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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20287 N 51st Drive Glendale, AZ 85308

$524,900

3 Beds

2 Baths

1,679 SqFt

Status Active

MLS # 6684504

Property Type Single Family Residence

Price Type --

Welcome to your dream home located in Arrowhead Lakes, a desirable neighborhood w/easy access to a plethora of amenities, including 101 fwy, shopping & more. This remodeled home features a spacious layout w/ 3 beds, 2 bath, New Roof & AC. Formal Living/Dining Front Room, vaulted ceilings, Tile in common areas & modern upgrades throughout. The Kitchen boasts navy cabinetry, quartz countertops, stainless-steel appliances & breakfast bar. The family room provides the perfect spot to gather & enjoy each other's company. Expansive primary suite is a true retreat w/ full ensuite, separate tub & tile shower, walk-in closet & a private backyard access. The backyard offers a covered patio, RV Gate, refreshing pool & hillside views, making it an ideal atmosphere for gatherings & memorable moments.

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1207 N William Tell Circle Payson, AZ 85541

$524,900

3 Beds

2 Baths

2,468 SqFt

Status Active

MLS # 6686400

Property Type Single Family Residence

Price Type --

Welcome to your new Home! This property is a must see! Newly remodeled farm house modern concept with new flooring, windows, paint and countertops. All bathrooms are fully redone with quartz countertops and new fixtures and tiling. The kitchen comes with live edge countertops and brand new stainless steel appliances along with a custom organized walk-in pantry. The oversized bedrooms and closets give enough room for anyone and large entertainment spaces and deck to hold the best get togethers. This property also comes with large rv parking with a backyard that has enough space for any additional upgrades. The exterior of the house is fully repainted and comes with a brand new roof with all new drainage control throughout.

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12428 E Pivot Peak -- Gold Canyon, AZ 85118

$524,900

4 Beds

3 Baths

1,961 SqFt

Status Active

MLS # 6689997

Property Type Single Family Residence

Price Type --

Beautiful 4 bed / 3 bath single level home w/ stunning mountain views built in 2022. Complete w/ smart home system (including Moen leak detection) & over $35k in landscape upgrades. Nice curb appeal w/ stacked stone front accent & paver lined driveway. Great floorplan w/ perfectly chosen lighting/fixtures. Fabulous kitchen offers SS appliances, pristine cabinetry, tile backsplash, corner pantry & large island w/ sink, pendant lights & bartop seating. Kitchen opens to dining area & living room w/ full wall of window sliders to back patio. Primary bedroom has barn door to bathroom w/ dual vanities (as well as seated vanity), shower w/ bench, private toilet & walk-in closet. Other two bathrooms both w/ tub/shower combo. Inside laundry room has storage shelf & window to let in natural light. Sprawling backyard w/ gorgeous mountain views is the perfect place to entertain w/ its covered patio w/ extended stone pavers to large open patio, privacy walls close in a portion perfect for the hot tub! Fenced artificial turf area perfect for kids or pups! Tucked into the foothills of the Superstition Mountains in Gold Canyon, this master-planned community offers scenic views & plenty of opportunity to enjoy outdoor recreation. Take advantage of the shaded picnic ramadas, BBQs areas, walking trails, playgrounds, basketball & pickleball courts, as well as fitness stations. Just outside of Peralta Canyon, there are 5 championship golf courses & endless hiking, biking, rock climbing, camping & more. This is a must see in Peralta Canyon so come check it out today!

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16249 W Copper Point Lane Surprise, AZ 85374

$524,900

3 Beds

2 Baths

2,294 SqFt

Status Active

MLS # 6689696

Property Type Single Family Residence

Price Type --

One of the most popular floor plans located in The Grand! Beautiful updated spa like bath and upgraded kitchen. Newer floors, paint, roof decking, refurbished heating and cooling, and extended back patio. Hot tub/spa negotiable. Kitchen has upgraded appliances, custom tile and granite counter tops. True three bedroom with two bath and flex space in combo dining/formal living area. Large great room with eat in kitchen/breakfast bar. This house is perfect for entertaining. Home has been well maintained. Enjoy the Grand Lifestyle that comes with this home! Multiple golf courses, activities, recreation center, and clubs. Heating and cooling units refurbished approx. 2018, roof decking in 2017, outside painted in 2020 and 2024, flooring replaced in 2014, kitchen and bath upgrade in 2020.

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1541 E Gary Drive Chandler, AZ 85225

$524,900

3 Beds

2 Baths

1,599 SqFt

Status Active

MLS # 6691136

Property Type Single Family Residence

Price Type --

Welcome to this inviting 3-bedroom, 2-bath home in the Provinces! The charming interior features a spacious great room with vaulted ceilings, a neutral palette, efficient recessed lighting, and new floors and baseboards. The kitchen is equipped with granite counters, white shaker cabinets, chic pendant lighting, sleek stainless steel appliances, a tile backsplash, and an island with a breakfast bar for quick meals or morning coffee. The cozy master bedroom includes a private bathroom with dual sinks, a massive shower and a walk-in closet. The backyard offers a covered patio and ample space perfect for designing your dream oasis. Don't miss out on this fantastic opportunity!

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15682 W Mackenzie Drive Goodyear, AZ 85395

$524,900

4 Beds

2.5 Baths

2,654 SqFt

Status Active

MLS # 6690926

Property Type Single Family Residence

Price Type --

PAID OFF SOLAR! New flooring and All New Paint. PRICED BELOW APPRAISED VALUE! Updated Pictures will be up in a few days. Discover your desert sanctuary in Goodyear, Arizona. This stunning residence offers modern luxury and comfort in an inviting open floor plan. This open kitchen features stainless steel appliances, a center island and plenty of storage. Elegant tile flooring, recessed lighting, and soaring ceilings enhance the ambiance throughout. Retreat to the spacious master suite with a walk-in closet . Outside, the backyard oasis boasts a sparkling pool, covered patio, and desert landscape. Conveniently located near schools, shopping, and parks, this home offers the perfect blend of convenience and tranquility

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1558 E Grove Avenue Mesa, AZ 85204

$524,800

3 Beds

2 Baths

1,826 SqFt

Status Active

MLS # 6686628

Property Type Single Family Residence

Price Type --

You will Love Living on this generous 1/4 acre lot with NO HOA restrictions, providing freedom & privacy! This Meticulously cared for mid century home spares No missed Detail including an OPEN Floor Plan with Lots of Natural Lighting & tile flooring throughout. You will have peace of mind knowing the Roof & AC unit are 7 years or less. Entertainer's Kitchen boasts Stainless Steel Appliances with lots of Cabinet Space, Huge Pantry, & Large Kitchen Bar stool seating. The cozy Fireplace is a perfect centerpiece for hosting your family gatherings. Primary Bedroom offers a Large Closet & Tile Shower! The Mammoth workshop in the back yard has endless opportunities & the Wide RV gate is perfect for storing kids & adult toys! Central location makes This Inviting Home an Absolute Must See!!!

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26803 W Firehawk Drive Buckeye, AZ 85396

$524,700

2 Beds

2 Baths

1,819 SqFt

Status Active

MLS # 6658272

Property Type Single Family Residence

Price Type --

SELLER OFFERING UP TO $10,000 TOWARDS BUYERS CLOSING COST/BUY DOWN FOR STELLAR SANCTUARY MODEL W/4 FT EXTENDED GARAGE. Enter the open concept, split floor plan w/wood plank tile flooring, plantation shutters, & designer lighting features. Oversized great room w/plenty of room for dining & entertaining. The chefs kitchen features upgraded cabinets, quartz counters, newer SS appliances & huge kitchen island w/seating. Generous owners en-suite is complete w/spa shower, dual sinks, and large walk-in closet. Inviting 2nd bedroom has a murphy bed and adjacent bath. Den is perfect for hobbies or an office. The garage features storage cabinets & ceiling rack. Enjoy relaxing on your extended back patio overlooking your private, walled in, low maintenance, beautifully landscaped backyard.

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4522 W Loma Verde Avenue Eloy, AZ 85131

$524,632

2 Beds

2.5 Baths

1,884 SqFt

Status Active

MLS # 6619909

Property Type Single Family Residence

Price Type --

*This Designer Home* is,, ready for an immediate move in, is one of our most popular floor plans. With a spacious Kitchen & raised height ceilings, you won't believe its only 1884sf, It is Beautifully upgraded with well thought out finishing touches selected by our design team. Robson Ranch was voted one of the top 50 best master planned communities in the county by Where to Retired magazine. Robson Ranch is centrally located between Phoenix and Tucson and offers world-Class, resort-style amenities including: New Clubhouse w/Ballroom/Auditorium, Championship Golf, Heated Indoor and Outdoor Pools, 16 Pickleball Courts, Tennis, Fitness & Creative Arts Centers, Restaurant, Softball Fields, Dog Park & Much more.

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18544 N Avalon Lane Surprise, AZ 85374

$524,500

2 Beds

2 Baths

2,035 SqFt

Status Active

MLS # 6657614

Property Type Single Family Residence

Price Type --

$3000 TOWARDS BUYERS CLOSING COSTS! Exceptional 2 bed/2 bath/den Verbena home shows like a model with refreshing interior colors & upgrades.Views of Granite Falls N Course without the extra price! Ideal corner lot has no behind neighbors,extended covered pavered patio,artificial turf & water feature.Updated kitchen expanded quartz island,white cabinets,stainless farmhouse sink,new faucet,quartz counter tops & tile backsplash.Updated hardware,designer fans/ light fixtures.New bathroom mirrors,light fixtures & luxury vinyl floors.Utility room has sink,cabinets,quartz counter tops,washer/dryer included.HVAC 2019/HWH 2021.PVC yard water lines,new controller.Extended 20x30sf garage,epoxy floor & cabinets.Gated courtyard with pavers.2022 exterior painted.Minutes from The Grand Village Center!

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14780 W Edgemont Avenue Goodyear, AZ 85395

$524,500

3 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6660651

Property Type Single Family Residence

Price Type --

This amazing home is in immaculate condition from ceiling to floor. Gorgeous tile flooring throughout and custom flooring in the primary bedroom. Split floor plan that is also very open with neutral color paint throughout. Formal dining room and spacious living room area. The kitchen offers recessed lighting, island with breakfast bar, upgraded cabinetry with tons of storage space and eat-in kitchen area. Primary bath has garden tub, separate shower. vanity with double sinks, walk in closet, and private toilet room. In the backyard there is low maintenance landscaping, sparkling swimming pool, and plenty of room to relax and entertain. Only minutes from great schools & parks, Freeway access, shopping, restaurants, and more. Come take a look. You won't be disappointed.

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15238 W Post Drive Surprise, AZ 85374

$524,500

4 Beds

2.5 Baths

3,169 SqFt

Status Active

MLS # 6668490

Property Type Single Family Residence

Price Type --

PRICE REDUCED FOR IMMEDIATE SALE! Pride of ownership is shown in this stunning turn-key residence located in Surprise Orchards! Prepare to be impressed by a perfectly flowing layout showcasing gorgeous wood-look flooring, warm neutral palette throughout, and a formal dining area or separate living room. The kitchen has plenty of natural wood cabinets accentuated by crown moulding, built-in appliances, track lighting, and a convenient center island which opens to the family room. The MAIN FLOOR PRIMARY BEDROOM offers an ensuite bath complete with dual sinks and a walk-in closet. Upstairs you'll find a Super Bonus room AND a separate LOFT both easily converted to 4th & 5th bedroom! Host memorable gatherings in the wonderful backyard, featuring a full-length covered patio, a garden area and a SWIMMING POOL.

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