Why Moving to a Smaller Home After Retirement Makes Life Easier
Retirement is a time for relaxation, adventure, and enjoying the things you love. As you imagine this exciting new chapter in your life, it's important to think about whether your current home still fits your needs. If it's too big, too costly, or just not convenient anymore, downsizing might help you make the most of your retirement years. To find out if a smaller, more manageable home might be the perfect fit for your new lifestyle, ask yourself these questions: Do the original reasons I bought my current house still stand, or have my needs changed since then? Do I really need and want the space I have right now, or could somewhere smaller be a better fit? What are my housing expenses right now, and how much do I want to try to save by downsizing? If you answered yes to any of these, consider the benefits that come with downsizing. The Benefits of Moving into a Smaller Home There are many reasons why you should downsize. Here are just a few from Bankrate: Your Equity Can Help Make Downsizing Possible If those perks sound like something you’d want, you may already have what you need to make it happen. A recent article from Seniors Guide shares: “And at a time when homeowners age 62 and older have more than $12 trillion in home equity, downsizing makes sense . . .” If you’ve been in your house for a while, odds are you’re one of those homeowners who’s built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Greg McBride, Chief Financial Analyst at Bankrate, explains: “Downsizing can mean taking that equity when the home is sold and using it to pay cash or make a large down payment on a lower-priced home, reducing your monthly living expenses.” When you’re ready to use all that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate. Bottom Line Starting your retirement journey? Think about downsizing – it could really help. When you're ready, let’s connect. Give us a call at (515) 329-4667 and we’ll help get your downsizing process started in finding your next home.
Greater Des Moines Housing Market Update June 2024
As of July 8, 2024, here is the most up to date national housing market data directly from Des Moines Area Association of Realtors® for May 2024. - Inventory is up 23.69% - Home sales are up 7.95% - Median sales price is up 3.63% at $299,500 - Days on market is up from April at 61 days If you are a buyer, the great news is that there are more homes available on the market for you to shop around and find your dream home. You also have a good amount of time to shop as homes aren’t selling too quickly where you don’t have to feel rushed to make an offer on each property you like. If you are a seller or considering selling your home right now, home prices have increased which means you could get more money for your home if you were to sell now. Additionally, home sales have increased which means that there is a large buyer pool of people to view your home. If you are considering selling your home or are even the slightest bit curious about what your home could sell for in this current housing market, check out our Instant Home Valuation page on our website here https://zealtynow.com/evaluation. There is absolutely no obligation to sell and we won’t pester you. If you are a buyer out there searching for your dream home or have questions about how to get into the market, we are happy to answer any questions that you may have. You can contact us at zelda@zealtynow.com or call us at (515) 329-4667.
How to Ensure a Smooth Closing
This video is part 2 of closing costs and we’ll go over what to expect on closing day and how to ensure a smooth closing. If you haven’t watched part one, make sure to watch that video first. On closing day, you'll meet with various parties involved in the transaction, including your real estate agent, the seller's agent, a representative from the title company, and possibly an attorney. Here's what you can expect: 1. You will review documents: You'll be required to sign numerous documents, including the closing disclosure, mortgage documents, and any additional paperwork related to the transaction. Take your time to review each document carefully and ask questions if anything is unclear. 2. Go over payment of closing costs: Prior to closing day, your lender will provide you with a closing disclosure outlining the final closing costs. Be prepared to bring a cashier's check or arrange for a wire transfer to cover these costs. 3. Verification of Funds: The title company or closing agent will verify that the necessary funds are available to complete the transaction. 4. Transfer of Ownership: Once all documents have been signed, and funds have been disbursed, the property's ownership will be transferred from the seller to the buyer. 5. Receiving the Keys: Congratulations, you're now a homeowner! You'll receive the keys to your new home and can begin moving in. Tips for a Smooth Closing To ensure a smooth closing process, consider the following tips: Stay Organized: Keep track of all required documents and deadlines throughout the home buying process. Communicate Openly: Maintain open communication with your real estate agent, lender, and closing agent to address any concerns or questions promptly. Review Closing Disclosure: Carefully review the closing disclosure provided by your lender to verify the accuracy of closing costs and loan terms. Perform Final Walk-Through: Before closing, conduct a final walk-through of the property to ensure it's in the agreed-upon condition. Conclusion Closing day marks the end of your home buying journey and the beginning of an exciting new chapter in your life. By understanding closing costs and knowing what to expect on closing day, you can approach this milestone with confidence and peace of mind. Remember to work closely with your real estate agent and other professionals involved in the transaction to ensure a successful closing experience. Zealty Home Advisors is here to guide you through every step of the home buying process. Contact us today at (515) 329-4667 or email us at zelda@zealtynow.com to learn more about how we can help you find your dream home.
Categories
Recent Posts
