Ready to Downsize? You Couldn't Pick a Better Time!

Well, here we are in a brand new year!  I'm very happy to welcome in 2008! 

I was thinking this morning about a couple conversations I've had recently with clients who are considering downsizing.  One would think that downsizing is a senior issue "or" for those approaching their senior years, but downsizing some times just makes sense economically, no matter your age.  Maybe economically isn't the word but you know what I mean. 

If you are a buyer who doesn't have a home to sell first, you couldn't ask for a better market than what we're experiencing right now in Arizona.  But, let's say you have a home to sell.  If you price it right, it will sell pretty quickly in today's market, sometimes in 90 days or less.  Proper pricing and a good marketing strategy will get that home sold.  It is a fact that most sellers feel they lose on the selling end.  While there are a number of arguments to this, in a nutshell, consider the positive.  As a buyer, you now can make up for "the loss" because you can now purchase more home per dollar spent. 

A good example of this is in my area of selling, the Arrowhead area.  I previewed a golf course home which also has a lake view from the master bedroom covered patio which appraises in the $500,000.  The home is selling for $385,00, it is immaculate, and directly across from an elementary school.  (No, I'm not advertising my own listing here.)  The home is listed by another broker but the point I'm trying to make is a buyer can usually acquire instant equity upon the purchase of home.  And, there are many out there to choose from!  As a seller purchasing this home, you have an approximate $120,000 in equity immediately upon recordation! 

Another example, I just sold a bank owned home in Peoria for $149,900.  The appraised value of the home came in at approximately $190,000.  What a great market to be in right now as a buyer!

Don't let the gloom and doom of the market distract you if you feel now is the time to sell your home because you would like to downsize.  It really couldn't be a better time!