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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10842 W Grant Street Avondale, AZ 85323

$479,995

4 Beds

3 Baths

2,090 SqFt

Status Active

MLS # 6694065

Property Type Single Family Residence

Price Type --

Explore this Emerald home, ready for quick move-in. Included features: a charming covered entry; a well-appointed kitchen boasting quartz countertops, stainless-steel appliances and 42'' upper cabinets; an open dining area and an adjacent great room with a bonus window; a guest suite with a living room, bedroom and private bath; a lavish primary suite showcasing an attached bath and a walk-in closet; a convenient laundry room; three secondary bedrooms and another full bath. This home also offers a covered patio with a gas connection, concrete driveway pavers and front yard landscaping.

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2857 W Monte Way Laveen, AZ 85339

$479,990

5 Beds

3 Baths

2,373 SqFt

Status Active

MLS # 6642248

Property Type Single Family Residence

Price Type --

This two-story home features an 8-ft. entry door and 9-ft. first floor ceilings. The open concept floor plan includes a spacious great room with access to an extended covered back patio. The kitchen boasts granite counters, an expansive center island, and 42-in. upper cabinets for added storage space. You'll also find porcelain tile flooring and a bedroom with full bath on the first level. Moving upstairs, the bedrooms and common areas feature plush carpeting, with porcelain tile flooring in the laundry and baths. The spacious laundry room also includes granite countertops, a deep-set sink, and linen closet. sq./ft. lot with a generous side yard and spectacular views of South Mountain.

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17715 W Pueblo Avenue Goodyear, AZ 85338

$479,990

4 Beds

2 Baths

2,137 SqFt

Status Active

MLS # 6691887

Property Type Single Family Residence

Price Type --

''Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender.'' The Barletta floor plan boasts 4 bedrooms, a den with double doors, a 2-foot garage extension, a soft water loop, and an 8-foot garage door. Additionally, this home will showcase built-in appliances in a chef's kitchen, a gas stub both in the kitchen and for BBQ, a side-by-side stainless steel refrigerator, washer dryer set, and 2-inch window blinds throughout. Anticipated completion is in May 2024.

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4524 N 91st Drive Phoenix, AZ 85037

$479,990

4 Beds

3 Baths

1,968 SqFt

Status Active

MLS # 6655543

Property Type Single Family Residence

Price Type --

BEAUTIFUL CORNER LOT SINGLE LEVEL HOME IN A GATED COMMUNITY. FEATURES 4BEDS, 3BATHS, 2CAR-GARAGE, AND A BONUS ROOM. UPGRADED 42' CABINET, STAINLESS-STEEL APPLIANCES, REFRIGERATOR, AND CORDS COUNTERTOPS. TILE FLOORING ALL THE RIGHT PLACE. INSIDE LAUNRY ROOM WITH WASHER/DRYER. LOW MAINTENANCE FRONT/BACKYARD WITH PAVER AREA. CONVENIENTLY LOCATED NEAR LOOP 101, 5 MINUTES DRIVE TO THE WESTGATE ENTERTAINMENT DISSTRICT WITH MANY SHOPPING ANE RESTAURANTS NEAR BY THAT MAKE HOME IS GREAT FOR FAMILY OR INVESTMENT POTENTIAL. DON'T FORGET TO CHECK OUT MANY SMART FEATURES IN THE HOME SUCH AS SMART LOCK, MYQ GARAGE DOOR OPENER, PROGRAMABLE THERMALSTAT WITH ALL WIFI CONNECTIONS.

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10814 W Luxton Lane Tolleson, AZ 85353

$479,990

4 Beds

3 Baths

2,075 SqFt

Status Active

MLS # 6680643

Property Type Single Family Residence

Price Type --

FULLY UPGRADED MODEL HOME FOR SALE!! This stunning Craftsman elevation - 4 bedroom, 3 bathroom plus a den is our model home which included our signature level Rockwell Palette featuring 42 inch white upper cabinets with 3 inch crown molding, 2-tone paint, ceiling fans in every bedroom and plenty more! Pull into your pavered driveway, step into your walkway and feel secure with your smart home security ring package upon entry. The Rockwell features 6X36 tile flooring, dark grey carpet pair well with a one of a kind kitchen with a granite countertop and beach sand backsplash. Step into the 8 ft door and witness the foyer space with 9 ft ceilings throughout the home. Finishes include matte black fixtures with rectangular vanity bowls in every bathroom.

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11804 S 173rd Lane Goodyear, AZ 85338

$479,990

4 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6703341

Property Type Single Family Residence

Price Type --

Situated on a homesite facing sweeping views of the Estrella Mountains. A front porch perfect for welcoming guests leads to the grand entryway and hall. The open-concept kitchen includes ample countertop space, 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. 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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1429 W Flintlock Drive San Tan Valley, AZ 85144

New

$479,990

4 Beds

2 Baths

1,873 SqFt

Status Active

MLS # 6707217

Property Type Single Family Residence

Price Type --

Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. This stunning Farmington home borders our breathtaking mountain preserve, ensuring no neighbors behind you. It boasts dark cabinets, neutral tan flooring, and a chef's kitchen with built-in appliances. Don't miss your final chance to own this popular floorplan.

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11215 W Marguerite Avenue Tolleson, AZ 85353

$479,990

4 Beds

3 Baths

2,274 SqFt

Status Active

MLS # 6672358

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!! This single-story home has a smart layout that is perfect for families who need privacy. Three bedrooms are located at the front of the home, along with a versatile living room. Down the hall is the main living area with a Great Room, kitchen and dining area, while the owner's suite is in the back for added privacy. Photos are renderings of a model home, not the actual home.

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10847 W Avenida Del Rey -- Peoria, AZ 85383

$479,990

3 Beds

2 Baths

1,776 SqFt

Status Active

MLS # 6687406

Property Type Single Family Residence

Price Type --

Indulge in the warmth of contemporary luxury in the heart of North Peoria's Tierra Del Rio neighborhood. Located 1 mile from the dining and retail destination of Four Corners, this gorgeous Pulte home has been immaculately upgraded and maintained. Step into your new sanctuary, built in 2010 and presenting new exterior paint, Italian ceramic tile blanketing the home throughout, a rich gourmet eat-in kitchen, remodeled bathrooms, large walk-in showers, tankless hot water, water conditioner, expansive great room, and French doors framing the outdoor oasis. Enjoy coffee or entertain guests under the custom pergola, or stroll down to the Aqua Fria River Trail, steps from the front door. Close to Lake Pleasant, Peoria schools, energy-efficient, and a 1-year home warranty. This home has it all!

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12004 S 173rd Lane Goodyear, AZ 85338

Open House

$479,990

4 Beds

2 Baths

1,930 SqFt

Status Active

MLS # 6700791

Property Type Single Family Residence

Price Type --

AVAILABLE JUNE/JULY -Situated on a homesite facing sweeping views of the Estrella Mountains. Welcoming guests through the foyer leads to the grand entryway and hall. The open-concept kitchen includes ample countertop space, 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, and pavers at the driveway, walk and entryway. 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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4274 Sawbuck Way Wickenburg, AZ 85390

$479,950

2 Beds

2 Baths

1,744 SqFt

Status Active

MLS # 6600394

Property Type Single Family Residence

Price Type --

Move in ready home in Wickenburg Ranch, 55+ neighborhood. Home sits on one of the largest lots in this community and the backyard opens up to a wonderful common area which is fenced for privacy. The backyard also has a custom water feature, artificial turf and a nice sized covered pergola. Beautiful landscaping front and back. Enjoy the 10 ft ceilings, custom fireplace, walk in pantry, granite countertops in kitchen, extra wide hallway, custom cabinets in garage., floored attic which give you a large storage area. Your HOA fee includes play on the nine hole golf course, heated pool and spa, pickleball courts, state of the art gym, dog park, miles of walking paths, catch and release fishing in the Lake Park!!! With so many activities offered, you will never be bored. Owner/agent.

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7835 N 86th Lane Glendale, AZ 85305

$479,900

3 Beds

2 Baths

1,593 SqFt

Status Active

MLS # 6671337

Property Type Single Family Residence

Price Type --

Beautiful NEW BUILD in a Gated Community! Located in a highly sought area near shopping centers including the Tanger Outlets, State Farm Stadium, restaurants galore, casino, movie theater and lots more! This beautiful home has many builder upgrades that include tile wood floors, upgraded kitchen cabinets, farmhouse sink, epoxy garage floor with side entry door only to name a few. Crystal lighting pendants were installed after by the owner over the kitchen island and in the foyer only adds to the elegance of this cozy and warm home along with gorgeous ceiling fans, as well! Nice backyard awaits you for your final touch. This home will make you the perfect 'humble abode'!

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