Column - February 2020
Why 2020 is the Perfect Year to Sell That Big House and Downsize!
Downsizing your home might not make sense in every situation, but it's worth looking at if saving money and simplifying life appeals to you.
Spending less on housing means you can reduce the amount you withdraw from investments -- or just have more wiggle room in your budget. Downsizing to a smaller, less expensive home allows you to reduce other housing costs to make living more affordable. Not only can you cut your mortgage costs, but other expenses are likely to be reduced as well! Smaller homes have smaller costs for utilities, pest control, yard maintenance, HOA fees, homeowner’s insurance, and of course basic home maintenance. You could save some serious cash that you could put toward vacations or just living life!
Here are some 2019 yearly statistics from the San Antonio Board of Realtors that might help you make your decision:
Area Home sales rose by 7% in 2019 ending in a total of 34,430 homes sold.
Both the overall average and median sales prices for a home in 2019 increased 4%!
2019 Housing Inventory remained below four months! This favors sellers! Seller’s markets usually occur when the economy is good and there is low housing inventory available in the area.
So, what is a seller’s market? Seller’s Market is a real estate term, indicating that there are more real estate buyers in the market than there are sellers. When demand is higher than the supply, home prices increase, which benefits sellers, and buyers have little room to negotiate price!
When this occurs, more buyers offer non-contingent contracts, and buyers are less likely to ask sellers to make concessions, such as paying loan points or closing costs.
Who are you going to call to help you sell off that big house and get you started on simplifying Your Real Estate Dreams? Why me of course! See you next time!
RE Questions? Email: email@example.com call/text to (210) 608-0650.
Gina M. Sohmer, is a veteran, a Graduate of the REALTOR® Institute, a Seller’s Representative Specialist, an Accredited Buyer’s Representative, a 2019/2020 Winner of the Nextdoor Neighborhood Favorite Award, and a REALTOR® with eXp Realty, LLC.