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Is Downsizing Right For You?

This year is a great time to be a homeowner and an even better time to sell, with house prices having been steadily rising for over seven years and mortgage rates are expected to remain low throughout 2020. If you have been considering moving into a smaller home, 2020 is going to be a great year to do so as you can take advantage of your increased equity and low mortgage rates.

When you are looking to downsize, home equity works a little differently from the traditional move-up buyer. While buyers looking to purchase a bigger home will typically sell their current house after building up equity from living in it for several years and put down a standard down payment, as someone who is downsizing you will likely be in an even better situation.

Downsizing into a smaller home means you may be able to put down a larger down payment or even purchase with cash. Being able to put down a larger down payment is very valuable as it will significantly lower your mortgage payments. You may be able to have a shorter-term loan allowing you to pay off your home quicker and have lower interest payments. Having cash to purchase a home also has several benefits and will help speed up the purchase process. A real estate professional can evaluate your current home and give you an estimation of a sale price which will help you plan towards buying your next home.

Whether you are looking to move into a smaller home as your children are moving out or if you simply want to simplify your lifestyle and save money, downsizing can be a great choice. Here in Corvallis, Oregon we are hosting a downsizing seminar on March 28th at 12pm at Stoneybrook Assisted Living. Sue Long will be covering everything you need to know about downsizing, from resources to use, obstacles to overcome, and more! There will also be a free catered lunch. We hope to see you there!

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