What are the merits of downsizing in today’s real estate market?
People often ask me whether now is a good time to downsize their homes. Here are my thoughts.
With house prices as high as they are, now is a great time to sell a big house and get a smaller one. Let’s assume the smaller house you want to buy is priced at $300,000, and your current larger home will sell for $450,000. Because the market is at about a 10% premium, you’ll end up $15,000 ahead. Lower mortgage payments will also help you save money in the downsizing process, along with reduced utilities, maintenance costs, taxes, and insurance.
If you have any questions about downsizing or if there’s a specific topic you’d like me to discuss in a future blog, don’t hesitate to reach out to me via phone or email. I look forward to hearing from you.