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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3444 E Lance Lane Phoenix, AZ 85018

$500,000

3 Beds

3 Baths

1,651 SqFt

Status Active

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840 Alpha Lane Prescott, AZ 86303

$500,000

2 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6667210

Property Type Townhouse

Price Type --

RARE OPPORTUNITY TO OWN A SINGLE LEVEL TOWNHOUSE IN THE PINES. .9 MILE TO DOWNTOWN PRESCOTT AND ALL THE FUN ACTIVITIES WITHIN WALKING DISTANCE. LOW HOA, $30.00 A MONTH! THIS HOME WOULD MAKE A PERFECT SECOND HOME TO ESCAPE THE HEAT OR EASY FULL TIME LOW MAINTENANCE RESIDENCE. CENTRAL AIR CONDITIONING AND HEAT. NEW ROOF IN 2023. NEW PAVER DRIVEWAY IN 2023. NEW TREX DECK IN 2022. 2 SPACIOUS BEDROOMS. 2 BATHROOMS. 2 CAR GARAGE. LEVEL PAVER DRIVEWAY. OPEN CONCEPT LIVING, WITH A FLOORPLAN THAT JUST FLOWS. FOREST VIEWS OFF THE LIVING AND DINING AREA. ENJOY SITTING ON YOUR BACK DECK AND TAKE IN THE SIGHTS AND SOUNDS OF NATURE. YOU ARE SO CLOSE TO EVERTHING PRESCOTT BUT FEEL SO PRIVATE AND ONE WITH NATURE.

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17398 W Superior Avenue Goodyear, AZ 85338

$500,000

4 Beds

2.5 Baths

2,525 SqFt

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MLS # 6669321

Property Type Single Family Residence

Price Type --

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15206 W Pasadena Drive Surprise, AZ 85374

$500,000

2 Beds

2 Baths

2,052 SqFt

Status Active

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Price Type --

Welcome to this 1 owner, one-level home in the desirable The Grand Community! This home boasts 2052 sf of well-designed living space which offers the perfect blend of comfort, convenience, and style. Notice the quality construction of this Coronado open floor plan and the beautiful aesthetics of the exterior for stunning curb appeal! Features Include: Marble Floors, Rock exterior, Extended Patio, New Roof underlay and Exterior paint, large living room with lots of natural light and views of the backyard. Notice the spacious marble kitchen and oversized dining area. The primary suite is amazing and offers a large bath and walk-in closet. There is a 2nd bedroom and bath and also a den that could be converted into a 3rd bedroom if you desire. $5,000 allowance to buyer with acceptable offer.

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14220 N Hawthorn Court Fountain Hills, AZ 85268

$500,000

3 Beds

2.5 Baths

1,921 SqFt

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MLS # 6679259

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Price Type --

Welcome Home to Hawthorn Court! Discover ultimate privacy in this single-family-like residence, connected to neighbors only by an entrance archway. Enjoy a bright living room, versatile den, and a galley kitchen with ample storage. Upstairs, find two generous bedrooms, a guest bath, and a luxurious master suite with a spa-like ensuite bath. Step onto your private balcony from the master suite and relax in the shaded backyard with mature trees. Clean and ready for your personal touch, this home awaits!

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5550 N 16th Street Phoenix, AZ 85016

$500,000

2 Beds

2 Baths

1,063 SqFt

Status Active

MLS # 6681958

Property Type Townhouse

Price Type --

This beautifully renovated townhouse/condo featuring all new flooring, kitchen, and bathrooms is surrounded by the best dining and retail establishments. Get outside and enjoy the city parks and hiking trails, as well as golf courses nearby. Directly across the street are the Madison School District and the Art Center. There is no better position than this one—easy access to the 51! Two en suite bedrooms in a split bedroom layout. There are BBQs and a heated pool/spa available as community amenities. There is a two-car direct-entry garage at the house. Ideally situated for quick access to the airport, downtown Phoenix, and the affluent Biltmore neighborhood with luxury restaurants & stores.

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1009 E Frost Drive Tempe, AZ 85282

$500,000

3 Beds

2 Baths

1,666 SqFt

Status Active

MLS # 6690021

Property Type Single Family Residence

Price Type --

Welcome to this charming three-bedroom, two-bathroom home nestled in the heart of Tempe, offering the perfect blend of comfort, convenience, and relaxation. Conveniently located just minutes away from a variety of restaurants, entertainment venues, ASU & shopping destinations, you'll never have to travel far to enjoy everything Tempe has to offer. Plus, with a beautiful park and school just a short walk away, this home is perfect for those looking to enjoy the outdoors & Arizona living. In the backyard, you'll discover a true oasis with a sparkling pool and covered patio to escape the hustle and bustle of city life. New windows, new AC, and new floors make this home ready for you to make it your own and start envisioning the endless possibilities of life in this wonderful community.

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19005 W Rancho Drive Litchfield Park, AZ 85340

$500,000

4 Beds

3 Baths

2,227 SqFt

Status Active

MLS # 6690702

Property Type Single Family Residence

Price Type --

Beautiful home in the Zanjero Trails community offers a wonderful blend of modern amenities, stunning mountain views, and a true Arizona lifestyle. Here's a closer look at what this property has to offer. Breathtaking Mountain Views: The corner lot location provides stunning mountain views that are sure to leave you in awe. Corner Lot Next to the Park: Being situated next to the park adds an extra element of space and serenity to the property. Spacious and Functional Floorplan: The 4-bedroom, 2-bathroom home features a split floor plan, offering privacy and comfort for residents. Gourmet Kitchen: The kitchen is a standout feature with granite countertops, stainless steel appliances, a large island, and a water fill at the stove—a perfect setup for cooking enthusiasts. Luxurious Master Suite: The private master bedroom is spacious and includes double sinks, a walk-in closet, and a custom glass shower with double shower heads, including a rain dial showerhead. Outdoor Oasis: The backyard offers a private retreat with a privacy fence, artificial grass, a water fountain, and views overlooking the park. It's an ideal space for outdoor gatherings, relaxation, or enjoying the Arizona sunsets. Cozy Patio: The patio provides a comfortable spot to relax and take in the views or entertain guests. Priced to Sell: With all these wonderful features, the home is priced to sell, offering great value for potential buyers. True Arizona Lifestyle: Living in Zanjero Trails allows residents to embrace the true Arizona lifestyle, with its stunning views, outdoor recreation, and community amenities. Overall, this home seems to offer a perfect balance of modern comfort, outdoor living, and the beauty of its natural surroundings. Whether you're enjoying the mountain views from the backyard, cooking in the gourmet kitchen, or relaxing in the luxurious master suite, this property embodies the essence of Arizona living.

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7580 E Earll Drive Scottsdale, AZ 85251

$500,000

2 Beds

2 Baths

1,397 SqFt

Status Active

MLS # 6697555

Property Type Townhouse

Price Type --

Rare 1-car garage Luxury Condo in TOP Scottsdale location!!! Step into luxury living in this charming GATED community nestled in Old Town Scottsdale. This inviting 2-bedroom unit boasts an airy open floor plan with super high soaring ceilings and a cozy gas fireplace in the living room. Beautifully updated home with all appliances included, both bedrooms feature spacious walk-in closets and access to a covered outdoor balcony. BEST LOCATION! Whether you're looking for a primary residence or a vacation getaway, this condo is ideal. Explore the vibrant neighborhood with easy access to top-notch dining, shopping, nightlife, golf courses, and the excitement of Giants Spring Training games. Experience the best of Scottsdale living right at your doorstep! Don't wait! Come see!

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6287 N 88th Avenue Glendale, AZ 85305

$500,000

4 Beds

2 Baths

2,092 SqFt

Status Active

MLS # 6691253

Property Type Single Family Residence

Price Type --

Remodeled Home with gorgeous Hickory Kitchen cabinets & GRANITE counter tops. Eat in Kitchen with bay window center Island counter. Kitchen opens into spacious family room, Spacious primary bedroom with bay window, vaulted ceiling, remodeled gorgeous bathroom, walk in closet. Ceramic and laminated flooring. Kitchen and all bathrooms were remodeled approx 2 years ago. Spacious rear yard, fenced sparkling pool resurfaced yr 2018 , Separate grass area, 11 foot R.V. Gates, Separate building, ideal for workshop or hobby room, Appliance only 2years & included. Golf course in community , approx 3 blocks from West Gate Entertainment Center with Cardinals Stadium, restaurants, shopping, Convenient to 101 freeway.

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1914 N 140th Avenue Goodyear, AZ 85395

$500,000

3 Beds

2.5 Baths

1,983 SqFt

Status Active

MLS # 6691426

Property Type Townhouse

Price Type --

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21382 E Estrella Court Queen Creek, AZ 85142

$500,000

3 Beds

2 Baths

1,730 SqFt

Status Active

MLS # 6698740

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This meticulously maintained residence is a true gem, boasting a level of quality that surpasses even new builds. Step inside and be greeted by NEW hardwood flooring, NEW carpet in bedrooms and NEW fresh white paint T/O. This home features 3 spacious bedrooms, providing ample space. Need a dedicated workspace or a cozy reading nook? You're in luck - there's also a versatile den that can easily adapt to your needs. With 2 bathrooms, mornings will be a breeze, offering convenience and functionality for your daily routine. And here's the best part - no neighbors behind you! Enjoy privacy and tranquility in your backyard retreat, perfect for entertaining or simply unwinding after a long day. Situated in an ideal location, this home offers easy access to all the amenities of Queen Creek. Whether it's shopping, dining, parks, or schools, everything you need is just moments away.

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