Now that we know we are in a Sellers Market, is it time for you to downsize?Time for you to Sell Your Home?
A study by Fannie Mae revealed that only 37% of Americans believe that they have significant equity (> 20%) 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. What about your own situation? You may be pleasantly surprised and actually have much more equity in your present home than you originally thought.
In a recent blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Sellers Market - Is It Time To Downsize
Ramsey explains three potential financial advantages to downsizing:
A smaller home means less space, but it also means less time, stress and money spent on upkeep. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6 million in the bank to get you through your golden years.
Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down!
If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10–20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.
About: Joyce Marsh Homes & Lifestyles is a Leader in Luxury and Waterfront Real Estate in the central Florida area. We work exclusively with home sellers and home buyers. Expertise in luxury home marketing. An award winning real estate professional with numerous certifications, experience and negotiation skills.
Please contact Joyce Marsh at 386-299-8291 or JoyceMarshHomes@gmail.com
We are pleased to announce that Megan Marsh has joined the Joyce Marsh Homes and Lifestyles Team. More about Megan soon... Megan can be contacted at MeganMarshHomes@gmail.com
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