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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36001 N Kennedia Lane Queen Creek, AZ 85140

Open House

$475,000

2 Beds

2 Baths

1,342 SqFt

Status Active

MLS # 6676359

Property Type Townhouse

Price Type --

Discover the charm and comfort of this fully furnished Muros floorplan nestled within the Resort Collection of Encanterra Country Club. Positioned mere moments away from both clubhouses, this residence boasts a prime location backing onto a tranquil greenbelt and parkview lot, offering a serene retreat from the hustle and bustle. Step inside to experience the seamless flow of an Open Concept design, where the kitchen, dining area, & great room converge harmoniously. The heart of the home shines with an expansive island adorned with upgraded cabinetry, countertops, & a stylish backsplash, creating an inviting space for both culinary creations & casual gatherings. A dedicated den, complete with elegant French doors & built-in cabinetry, awaits, providing an ideal spot for work or study. The split floorplan ensures privacy and comfort, with a spacious owner's ensuite offering a peaceful oasis to unwind and rejuvenate. Venture outdoors to discover the allure of the east-facing backyard, where you can bask in the Arizona sunshine and relish in the picturesque surroundings. With its thoughtfully designed layout and desirable amenities, this home embodies the essence of Arizona living, presenting an unparalleled opportunity to embrace a lifestyle of luxury and leisure. Arizona Living is Right Here Waiting for You!

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14638 W Raindance Road Surprise, AZ 85374

Open House

$475,000

4 Beds

3.5 Baths

1,986 SqFt

Status Active

MLS # 6640401

Property Type Single Family Residence

Price Type --

Beautiful & spacious 3-bdrm, 2.5-ba main home with a 296 sq ft Casita with bath.Located in the guarded, popular Sun Village 55+ Community. A variety of amenities such as an 18-hole par 3 golf course, restaurant, community pool, and a lake.The interior of the home boasts neutral decor, tile floors, & vaulted ceilings.The gourmet kitchen includes tiled countertops, an island, and an eat-in kitchen w/ backyard views that adjoin the eating area & family room. The primary suite features backyard access, a private bath w/ dual sinks, a skylight, a W/I shower and W/I closet. The 2nd bdrm has direct bath access. The home has been recently painted both inside & out, & includes a 5-ton AC unit, private formal dining & living room. Casita's are difficult to find! Great Value & Centrally Located.

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9455 E Raintree Drive Scottsdale, AZ 85260

Open House

$475,000

3 Beds

2 Baths

1,509 SqFt

Status Active

MLS # 6671237

Property Type Apartment

Price Type --

HUGE PRICE REDUCTION! Great Opportunity !! Ground Floor End Unit in Ladera Vista Condos. Remodeled Kitchen: Quartz Countertops, Marble Backsplash, Cherry Wood Cabinets, 20''x20'' Tile Floors, Pantry with Pull-Out Drawers, SS Appliances. Remodeled Master & Hall Baths. Enjoy the Rain Shower Head in Master! 3rd Bed used as a Den., no closet. Newer HVAC & Hot Water Heater. NO Carpet - all Hard Floor Surfaces. Natural Lighting from Many Windows and Sliders. Two patios for Easy Relaxing Times. Appliances Stay. Cute Ceiling Fans, too. Assigned Covered Parking is located directly by the Front Door. Gated Community with Heated Community Pool & Spa. Ladera Vista is close to AJ's, Starbucks, restaurants, golf, hiking, Westworld, 101 & so much more.

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354 W Coolidge Avenue Coolidge, AZ 85128

Open House

$475,000

4 Beds

2 Baths

1,751 SqFt

Status Active

MLS # 6675103

Property Type Single Family Residence

Price Type --

NEW- HUGE PRICE REDUCED!!! This retail storefront is Zoned Mixed Commercial Use and is NOT zoned for residential only! The property was most recently used as a group home. Whether you are going to run a business and occupy a portion of the buillding or set up an office this is an amazing Store front location. This retail storefront was recently and thoughtfully updated in 2023/2024. Updates include New premium Vinyl flooring with 5'' baseboards, kitchen cabinets, granite countertops, sleek stainless hood vent, stainless sink in kitchen with upgraded faucet, new waterheater and closet, bathroom vanities toilets and exhaust fans, new interior/exterior led lighting, new paint interior/exterior, wall panels, 25' rear entry gate floor paint on back patio.

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4525 N 66th Street Scottsdale, AZ 85251

Open House

$475,000

3 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6620593

Property Type Townhouse

Price Type --

Welcome to your new home in a prime Scottsdale location. This three-bed, two-bath townhouse has BRAND NEW LVP flooring throughout, is light and bright, and offers a great floorplan. With 1,962 square feet and an open-concept layout, you have ample space to relax and entertain. The property boasts a larger lot in the community, ensuring privacy & tranquility with the added luxury of no neighbors behind. This gated community offers exclusive amenities, including three community pools, a clubhouse, a workout facility, and a tennis court. Take advantage of the Arizona sunshine & cool off in one of the sparkling pools, or challenge friends & family to a friendly game of tennis. Located within walking distance to Old Town Scottsdale, you'll have access to some of the best dining, shopping, and entertainment the city has to offer. Fashion Square Mall is also just a short stroll away, providing endless shopping opportunities. If you enjoy the outdoors and hiking, Camelback Mountain is just minutes away! With short-term rentals allowed, this property offers the potential for a lucrative investment opportunity. Whether you're looking for a stunning primary residence or a profitable rental property, this townhouse is the perfect choice. Don't miss out on this incredible opportunity - schedule a viewing today and make this beautiful townhouse your new home or investment property!

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1843 E Anchor Drive Gilbert, AZ 85234

Open House

$475,000

3 Beds

2 Baths

1,488 SqFt

Status Active

MLS # 6681758

Property Type Single Family Residence

Price Type --

Location! Location! Location! This very well taken care of one-owner home in the desirable Val Vista Lakes community boasts 3 bdrms, 2 bathrooms, plus a family room and a bonus room that can be used as an office, den, or pool table room! The open floor plan has a spacious kitchen with eating area plus a peninsula for barstool seating and a huge walk-in pantry! The mstr bdrm includes his and hers separate closets, dual vanities in the bathroom and a private toilet area, along with french doors out to the backyard! One guest bdrm also has a walk-in closet. The 2-car garage includes tons of storage cabinets. The backyard has a large grass play area and a large side yard to store all your toys! The extra-long driveway is also a huge plus. The amenities at Val Vista Lakes include 4 spacious... sports parks, meandering bicycle paths, and a luxurious clubhouse. The clubhouse features an eight-court championship tennis complex, indoor racquetball courts, cardio and weight training facilities, junior Olympic swimming pool and spa, banquet and meeting rooms, waterfalls and a tropical lagoon swimming pool with a sandy beach. A great place to call home!

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6030 W Riviera Drive Glendale, AZ 85304

$474,999

4 Beds

2 Baths

2,120 SqFt

Status Active

MLS # 6693144

Property Type Single Family Residence

Price Type --

Welcome to this lovely 4-bedroom, 2-bathroom home. Offering 2,120 sq ft, the charming exterior has great curb appeal. While the interior features a spacious formal living and dining area, and a family room with a cozy fireplace. The kitchen showcases white cabinetry, granite countertops, subway tile back splash, stainless steel appliances, and a kitchen island. Master suite has a beautiful view overlooking the pool and master bath has dual sinks and a lovely custom tile walk-in shower. Home has shutters, tile plank flooring in all the right places and new carpet in bedrooms. Additional bathroom has been updated throughout and offers a subway tile shower. The large backyard offers a pool and ample space for outdoor activities. Located is a highly sought location. Must see this beauty.

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9814 N 50th Drive Glendale, AZ 85302

$474,999

5 Beds

2 Baths

2,378 SqFt

Status Active

MLS # 6676449

Property Type Single Family Residence

Price Type --

MASSIVE PRICE IMPROVEMENT!! Almost 2400 square feet of living space. One large bedroom above the garage is perfect for a private rental, next to the laundry and off the right of the kitchen. The rest of the home is ideal for a growing family, with a large open kitchen and dining room. Front entry opens to an open large living room, with a den, perfectly outfitted for a large home office. Three additional bedrooms on the north side of the home. The backyard has pavers to compliment the fantastic pool and peaceful backyard. This will not last. Be in your home before the heat hits to relax in your new pool! The seller has already completed a FULL inspection. Call me for details on how to get your FREE appraisal and $1000 guaranteed close!!!

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40386 W Michaels Drive Maricopa, AZ 85138

$474,995

4 Beds

3 Baths

2,400 SqFt

Status Active

MLS # 6682259

Property Type Single Family Residence

Price Type --

The heart of this ranch floor plan is an open layout with a great room, a breakfast nook and a gourmet kitchen with a walk-in pantry and a center island. The owner's suite is adjacent, and showcases a generous walk-in closet and an attached bath with double sinks and deluxe shower with separate tub. A private study with French doors, three bedrooms and two baths round out the residence. A covered patio is included!

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20276 W Montecito Avenue Litchfield Park, AZ 85340

$474,995

4 Beds

3 Baths

2,090 SqFt

Status Active

MLS # 6686921

Property Type Single Family Residence

Price Type --

Explore this Dynamic Emerald home ready for quick move in on homesite boasting driveway pavers and front yard landscaping. Included features are an inviting covered entry, quiet study, large living room well appointed kitchen with 42'' cabinets, quartz counter tops, stainless steel appliances, roomy pantry and center Island. Enjoy the elegant dining room and spacious great room, a lavish primary suite showcasing a generous walk-in closet. The private bath has cultured marble counter tops and convenient laundry and covered patio and 2 car garage. This home also has an In-Law suite with its own entrance, plumbing for a stackable washer-n-dryer, is pre-plumbed for sink and has a power outlet for a refrigerator. The suite has its own living room, bedroom and private bathroom.

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21673 N Daniel Drive Maricopa, AZ 85138

$474,995

4 Beds

3 Baths

2,721 SqFt

Status Active

MLS # 6633355

Property Type Single Family Residence

Price Type --

Explore this exciting Tourmaline home! Highlights: a primary suite with a walk-in closet and attached bath, three inviting secondary bedrooms, a convenient laundry, a generous great room and dining area, a loft and a well-appointed kitchen with a center island and a built-in pantry. You'll also appreciate designer-curated details, such as quartz countertops in the kitchen and bathrooms, tile flooring, two-tone paint, a tile surround in the primary bath, a concrete paver driveway and walkway, and more!

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18570 W Honeysuckle Drive Surprise, AZ 85387

$474,995

3 Beds

3 Baths

2,092 SqFt

Status Active

MLS # 6651225

Property Type Single Family Residence

Price Type --

Welcome to this eye-catching Emerald home, ready for quick move-in! Included features: a covered entry; a spacious great room with center-meet doors leading onto a covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a center island and stainless-steel appliances, including a gas range; a convenient laundry; a lavish primary suite showcasing an oversized walk-in closet and a private bath; and a second suite offering a private entry, a living room with a laundry closet, a bedroom and an attached bath. This home also has wood laminate flooring, cultured marble bathroom countertops, added windows, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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