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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3415 W Willow Avenue Phoenix, AZ 85029

$475,000

3 Beds

2 Baths

1,997 SqFt

Status Active

MLS # 6692256

Property Type Single Family Residence

Price Type --

Welcome to your desert oasis! This stunning home boasts exceptional curb appeal with mature desert landscaping and a freshly painted exterior. Step inside to discover a completely remodeled interior, highlighted by wood plank tile flooring, fresh paint throughout, and recessed lighting, creating a modern and stylish ambiance. The spacious living room is illuminated by two massive windows, flooding the space with natural light. The kitchen is a chef's dream, featuring white shaker cabinets, sleek black hardware, and a matching black faucet. Quartz countertops, recessed lighting, and pendant lights add both style and functionality to the space, making it the heart of the home. (CLICK TO READ MORE) Retreat to the perfectly sized primary suite, offering quartz countertops, upgraded lighting and fixtures, and its own exit to the backyard through sliding doors. A highlight of this home is the Arizona room, complete with French doors connecting to both the main house and the exterior. Enjoy panoramic views of the gorgeous backyard oasis, featuring a sparkling pool, covered patio, and RV gate with ample space for parking an RV or other recreational vehicles. A shed provides additional storage space, while the fenced-in pool area ensures safety and privacy. Don't miss the opportunity to make this desert retreat your own and experience the ultimate Arizona living!

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7233 E Eagle Nest Way San Tan Valley, AZ 85143

$475,000

4 Beds

2 Baths

1,976 SqFt

Status Active

MLS # 6694535

Property Type Single Family Residence

Price Type --

Welcome to your ultimate getaway! This modern 4-bedroom home, constructed in 2018, brings a fresh, new-home feel, complete with a dazzling pool in the backyard. Got an RV or toys? Park them behind your RV gate. Tucked away in a peaceful corner of the community, the private backyard offers a tranquil oasis, perfect for unwinding or throwing lively parties. Step inside to find a bright, open kitchen and living area that beckons you to relax and savor the moment. New flooring in 3 of the bedrooms! Whether you're hosting a gathering or simply enjoying the serenity of your surroundings, this home is designed for comfort and joy. Nestled in the charming Quail Run community, you'll also be treated to stunning mountain views, adding a touch of natural beauty to your everyday life.

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4444 E Wildwood Drive Phoenix, AZ 85048

$475,000

3 Beds

2 Baths

1,577 SqFt

Status Active

MLS # 6695411

Property Type Single Family Residence

Price Type --

Great Investment Opportunity! Long-term tenants have a lease until the end of 2025. Well maintained single family home with updated flooring, high ceilings, beautiful fireplace and a great back yard! Gated community with a pool and the HOA maintains the front yard.

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223 S Thunder Mountain Payson, AZ 85541

$475,000

2 Beds

2 Baths

1,269 SqFt

Status Active

MLS # 6692913

Property Type Single Family Residence

Price Type --

Gorgeous single level home built in 2019 in the beautiful Sanctuary At The Rim Subdivision! This 2 bedroom, 2 bathroom home features 1,269 sq. ft., vaulted ceilings, and a 2 car garage. The living room has luxury vinyl plank floors, and an open floor plan to the kitchen for easy entertaining. The kitchen has a gas stove, quartz counter tops, plenty of storage space, and a kitchen island with a breakfast bar. The master suite features a walk-in closet, double sinks, a private toilet room and a walk-in shower. The backyard is fenced with astro-turf, paver patio and a covered patio perfect for summer get togethers.

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3615 S Margo Drive Tempe, AZ 85282

$475,000

3 Beds

2.5 Baths

1,544 SqFt

Status Active

MLS # 6694129

Property Type Single Family Residence

Price Type --

Good central location. 2-3 miles to ASU, downtown Tempe, waterfront, and all the fun Tempe events. Easy access to 4 major freeways and airport. Swimming pool with an outside bathroom, just in time for summer! Travertine tile throughout. Upgraded dual pane windows and newer AC for cost effective utilities. Open floor plan. Two living rooms. Updated kitchen. Turf and easy desert landscaping. RV gate. No HOA. Perfect for investment! Inside laundry and garage

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2165 W Bennett Way San Tan Valley, AZ 85144

$475,000

4 Beds

2.5 Baths

2,990 SqFt

Status Active

MLS # 6694311

Property Type Single Family Residence

Price Type --

Great, open concept home located in the desirable community of Morning Star Farms features a Large chef kitchen, granite counters, large island & eat in kitchen with Stainless appliances including double oven, Formal dining room and large family room. Upstairs to the loft and 4 bedrooms including the primary suite. Easy to maintain backyard, with RV gate and covered patio for entertaining. Nearby parks, shopping and restaurants.

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120 E Rio Salado Parkway Tempe, AZ 85281

$475,000

1 Bed

1.5 Baths

1,264 SqFt

Status Active

MLS # 6695435

Property Type Apartment

Price Type --

Experience Tempe Town Lake living to it's finest! This beautiful condo has everything you need with a gourmet kitchen and appliances including refrigerator, gas cooktop/oven, DW. Also includes W/D, fireplace, prewired for Surround sound and an extra storage room in the garage! This is the largest one bedroom floorplan available in Edgewater with a large patio offering stunning views of Tempe Town Lake as well as the swimming pool/spa amenity. Walk to all Mill Ave shops and restaurants, the Metro light rail, ASU, & enjoy everything Downtown Tempe has to offer!

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4138 E Orchid Lane Gilbert, AZ 85296

New

$475,000

4 Beds

2.5 Baths

1,990 SqFt

Status Active

MLS # 6695793

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and style in this stunning single-family home located in the highly sought-after THE GARDENS community in Gilbert. Boasting 4 bedrooms and 2.5 bathrooms, this residence offers the ideal backdrop for modern family living. Step inside and be greeted by the beautifully updated open-concept living, dining, and family rooms. Light gray tile plank flooring graces all traffic areas, creating an inviting and contemporary atmosphere. New window coverings and updated electric outlets, along with modern lighting fixtures, add a touch of elegance to every space. Bright open kitchen, featuring pristine white cabinetry, a convenient island, and stainless steel appliances. Primary suite on the second level, complete with a spacious walk-in closet and extended sink bathroom vanity. Newer AC unit and a gas water heater, ensuring your comfort and convenience year-round. Grassy shade covered backyard, It's the perfect space to unwind after a long day. THE GARDENS community is truly unique, with its tree-lined streets, 11 parks, 3 sparkling pools, sand volleyball courts, basketball courts, and an abundance of scenic walking paths. It's a neighborhood designed for an active and vibrant lifestyle. Conveniently located near the 202 freeway, top-rated schools, and the popular San Tan Village shopping district, you'll have everything you need just moments away. Don't miss out on the opportunity to make this beautiful home yours today. Act quickly, as homes in this prime location don't stay on the market for long! Come and see it soon! *****Temporary 1-0 Buydown offered by preferred lender for qualified buyers.*****

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753 E Mariposa Place Chandler, AZ 85225

New

$475,000

3 Beds

2 Baths

1,407 SqFt

Status Active

MLS # 6696624

Property Type Single Family Residence

Price Type --

This is a really sharp home with a fantastic pebble tec pool. The house has vaulted ceilings throughout and a nice open concept kitchen/great room area. Kitchen has white cabinets & stainless steel appliances. The primary bedroom & bath are a nice size with a walk-in closet, dual sinks with private toilet room. The backyard has a large patio and huge pebble tec pool. The property has a 2 car garage with direct access into the home. Nice sized laundry and the washer/dryer are included. The home has tons of natural light, neutral colors throughout & low maintenance vinyl floors in most of home - no carpet.

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4212 E Milky Way Gilbert, AZ 85295

New

$475,000

4 Beds

2.5 Baths

1,711 SqFt

Status Active

MLS # 6695587

Property Type Single Family Residence

Price Type --

This captivating 4-bedroom, 2.5-bathroom home is the epitome of your dream abode! Step into an inviting great room boasting lofty ceilings, a serene color scheme, and a delightful fusion of wood-like and tiled floors. The gourmet kitchen is a culinary haven, adorned with ample white cabinetry featuring elegant crown molding, top-of-the-line built-in appliances, a convenient pantry, subtle recessed lighting, and a center island with a breakfast bar perfect for laid-back dining. Retreat to the primary suite, a tranquil oasis graced with plush carpeting, an ensuite boasting dual sinks, and a generous walk-in closet. Outside, relish in breathtaking sunsets from the well-appointed backyard, showcasing a charming paver patio and lush green lawn. Don't miss out on this exceptional value!

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5202 N 16th Drive Phoenix, AZ 85015

New

$475,000

3 Beds

2.5 Baths

2,211 SqFt

Status Active

MLS # 6696354

Property Type Townhouse

Price Type --

LUXURY, LOCATION ,ENTERTAINMENT AND CHARM ARE ALL HERE .JUST STEPS AWAY FROM THE NIGHT LIFE AND GREAT DINING.THIS 2 STORY, 3 BED PLUS A DEN HOME IN A GATED COMMUNITY WITH A LOW HOA WILL IMPRESS. RUN DONT WALK THIS WILL GO FAST. ENTER TO VAULTED CEILINGS ,LAMINATE WOOD FLOORS AND NUETRAL PAINT. ALL THE APPLIANCES ARE INCLUDED. ALL THE LIGHTING IS LOW E. THE NEW WINDOWS WILL HELP KEEP THE AC BILL LOW.THE PICTURE PERFECT OFFICE IS LITE AND CHEERY WITH FRENCH DOORS THAT OVER LOOK A JULLET BALCONY.PERFECT FOR WORKING FROM HOME.THERE IS A BRAND NEW SMART WATER HEATER WITH WARRANTY.THERE IS ALSO SOFT WATER LOOP .HOA IS REROOFING IN AUGUST AND THE ASSESSMENT WILL BE PAID AT COE. THERES A COMMUNITY POOL AND HEATED SPA GREAT COMPLEX.,,LIGHTRAIL IS NEAR BY. CALL YOUR AGENT NOW...

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3823 E Waterman Street Gilbert, AZ 85297

New

$475,000

3 Beds

2 Baths

1,521 SqFt

Status Active

MLS # 6697026

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded home nestled in the heart of San Tan Ranch. What an opportunity to own this inviting, single-story home featuring BRAND NEW stainless appliances & soft bedroom carpeting. Well-designed interior boasts tall ceilings, graceful arches, art niches & bay windows (natural light). Spacious kitchen seamlessly flows into the living area-perfect for entertaining. Bathrooms have been enhanced with granite counters & delightfully tiled showers. Generously-sized main suite boasts large walk-in closet. Relax under the covered patio-enjoying the privacy in this lush green backyard. Community amenities include playgrounds, parks, sport courts, etc. This immaculate & upgraded house could be your new home!

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