Some people listing their homes for sale in Reno (http://www.marshallrealty.net/search/) may want to downsize. In fact, a study by Edelman Berland revealed that 33% of homeowners who are contemplating selling their house in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the Reno Real Estate (http://marshallsellmyhome.com/) market is hot!
Realtor.com addressed downsizing in a recent article recent article. They suggest if you’re thinking ‘I should sell my home’ (http://www.marshallrealty.net/personalized-home-value-for-sellers/) that you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers and some additional information that could help.
A: “For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.”
Comments: Some homeowners are taking the profit from the sale of their current home and splitting it in order to put down payments on a smaller home in their current location, as well as a vacation/retirement home where they plan to live when they retire. This allows them to lock in the home price and mortgage interest rate at today’s values. This makes sense financially as both home prices and interest rates are projected to rise.
A: “For most homeowners, the answer is yes. This is if they’ve held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home.”
Comments: A study by Fannie Mae revealed that only 37% of Americans believe that they have greater than 20% equity in their current home. In actuality, CoreLogic’s latest Equity Report revealed that 72.6% have greater than 20% equity. That equity could enable you to build the life you’ve always dreamt about. If you’re curious what your home is worth (http://www.marshallrealty.net/personalized-home-value-for-sellers/) contact Marshall Realty (http://marshallsellmyhome.com/) for a custom free home valuation.
If you are debating downsizing your home and want to evaluate the options you currently have, call Marshall Realty (http://www.marshallrealty.net/) at (775) 787-7400 so we can help guide you through the process of getting your home for sale ().