Selling Your Home October 12, 2023

Looking to Downsize?

Downsizing your house may seem daunting and overwhelming, but it can be a great way to simplify your life and save money in the long run. Whether you’re an empty nester, looking to simplify your lifestyle, or ready to retire, downsizing can be a great option. In this blog post, we’ll explore the benefits of downsizing, tips for decluttering and organizing your home, and how to make the transition to a smaller space as smooth as possible. 

An article by The Balance states that: 

“There are many reasons to buy a smaller home—or to downsize from your present home—but sometimes, the idea that “less is more” is what propels homeowners to buy a smaller home.”

Finding the Right Home to Fit Your Needs

The National Association of Realtors (NAR) determined multiple factors why people of retirement age choose to move. The top three reasons include:

  1. Need for a smaller home.
  2. Desire to be closer to loved ones.
  3. And simply, retirement itself. 

When your lifestyle changes, you may also need your home to change. The Balance also determined that home maintenance is less time-consuming with downsized homes, leaving more time to spend with the people you love or exploring newfound hobbies. 

Equity Can Make a Big Impact

Home equity can be critical in downsizing and when you sell your existing house and move.  CoreLogic’s latest Homeowner Equity Insights stated that the average homeowner gained about $55,300 in equity over the past 12 months.

Chief Economist at CoreLogic, Dr. Frank Nothaft, explained that:

“Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth, . . . For low- and moderate-income homeowners, home equity has historically been a major source of wealth.”

Home prices are rising, but so is your equity! This equity may allow you to make a significant down payment on your new home. More money down will create more financial freedom with a smaller monthly mortgage payment. With today’s competitive housing market, more money up front will help you stand out above the rest. 

The Process of Downsizing

  1. Start by reassessing your needs and wants.
  2. Sell, donate, or recycle your unwanted items.
  3. Invest in clever storage solutions.
  4. Focus on quality over quantity.
  5. Embrace the freedom of a simpler life.

I’d love to help you through this process. As a trusted real estate advisor, I will help you reach your homeownership goals and guide you through selling your current home and buying your new one. 

Downsizing your house might seem intimidating, but it can be a great way to simplify your life and save money. By decluttering, organizing, and transitioning to a smaller space, you can enjoy all the benefits of a more minimalist existence. Whether you’re an empty nester, looking to simplify your lifestyle, or retiring, downsizing can be a great option. 

If you’ve decided to downsize, let’s connect so we can work together to find a home that matches your situation. Call me Kim Shaw (928) 710-9148.