Yes, it’s a good time to downsize in St. Petersburg Florida. True, you won’t be able to sell your current home for as high a price as you could have in 2006-2007. I think it will be a long time before we see those prices again, and your cost of getting there may be much more than the difference in sales prices. You also should consider how the value of what you’re purchasing will change. 60% of buyers in the US are considering downsizing. If the demand is for smaller homes, the cost of those should rise faster than for larger homes.
Often downsizing means downpricing as well. If you’re going to spend only a portion of the proceeds from selling your current home, then you’ll have the difference to invest, save for a rainy day, or use for vacations or living expenses. Sometimes downsizing means decreasing the size of your home but increasing the amenities. In that case, you wouldn’t gain any cash, and may even spend more money on your new home.
There are still advantages to going smaller: your utility costs should decrease (you may even get a greener home that’s more efficient); your maintenance costs should decrease. If you also downsize your “stuff” you’ll have less to clean and maintain. It can be refreshing to clean out and live with less. You can increase your free time.
If you’re moving from a house to a condo, you no longer need to coordinate everything that needs to be done around your house and yard. You may save money because of group discounts on things like cable and internet. Common areas may provide activity space that you didn’t have or need before, such as a billiard room, a gym, library or card room.
If you’re thinking about downsizing but concerned about current property prices, let’s talk about your options. Call us or email us to set up a time to talk about it.