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A question I have found myself answering more and more in the last couple of years, is it the right time to downsize? If you are in the generation like my parents, the last few years have been a time of refinancing and staying put. This was a hard strategy to argue with given the state of economy and rates being so low, why move? However, if you answer yes to any of the following questions then you probably should think about moving soon:
- Is my house too much to maintain?
- Do you have stairs or a hillside property that makes getting around difficult or will within the next few years?
- Are you away from your family and wish you could be closer?
- Are you paying more for a large home and upkeep than you need to?
- Do you travel or want to travel and feel like your home is a burden to leave?
Chances are, if you answered yes to any of these questions, you know you need to make a change. Is the time right to do it now? For most of you in this boat, yes. There will be a lot of movement with downsizing and upgrading over the coming years and this movement will be good for everyone. However, the unknown is interest rates and the rate of home appreciation which are what makes moving now very attractive.
With interest rates as low as they are you have the benefit of the already low prices for a purchase at incredibly low interest rates. Hopefully you have some equity in your home so you may be able to purchase a new home with little or nothing down. Depending on your age, you may be able to move your current tax rate over to your next home (ask your CPA).
In addition, the current housing market is on the ascent once again and inventory is tight. Larger homes are selling like hotcakes in the Pasadena market as people with growing families are now looking for a place to set roots down for a while. With Pasadena schools improving and the large variety of private schools in the area, Pasadena is becoming more and more welcoming to those looking to start or raise their family here.
If downsizing is on your mind, you probably need to start thinking about it seriously. And right now may just be the perfect time. Contact me now to find out.
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