How Homeowners Win When They Downsize

<article class="post-683071 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-683071"><span class="entry-date">May 4, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">How Homeowners Win When They Downsize</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=How+Homeowners+Win+When+They+Downsize&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhow-homeowners-win-when-they-downsize%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="How Homeowners Win When They Downsize Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/content-images-20230503-20230504-how-homeowners-win-when-they-downsize.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>Downsizing has long been a popular option when homeowners reach <a href="https://www.simplifyingthemarket.com/2023/02/22/a-smaller-home-could-be-your-best-option/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">retirement</a> age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a <a href="https://www.simplifyingthemarket.com/2023/03/28/how-homeownership-is-life-changing-for-many-women/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">change</a> in their lives or no longer feel like their <a href="https://www.simplifyingthemarket.com/2023/04/19/falling-out-of-love-with-your-house-it-may-be-time-to-move/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">house</a> fits their needs may benefit from downsizing too. <em>U.S. News </em><a href="https://realestate.usnews.com/real-estate/articles/dos-and-donts-of-downsizing-your-home" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">explains</a>:</p>
<blockquote><p><em>“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, </em><strong><em>younger people are also looking to downsize to save money on housing</em></strong><em> . . .”</em></p></blockquote>
<p>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.</p>
<p>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. <em>Realtor.com</em> <a href="https://www.realtor.com/advice/move/how-to-downsize-your-home-with-zero-regrets/" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">shares</a>:</p>
<blockquote><p><em>“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.”</em></p></blockquote>
<p>That windfall is thanks to your <a href="https://www.simplifyingthemarket.com/2023/03/13/leverage-your-equity-when-you-sell-your-house/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">home equity</a>. 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 <a href="https://www.simplifyingthemarket.com/2023/04/28/ways-to-overcome-affordability-challenges-in-todays-housing-market-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">buy a home</a> that better suits your needs today.</p>
<p>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 <a href="https://www.simplifyingthemarket.com/2023/04/26/the-three-factors-affecting-home-affordability-today/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">afford</a> at today’s mortgage rate.</p>
<h4><strong>What This Means for You</strong></h4>
<p>If you’re thinking about downsizing, ask yourself these questions:</p>
<ul>
<li>Do the original reasons I bought my current house still stand, or have my needs changed since then?</li>
<li>Do I really need and want the space I have right now, or could somewhere smaller be a better fit?</li>
<li>What are my housing expenses right now, and how much do I want to try to save by downsizing?</li>
</ul>
<p>Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: <em>What are my options in the </em><a href="https://www.simplifyingthemarket.com/2023/04/04/two-reasons-you-should-sell-your-house/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank"><em>market</em></a><em> right now?</em> 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.</p>
<h3>SBottom Line</h3>
<p>If you’re looking to save money, downsizing your home could be a great help toward your goal. Talk with a real estate agent about your goals in the housing market this year.</p>
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