Due to rapidly appreciating home values throughout Phoenix, it is now harder for families to move into newer, higher market homes. Even though the owners may have built up amazing equity in their first home, moving to another even larger home may also lead to considerable increases in mortgage payments. However, while some homeowners are feeling threatened by the increasing home values, others are simply finding it a new opportunity to simplify their home lives.
Many people have always given into the idea that bigger is always better; especially in the real estate world. However there are various areas that have large, boring houses on small lots with little if any charm or charisma. Small houses can carry a large amount of individuality, beauty and charisma without the outstanding price tags of mansions.
In Phoenix, many homeowners are taking this trend to heart. They are selling their large, family homes and moving into smaller homes that work a lot better with the kind of life they want to lead. If you think these smaller homes are the “starter homes” of old, think again. These homes may be smaller and may be streamlined, but that’s where the similarity ends.
These homes are elegant and offer unique custom-built features like generous open floor plans, luxurious pools and spas, easy access to golf courses, and plenty of room for entertainment. Due to having a great deal of equity from the sale of their family home, they can save extra money by purchasing a smaller, but more luxurious home and even have money left over to invest, purchase a second home or vacation home, start a college fund, or invest it in a number of other ways.
The trend of downsizing also creates opportunity for younger home buyers. As more of the baby boom generation decides to move down to smaller homes throughout Phoenix, it increases the inventory of family homes available for sale. An increase of inventory may make prices for the family home less outrageous, making it a little more affordable for younger buyers that previously wouldn’t have been able to afford to buy a home.
Buying a home in which you can comfortably retire in is in no way close to as bad as living in a retirement home.