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.
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