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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44088 W Palo Abeto Drive Maricopa, AZ 85138

$479,900

4 Beds

3.5 Baths

2,992 SqFt

Status Active

MLS # 6658934

Property Type Single Family Residence

Price Type --

This impressive single-story home spans 2,990 square feet and offers 4 bedrooms and 3.5 baths, complete with a refreshing pool! The family room boasts a cozy fireplace, while the formal dining area features elegant crown molding. In the kitchen, discover an island, ample cabinets, 42'' uppers, stainless steel appliances, and a convenient walk-in pantry. The owner's suite is a luxurious retreat with double sinks, executive height cabinets, a walk-in closet, walk-in shower, and a relaxing garden tub. The Jack-n-Jill bathroom features double sinks and a tub/shower combo. Step into the backyard to enjoy a pebbletec pool with a water feature, an extended patio with pavers, and a separate turf area - perfect for your furry friend!

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3718 E Thames Circle San Tan Valley, AZ 85140

$479,900

3 Beds

2 Baths

2,014 SqFt

Status Active

MLS # 6667265

Property Type Single Family Residence

Price Type --

Beautiful residence featuring a spacious 3-car garage in the Castlegate Community is the one you've been looking for! Prepare to be impressed by a welcoming interior showcasing neutral tile floor, arched doorways, soothing palette throughout, & a delightful modern fireplace. The immaculate kitchen boasts wood cabinetry, black stainless steel appliances, recessed lighting, a pantry, & a convenient center island equipped with a breakfast bar. End your long & busy day in the primary bedroom, comprised of soft carpet in all the right places, a private bathroom with dual sinks, & a walk-in closet. Gather your loved ones in the wonderful backyard including a covered patio, swaying palm trees, a sparkling blue pool, & a cozy firepit! Don't miss out on this one!

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2548 S Player Avenue Sierra Vista, AZ 85650

$479,900

3 Beds

3 Baths

2,304 SqFt

Status Active

MLS # 6676270

Property Type Single Family Residence

Price Type --

Santa Fe Oasis with Mountain Views, Pool, Corner Lot, and Golf Course Living! The golf course frontage provides stunning fairway, mountain, and lake views, perfect for morning coffee or evening cocktails. The master suite, independently situated on the second floor, boasts a secluded haven with a personal balcony and spiral staircase leading directly to the heated pool and spa. Extensive high-end updates include kitchen, bathrooms, flooring, built-in desk/bookcases, and individual climate control in each room. A two-car garage with a separate storage room provides additional space for all your gear, tools, and seasonal items. This unique residence creates the perfect blend of luxury, comfort, and breathtaking views. Don't let this dream home slip away!

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4783 N Rim Vista Drive Pine, AZ 85544

$479,900

3 Beds

2 Baths

1,035 SqFt

Status Active

MLS # 6675669

Property Type Single Family Residence

Price Type --

Your cabin in the woods! This coveted Portal II location will give you views out to the Mogollon Rim year round. Enjoy the beautiful summer evenings grilling off of your trex deck and soaking in life. This is a private gated community and is an excellent jumping off point to explore the area. The rivers, lakes and trails will keep you busy all year long!

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26826 N 85th Drive Peoria, AZ 85383

$479,900

4 Beds

2 Baths

1,907 SqFt

Status Active

MLS # 6676503

Property Type Single Family Residence

Price Type --

DON'T MISS THIS BEAUTIFUL WESTWING HOME!! GREAT HOME GREAT LOCATION SURROUNDED BY BEAUTIFUL MOUNTAIN VEIWS AND WITHIN WALKING DISTANCE TO WEST WING ELEMENTARY. THIS HOME HAS A LOT TO OFFER.. THE KITCHEN BOASTS 42'RAISED PANEL OAK CABINETS WITH 2 1/4' CROWN MOLDING,PULL OUT SHELVES AND .BULLNOSE COUNTERTOPS. 2 SOLAR TUBES IN THE KITCHEN ALLOW FOR THE NATURAL LIGHT!! HOME HAS BRAND NEW CARPET THROUGHOUT! DIAGONALLY LAYED TILE IN ALL THE RIGHT PLACES. 9'CEILINGS.CEILING FANS IN ALL THE ROOMS. 8'RV GATE WITH A PREMIUM CORNER LOT!! YOU WILL NOT BE DISAPPOINTED WITH THIS HOME. HOME IS VACANT AND READY TO SHOW ANYTIME. COME MAKE THIS YOUR HOME TODAY!

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19777 N 76th Street Scottsdale, AZ 85255

$479,900

2 Beds

2 Baths

1,149 SqFt

Status Active

MLS # 6678086

Property Type Apartment

Price Type --

This is the one you've been waiting for! This gorgeous lock and leave 2b 2b property with a garage (includes the furniture!), is located in one of the most desired locations. Indulge in insane unobstructed mountain and sunset views right from your balcony situated above the beautiful lush lawn that edges this highly sought after Grayhawk community. Resort-like amenities and activities offered here will spoil you with a lifestyle of living that most believe isn't possible at this price point. This ready to entertain property has a split floor plan and no interior steps. COMMUNITY AMENITIES: Billiards, 24 hour courtesy patrol, Fireside wind lounge, 20 seat theater, Mountain bike and laptop check out, 4 resort-like pools with cabanas, hot tubs, stellar fitness center, coffee bar, children's play area, clubhouse, game room, tennis and pickle ball courts, a business center, gas grills and outdoor fireplaces, workout classes and a concierge are just some of the perks of living here! Close to the uber popular shopping and restaurants in Kierland, Scottsdale Quarter, Promenade, DC Ranch, and Desert Ridge.

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4829 N 74th Street Scottsdale, AZ 85251

$479,900

2 Beds

2 Baths

1,138 SqFt

Status Active

MLS # 6683467

Property Type Townhouse

Price Type --

This newly remodeled unit is ready for you to make it your own! Ground floor condo in the heart of Old Town Scottsdale features 2 spacious bedrooms, 2 remodeled bathrooms, a bright kitchen blending with a spacious living/great room that features a beautiful wood burning fireplace. The large patio is steps from the ''spa style'' community pool with gorgeous sunset views. Casa Bonita South is a special community with just 12 units and beautiful common areas. The condo is located within walking distance of the Fashion Square Mall, Waterfront area and Scottsdale's best restaurants and nightlife. Close to the Greenbelt and Canal for walking and biking.

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22058 W Tonto Street Buckeye, AZ 85326

$479,900

5 Beds

3 Baths

3,237 SqFt

Status Active

MLS # 6684918

Property Type Single Family Residence

Price Type --

Looking for a beautiful home with space for everyone and everything? This stunning 5-bedroom, 3-bathroom residence spans 3,239 square feet with 3 car tandem garage, offering ample storage and luxurious upgrades. Once inside you'll discover hardwood flooring, soaring ceilings to the second floor, granite countertops and timeless wrought iron banister. Enjoy a seamless flow from formal living room, formal dining room into a generous great room where memories will be made while gathering round the kitchen island. The kitchen features upgraded cabinetry, large pantry and additional dining space. French doors provide easy access to the backyard to enjoy additional outdoor living space under the large covered patio overlooking mature landscaping, providing a peaceful oasis.. Just around the corner from the Great Room you'll find a first floor bedroom and full bathroom making multigenerational living or hosting guests a breeze. Once on the second floor you'll find the primary suite that is a true retreat featuring a sitting room, large bedroom, two large walk-in closets, generous double vanity, soaking tub and walk-in shower. 3 additional bedrooms with large closets, Large laundry room and a third full bathroom complete the second floor. This home is conveniently located with easy access to I-10 and the developing Costco shopping center. Enjoy energy-efficient living with solar panels.

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7009 E Acoma Drive Scottsdale, AZ 85254

$479,900

2 Beds

2 Baths

1,158 SqFt

Status Active

MLS # 6688794

Property Type Apartment

Price Type --

Fantastic location for this gorgeous Scottsdale Condo! Ground floor unit with tons of upgrades and north/south exposure. 2 bed 2 bath with stainless steel appliances, granite counter tops, and newer wood floors in main living areas. Two large bedrooms, both with walk-in closets. Both bathrooms have been upgraded and the primary bath includes a double vanity with tumbled travertine tile and travertine shower! Fantastic community with many amenities and a short distance to Kierland and Scottsdale Quarter! HVAC replaced in 2018. Attention Investors!! These units rent out regularly and consistently for both furnished and unfurnished units!

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22309 S 213th Street Queen Creek, AZ 85142

$479,900

4 Beds

2 Baths

2,177 SqFt

Status Active

MLS # 6691525

Property Type Single Family Residence

Price Type --

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1613 W Satinwood Drive Phoenix, AZ 85045

$479,900

4 Beds

3 Baths

1,930 SqFt

Status Active

MLS # 6700179

Property Type Single Family Residence

Price Type --

Beautiful property located in Club West in Ahwatukee. Near South Mountain and trailheads for hiking/mountain biking as well as convenient freeway access. Features two balconies with amazing park & mountain views. Spacious primary suite with large walk in closet, separate tub/shower and balcony. Awesome floorplan with 4 bedrooms, 3 full bathrooms, living room, dining room, full-size loft, built-in desk and storage area, and laundry room. First-floor bedroom and bath make a perfect guest room or home work space. Very clean and move in ready. Owner is licensed real estate broker.

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3441 W Frier Drive Phoenix, AZ 85051

$479,900

4 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6700218

Property Type Single Family Residence

Price Type --

Welcome to your dream single-story home with a complete top-to-bottom remodel! This stunning residence boasts a fresh and modern aesthetic that will take your breath away. The new kitchen and bathrooms feature elegant quartz countertops, a beautiful and durable addition. Stainless steel appliances make meal preparation and entertaining a delight. This single-story gem offers a turnkey opportunity to live in style and comfort. With a meticulous remodel and attention to detail, it's a rare find. Don't miss out on the chance to call this house your home! New Flooring & Baseboards: Stunning new flooring throughout the home. RV GATE

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