliances about 3 years old.

View Property

19826 N Cherry Tree Lane Sun City, AZ 85373

$520,000

2 Beds

2 Baths

2,193 SqFt

Status Active

MLS # 6697153

Property Type Single Family Residence

Price Type --

Don't look past this completely remodeled home where every detail has been accounted for. With two bedrooms plus den and 1.75 baths, there is plenty of room to spread out. OWNED solar panels make this dream home easy on your wallet also! Located between the fourth & fifth hole of the Willowbrook Golf Course, this home was originally designed for those closest to Del Webb & let me tell you, the views don't disappoint. Come relax on the spacious patio or take in the views from the living room's bay windows. This is a home you can have to yourself or invite guests and make them a meal in the kitchen of your dreams with custom made cabinetry, a double oven, double pantry, center island with seating, & even a pot filler! The pictures are gorgeous but the home in person is even better!

View Property

4019 W Campo Bello Drive Glendale, AZ 85308

$520,000

4 Beds

2 Baths

2,069 SqFt

Status Active

MLS # 6700320

Property Type Single Family Residence

Price Type --

When a home checks this many boxes, you must act! Citrus trees, a low-maintenance front yard and a private courtyard make a welcoming entrance. The sparkling pool, lush lawn, and broad entertaining backyard space make it a great home for both social gatherings and private relaxation. The built-in pet door, home security/automation system, and smart thermostat keep things running efficiently so you can focus on the important things. Stay organized with the bonus space in the garage and storage sheds on the west side of the home. You are conveniently close to Arrowhead Mall and the P83 District, among other shopping centers. You have quick access to major roadways without backing them and dealing with noise - the best of both worlds! Skip the to-do list with this updated gem - you don't have time for that! The Desert Pines Neighborhood welcomes you home!

View Property

34971 N 30th Avenue Phoenix, AZ 85086

$520,000

3 Beds

3 Baths

1,566 SqFt

Status Active

MLS # 6704358

Property Type Townhouse

Price Type --

Discover perfection in this 3-bed, 3-bath townhouse nestled in North Phoenix's prime neighborhood. Originally renovated to impeccable standards for owner's daughter, now a rare find on the market! No detail overlooked in this flawless remodel, boasting top-quality craftsmanship and premium materials throughout. From elegant finishes to modern amenities, enjoy luxurious living at its finest. Don't settle for less - seize this extraordinary opportunity to own a meticulously updated townhouse with no compromises.

View Property

2150 S 217th Lane Buckeye, AZ 85326

$520,000

5 Beds

3 Baths

2,836 SqFt

Status Active

MLS # 6704831

Property Type Single Family Residence

Price Type --

Not too many homes have it all but this one does! 5 huge bedrooms and 3 baths with a full bath and bedroom downstairs. Enormous loft, formal dining room, and separate living & family rooms. The kitchen comes with contemporary cabinets with all the storage space you can imagine, island with breakfast bar, stainless steel appliances, tile backsplash, and quartz countertops. The backyard is enormous, has covered patio that extends the entire width of the home, and a fenced swimming pool. There is all the room you need to play, relax, and entertain. It's in immaculate condition from ceiling to floor and move in ready. Al it needs is your furniture. This is a rare opportunity. You don't want to miss out so come take a look! Thanks for stopping in.

View Property

17585 W Marshall Lane Surprise, AZ 85388

New

$520,000

4 Beds

3 Baths

2,907 SqFt

Status Active

MLS # 6706852

Property Type Single Family Residence

Price Type --

Come enjoy all Surprise has to offer. This well kept 2 story home features neutral palette throughout. AC unit was replaced in 2023. The large kitchen has tons of cabinet and countertop space along with stainless steel appliances, a pantry and a large island. You will love the natural light and bright open feel of this home. The recently installed turf and putting green in the backyard make it the perfect spot to relax and enjoy a BBQ. The large master suite features dual walk in closets, a separate tub and shower. The secondary bedrooms and primary bedroom are all generously sized. This home also features an open loft and a Tech center. The community features lots of parks, a dog park and walking trails. The high school is a short bike ride away!

View Property

17652 W Fetlock Trail Surprise, AZ 85387

$520,000

4 Beds

3 Baths

2,342 SqFt

Status Active

MLS # 6705984

Property Type Single Family Residence

Price Type --

View Property