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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11816 S 173rd Lane Goodyear, AZ 85338

New

$474,990

3 Beds

2 Baths

1,841 SqFt

Status Active

MLS # 6703353

Property Type Single Family Residence

Price Type --

Situated on a homesite facing sweeping views of the Estrella Mountains. This beautiful home boasts 3 large bedrooms and a private enclosed study. The open-concept kitchen includes ample countertop space, built in appliances, designer backsplash, a center island, and an expansive walk-in pantry. Host your next dinner party in the open dining and great room then transition to the covered back patio for dessert and a nightcap. Additional highlights include wood like tile, 8' interior doors, soft water loop with drain, 8' garage door, and so much more! Located within the Estrella masterplan with 2 state-of-the-art Residents Clubs including fitness centers and pools, Starsplash Water Park, and a community lake with activities including boat rentals.

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40870 W Agave Road Maricopa, AZ 85138

$474,990

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6399861

Property Type Single Family Residence

Price Type --

THIS HOME IS READY FOR MOVE-IN! It's the popular Belice - 3 bedrooms, 2 baths and 3 car tandem garage. We're building this home with an 8' garage door, garage service door, 12x8 sliding glass door off of the great room that leads out to your extended covered patio. Gas appliance package with microwave. Lausanne Espresso cabinets with 42'' upper cabinets in kitchen. Himalaya white granite countertops in kitchen and the enhanced kitchen island with matching backsplash. Upgrade flooring includes 12x24 Linden Pointe Grigio tile in all areas of the home except bedrooms/closets. Owners bath has separate tub and shower with Artic white tile surrounds. Dual sinks at bath 2. Interior two tone Gray paint throughout and so much more. Water Company is Santa Cruz Water Company and Sewer.

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10840 E Flintlock Drive Sun Lakes, AZ 85248

$474,990

3 Beds

2 Baths

1,971 SqFt

Status Active

MLS # 6641292

Property Type Single Family Residence

Price Type --

Popular expanded Alameda floorplan very near Palo Verde clubhouse in Cottonwood/ Palo Verde which offers 2 clubhouses/restaurants & private golf courses! 3 bedrooms, spacious great room, nice kitchen with granite countertops, roll out shelves, large pantry & kitchen nook. Neutral paint inside and all lighting fixtures replaced with LED inside & out giving the home a more modern look. Back yard has large covered patio and landscaping is mature with trees & citrus in a private setting. Driveway & walkway have been pavered. Newer roof, A/C & water heater - all important things replaced - come see it today!

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16854 W Cortaro Point Drive Surprise, AZ 85387

$474,990

2 Beds

2 Baths

2,149 SqFt

Status Active

MLS # 6659969

Property Type Single Family Residence

Price Type --

Spacious Verano model... Priced to sell. 2 bedrooms and a den. Large entertaining space through out. Large extended covered patio. Close to the pool, work out facility and outdoor sports like Golf and Pickle Ball courts. Electric cook top but also plumbed for gas underneath cook top. All appliances included, including an extra laundry room refrigerator.

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39957 N High Noon Way Anthem, AZ 85086

New

$474,950

3 Beds

2 Baths

1,432 SqFt

Status Active

MLS # 6702301

Property Type Single Family Residence

Price Type --

3BD 2BA 1432 SQ. FT SINGLE LEVEL HM. EAT IN KITCHEN W/ BREAKFAST BAR, 9 FT CEILINGS, CEILING FANS, EXTENDED COVERED PATIO, EASY CARE LANDSCAPING. BRAND NEW CARPET IN BEDROOMS & BRAND NEW VINYL PLANK FLOORING THROUGHOUT. FRESHLY PAINTED.

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1947 Clear Creek Drive Happy Jack, AZ 86024

$474,900

3 Beds

1 Bath

864 SqFt

Status Active

MLS # 6606896

Property Type Single Family Residence

Price Type --

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143 S Hancock Trail Casa Grande, AZ 85194

$474,900

3 Beds

2 Baths

2,159 SqFt

Status Active

MLS # 6677542

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This exquisite home boasts luxurious amenities and thoughtful upgrades, promising the perfect blend of comfort and style. As you step through the front door, you're greeted by a warm ambiance accentuated by the new flooring installed in 2020, inviting you to explore further. The spacious living area beckons with its open layout. For the culinary enthusiast, the gourmet kitchen is a true delight, featuring modern appliances, ample cabinetry, and a convenient breakfast bar. The master is split, complete with a permitted addition providing extra space and versatility. But the real piéce de résistance awaits outside. The backyard oasis has a heated saltwater pool and spa, perfect for year-round relaxation and enjoyment.

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2373 N Riverside Drive Florence, AZ 85132

$474,900

4 Beds

2.5 Baths

2,569 SqFt

Status Active

MLS # 6693815

Property Type Single Family Residence

Price Type --

Seize the opportunity to own this highly maintained single-story gem now available! Situated on a premium lot with no neighbors behind, this beauty boasts over $54,000 in upgrades, w/c includes a desert front yard, a 3-car garage, and a private courtyard. Discover a generous open layout filled with natural and recessed lighting and features tall ceilings, graceful archways, a neutral palette, tile flooring, and plush carpeting in all the right places. Kitchen is designed with SS appliances, ample wood cabinetry/counter space, a pantry, and an island w/a breakfast bar. Double doors reveal a large den ideal for a home office! Main suite has a full ensuite and a walk-in closet. Enjoy alfresco dining under the covered patio in the perfectly sized backyard with pavers! Don't miss out!

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6460 W Springfield Way Florence, AZ 85132

$474,900

3 Beds

2 Baths

2,176 SqFt

Status Active

MLS # 6688887

Property Type Single Family Residence

Price Type --

**Custom Feel Home in the award winning community of Anthem at Merrill Ranch** Pride of ownership and amazing interior design make this home feel custom and very inviting. Open floor plan with amazing finishes like wood vinyl plank flooring, archways, custom fans/lighting, gourmet kitchen with custom hood and wall ovens, stainless steel appliances, QUARTZ counter tops and much more. This is a great lot with a large, private backyard...covered patio, extended paver patio, artificial turf, gazebo and no neighbors across the street. You'll feel right at home in this beautiful home and this amazing community. Merrill Ranch has everything you're looking for...pools, water parks, fishing, golf course, restaurant, activities, clubs and more. Don't miss this one!

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4330 W Irwin Road Laveen, AZ 85339

$474,900

4 Beds

2.5 Baths

2,284 SqFt

Status Active

MLS # 6689303

Property Type Single Family Residence

Price Type --

Amazing Home offering 4 Bedrooms and 2.5 Baths and a Sparkling Pool! Seller is currently Remodeling the Home. Close to Schools, Shopping and Freeway. Seller is offering 2% concessions towards Buyers closing costs or interest rate buy down. A Must See!

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17239 W Desert Sage Drive Goodyear, AZ 85338

$474,900

3 Beds

2 Baths

1,842 SqFt

Status Active

MLS # 6691853

Property Type Single Family Residence

Price Type --

The search is over! This 3-bedroom, 2-bath residence features a 2-car garage, a paver driveway, and an attractive desert landscape. Discover a great room with high ceilings, a soothing palette, blinds for privacy, and durable tile flooring. The kitchen boasts granite counters, ample wood cabinetry with crown molding, stainless steel appliances, pendant/recessed lighting, a pantry, and an island with a breakfast bar for casual dining. The main bedroom is complete with a bathroom that includes dual sinks, a raindrop shower, and a walk-in closet. Enjoy breathtaking sunsets in the backyard, showcasing a covered patio and stunning mountain views. This gem will sell fast! Other upgrades Include: upgraded Refrigerator, washer Dryer inc. - RO water filter, water softener, Garage door height 8 FT- Many elect media outlet upgrades, garage walls & additional ceiling insulation, epoxy floor in Garage, garage laundry tub, tankless H20 heater, master bath shower & tile upgrades, oversized kitchen island (HUGE), Extended granite counter tops, tile upgrades throughout the entire house (no carpet), HVAC 16 seer high efficiency, window blinds, high speed fiber internet installed, Low maintenance landscaping. Great Location!!!! Surrounded by majestic mountains and wide-open desert vistas, life in Estrella is a masterpiece of harmonious balance dynamic, yet serene.. offering young couples, families and retirees a resort-inspired lifestyle with state-of-the-art amenities

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501 E Phoenix Street Payson, AZ 85541

$474,900

3 Beds

2 Baths

1,462 SqFt

Status Active

MLS # 6694125

Property Type Single Family Residence

Price Type --

Stunning 3 bedroom, 2 bath home with majestic views! Immaculate home with open floor plan, gourmet kitchen, wood floors throughout and phenomenal picturesque windows overlooking the Rim. Gourmet kitchen boasts stainless steel appliances, double ovens and lots of cabinets. Great room overlooks mountain and forest views - perfect for watching sunsets or storms rolling into Payson. Primary suite with wood floors, double sinks, large shower and walk-in closet. Extended covered back patio with privacy. Inside laundry. 2 car garage with long driveway. Close to shopping, restaurants and outdoor hiking.

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