Mortgage
Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:
“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”
And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.
When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:
“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”
That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.
And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at today’s mortgage rate.
If you’re thinking about downsizing, ask yourself these questions:
Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.
If you’re looking to save money, downsizing your home could be a great help toward your goal. Let’s connect to talk about your goals in the housing market this year.
Stay up to date on the latest real estate trends.
Mortgage
Let’s connect to determine if selling your house now is the right move for you
Mortgage
Owning a home still claims the #1 spot for many Americans today
Mortgage
Most economists no longer expect a recession to occur in the next 12 months.
Mortgage
The data shows there isn’t cause for concern – there are actually more signs of hope
Mortgage
Institutional investors are actually the smallest percentage of owners of Single-Family Rentals
Mortgage
Homeownership isn’t just a financial decision
Mortgage
More sustainable price growth than we’ve seen in recent years.
Mortgage
Data shows there are still significantly fewer homes for sale than there would be in a more normal market.
Mortgage
Here are four reasons you shouldn’t wait to sell your house.
You’ve got questions and we can’t wait to answer them.