Moving Upscale or Downsizing? - It's a Great Time for Both!

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Real Estate Technology

As we progress through life, our real estate needs and priorities change.

That ideal home you bought a few years ago may now be out of step with your lifestyle and requirements.

As careers progress, it's only natural that homeowners tend to be aspirational and ambitious and moving to a larger, more upscale home is one of those dreams most of us have at some stage in our lives.

There are practical considerations too. A growing family is one of the main motivations behind looking for a bigger house. People also tend to acquire more and more possessions, so physically outgrowing your current residence is very common too.

Whatever the reason, right now is a great time to be moving upscale. With mortgage rates seemingly pinned near to historic lows, there has rarely been a better opportunity to lock in a low interest rate for the life of the home loan.

While prices in the area are steadily on the increase, they are still very sensible and, with so much buyer sentiment around at the present time, there will be a lot of interest in your current home. Indeed, we're seeing many more instances of multiple offers at or above the asking price, which means you could be in a very advantageous position in terms of what type and size of home you might next be able to aspire to.

At the other end of the scale, of course, there often comes a time when homeowners will make the equally big decision to downsize.

When the kids finally leave the nest, what seemed like a very full home can suddenly appear to be massive for, say, the needs of just a married couple. Large homes, especially those with a lot of land attached to them, can become a major burden as the owners age.

Once the mortgage is paid off and retirement beckons, our horizons may change. Large homes often hold a large amount of equity that, if the owners are prepared to downsize, can facilitate many attractive financial options for their golden years. Whether the goal is to relocate to another area, buy an RV and travel this great nation of ours, or simply to facilitate a more financially comfortable retirement, downsizing is often an irresistible option.

Again, the great news is that the current Albuquerque real estate market makes downsizing very possible. High buyer demand has led to a steadily reducing overall inventory of available homes for sale, so when larger properties are listed, there are plenty of buyers interested in them. And, of course, as people move to larger homes, that creates some more availability of smaller homes, which you in turn may be interested in. Don't forget also that the many 55 Plus community opportunities in the area may also be perfect for your needs.

It really is a win/win situation at present, whether you're moving upscale or downsizing. Call us today for more advice.

 

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New Mexico Bernalillo County Albuquerque
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Rainmaker
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Susan Laxson CRS
Parks Real Estate - Franklin, TN
Local Knowledge & Global Network

Manish, I like this post and a very timely subject for many people transitioning to new moments in their lives. Thanks for sharing it with us!

Mar 22, 2016 05:29 AM #1
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Rainmaker
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