It’s a Seller’s Market! Should I Downsize Now?

This article about downsizing (or “rightsizing” as we like to call it!) from “Keeping Current Matters” brings up some great points. Call us at (703) 242-3975 if you’d like someone to help lay out your options and walk through current market conditions with you. You might also check out our blog posts:

It's a Seller's Market! Should I Downsize Now? | MyKCM

A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

  1. A smaller home means less space, but it also means less time, stress and money spent on upkeep.
  2. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6 million in the bank to get you through your golden years.
  3. Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10–20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.

Realtor.com also addressed downsizing in an article. They suggest that you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers (in italics) and some additional information that could help.

Q: What kind of lifestyle do I want after I downsize?

A: “For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.”

Comments: Many homeowners are taking the profits from the sales of their current homes and splitting it in order to put down payments on smaller homes in their current locations, as well as on vacation/retirement homes where they plan to live when they retire.

This allows them to lock in the home price and mortgage interest rate at today’s values which makes sense financially as both home prices and interest rates are projected to rise.

Q: Have I built up enough equity in my current home to make a profit?

A: “For most homeowners, the answer is yes. This is if they’ve held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home.”

Comments: A study by Fannie Mae revealed that only 37% of Americans believe that they have significant equity (> 20%) in their current home. In actuality, CoreLogic’s latest Equity Report revealed that 78.9% have greater than 20% equity. That equity could enable you to build the life you’ve always dreamt about.

Bottom Line

If you are debating downsizing your home and want to evaluate the options you currently have, let’s meet up to help guide you through the process.Call Terry Belt &The Belt Team at 703-242-3975. Don’t you deserve the BEST?!

WHat Is My Home Worth

2 Tips to Ensure You Get the Most Money When Selling Your House

Here’s some wise advice from Keeping Current Matters about how to maximize the return on what is probably your greatest asset – your house!


Keeping Current Matters

Every homeowner wants to make sure they get the best price when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

Impact on Price of Visibility NAR

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price, but will instead have multiple buyers fighting with each other over the house.

Realtor.com, gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This too may seem counterintuitive. The seller may think they would net more money if they didn’t have to pay a real estate commission. With that being said, studies have shown that homes typically sell for more money when handled by a real estate professional.

Research posted by the National Association of Realtors revealed that:

“The median selling price for all FSBO homes was $185,000 last year. When the buyer knew the seller in FSBO sales, the number sinks to the median selling price of $163,800. However, homes that were sold with the assistance of an agent had a median selling price of $245,000 – nearly $60,000 more for the typical home sale.”

Bottom Line

Price your house at or slightly below the current market value and hire a professional. That will guarantee you maximize the price you get for your house.


What Is My Northern Va Home Worth

Northern VA Real Estate Values

 

 

Wondering what questions to ask your Realtor when selling your home?

Find out here! Then call one of the country’s top real estate teams – The Belt Team – at (703) 242-3975. We were named to Washingtonian Magazine’s Best Realtors list in 20115 & 2016, and are ranked in the Top 20 Realtors in the State of VA (among 30,000+ agents!). It would be our pleasure to help YOU make the RIGHT move!

Baby Boomers Are On The Move – Is This YOUR Time To Move?

We hear from our friends at Keeping Current Matters that Baby Boomers are on the move! If you’re wondering whether now is the time for you to move, give us a call at (703) 242-3975. We’ll help you sort through your options!


Baby-Boomers-STM


According to a Merrill Lynch study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.

As one participant in the study stated:

“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.”

The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses” at 26%.

A recent Freddie Mac study found similar results, as “nearly 20 percent of Boomers said they would move closer to their grandchildren/children compared to 13 percent who said they would move to a warmer climate.”

Not Every Baby Boomer Downsizes
There is a common misconception that as retirees find themselves with fewer children at home, they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize to a larger home.

Some choose to buy a home in a desirable destination with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them. According to Merrill Lynch:

“Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations.”

Bottom Line
If your housing needs have changed, or are about to change, let’s get together to discuss your next steps.


If you’re thinking of moving, you may want to use our state-of-the-art web sites to begin your research:

And check out our FREE REPORTS – including: 

Call Terry Belt or Kevin Kleifges at (703) 242-3975 to schedule a FREE consultation. We are one of Northern VA’s top real estate teams and are happy to help you make the RIGHT move!

7535 Burnside Ct Falls Church VA 22043 – Listed by The Belt Team – Open House March 20

7535 Burnside Ct Falls Church VA 22043 is listed by The Belt Team and will be OPEN ON SUNDAY, MARCH 20TH from 1-3PM.

Yes! It really is possible to enjoy brand new construction, quality finishes, a great location in the heart of Falls Church-Tysons, and still with a price under $1,000,000!  Stop by Burnside Ct and see if you have found your new home! Here’s a sneak peek:

More info, price & additional photos of 7535 Burnside Ct Falls Church VA 22043

Call Terry Belt & The Belt Team at (703) 242-3975

Beverly Hills Quality! Pimmit Hills Value! Proudly Built by Taurus Enterprises, LLC

Top notch finishes & features including 9′ ceilings, finished in place 4 1/4″ red oak hardwoods, upgraded ceramic tile, custom hand crafted Pennsylvania kitchen cabinetry & cherry closet built-ins, extra wide moldings & trim, master bedroom with boxed ceiling, abundant recessed lighting, gourmet kitchen with granite, stainless steel appliances, island, large deck off family room. Super lot, craftsmanship, location & schools!


New Homes Falls Church
New Homes Falls Church

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For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation.

Best Real Estate Agents in Vienna VA

7535 Burnside Ct Falls Church VA 22043 – Listed by The Belt Team – Open House March 13

7535 Burnside Ct Falls Church VA 22043 is listed by The Belt Team and will be OPEN ON SUNDAY, MARCH 13TH from 1-4PM.

Yes! It really is possible to enjoy brand new construction, quality finishes, a great location in the heart of Falls Church-Tysons, and still with a price under $1,000,000!  Stop by Burnside Ct and see if you have found your new home! Here’s a sneak peek:

More info, price & additional photos of 7535 Burnside Ct Falls Church VA 22043

Call Terry Belt & The Belt Team at (703) 242-3975

Beverly Hills Quality! Pimmit Hills Value! Proudly Built by Taurus Enterprises, LLC

Top notch finishes & features including 9′ ceilings, finished in place 4 1/4″ red oak hardwoods, upgraded ceramic tile, custom hand crafted Pennsylvania kitchen cabinetry & cherry closet built-ins, extra wide moldings & trim, master bedroom with boxed ceiling, abundant recessed lighting, gourmet kitchen with granite, stainless steel appliances, island, large deck off family room. Super lot, craftsmanship, location & schools!


New Homes Falls Church
New Homes Falls Church

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For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation.

Best Real Estate Agents in Vienna VA

7535 Burnside Ct Falls Church VA 22043 – Listed by The Belt Team – Open House March 6

7535 Burnside Ct Falls Church VA 22043 is listed by The Belt Team and will be OPEN ON SUNDAY, MARCH 6TH from 1-4PM.

Here’s a sneak peek:

More info, price & additional photos of 7535 Burnside Ct Falls Church VA 22043

Call Terry Belt & The Belt Team at (703) 242-3975

Beverly Hills Quality! Pimmit Hills Value! Proudly Built by Taurus Enterprises, LLC

Top notch finishes & features including 9′ ceilings, finished in place 4 1/4″ red oak hardwoods, upgraded ceramic tile, custom hand crafted Pennsylvania kitchen cabinetry & cherry closet built-ins, extra wide moldings & trim, master bedroom with boxed ceiling, abundant recessed lighting, gourmet kitchen with granite, stainless steel appliances, island, large deck off family room. Super lot, craftsmanship, location & schools!

New Homes Falls Church New Homes Falls Church New Homes Falls Church


For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation.

Best Real Estate Agents in Vienna VA

7535 Burnside Ct Falls Church VA 22043 – Listed by The Belt Team – Open House February 28

7535 Burnside Ct Falls Church VA 22043 is listed by The Belt Team and will be OPEN ON SUNDAY, FEBRUARY 28th from 2-4PM.

Here’s a sneak peek:

More info, price & additional photos of 7535 Burnside Ct Falls Church VA 22043

Call Terry Belt & The Belt Team at (703) 242-3975

Beverly Hills Quality! Pimmit Hills Value! Proudly Built by Taurus Enterprises, LLC

Top notch finishes & features including 9′ ceilings, finished in place 4 1/4″ red oak hardwoods, upgraded ceramic tile, custom hand crafted Pennsylvania kitchen cabinetry & cherry closet built-ins, extra wide moldings & trim, master bedroom with boxed ceiling, abundant recessed lighting, gourmet kitchen with granite, stainless steel appliances, island, large deck off family room. Super lot, craftsmanship, location & schools!

New Homes Falls Church New Homes Falls Church New Homes Falls Church


For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation.

Best Real Estate Agents in Vienna VA

7535 Burnside Ct Falls Church VA 22043 – Listed by The Belt Team – Open House February 21

7535 Burnside Ct Falls Church VA 22043 is listed by The Belt Team and will be OPEN ON SUNDAY, FEBRUARY 21st from 1-4PM.

Here’s a sneak peek:

More info, price & additional photos of 7535 Burnside Ct Falls Church VA 22043

Call Terry Belt & The Belt Team at (703) 242-3975

Beverly Hills Quality! Pimmit Hills Value! Proudly Built by Taurus Enterprises, LLC

Top notch finishes & features including 9′ ceilings, finished in place 4 1/4″ red oak hardwoods, upgraded ceramic tile, custom hand crafted Pennsylvania kitchen cabinetry & cherry closet built-ins, extra wide moldings & trim, master bedroom with boxed ceiling, abundant recessed lighting, gourmet kitchen with granite, stainless steel appliances, island, large deck off family room. Super lot, craftsmanship, location & schools!

New Homes Falls Church New Homes Falls Church New Homes Falls Church


For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation.

Best Real Estate Agents in Vienna VA

7535 Burnside Ct Falls Church VA 22043 – Listed by The Belt Team – Open House February 14

7535 Burnside Ct Falls Church VA 22043 is listed by The Belt Team and will be OPEN ON SUNDAY, FEBRUARY 14th from 1-4PM.

Here’s a sneak peek:

More info, price & additional photos of 7535 Burnside Ct Falls Church VA 22043

Call Terry Belt & The Belt Team at (703) 242-3975

Beverly Hills Quality! Pimmit Hills Value! Proudly Built by Taurus Enterprises, LLC

Top notch finishes & features including 9′ ceilings, finished in place 4 1/4″ red oak hardwoods, upgraded ceramic tile, custom hand crafted Pennsylvania kitchen cabinetry & cherry closet built-ins, extra wide moldings & trim, master bedroom with boxed ceiling, abundant recessed lighting, gourmet kitchen with granite, stainless steel appliances, island, large deck off family room. Super lot, craftsmanship, location & schools!

New Homes Falls Church New Homes Falls Church New Homes Falls Church


For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation.

Best Real Estate Agents in Vienna VA

7535 Burnside Ct Falls Church VA 22043 – Listed by The Belt Team – Open House February 7

7535 Burnside Ct Falls Church VA 22043 is listed by The Belt Team and will be OPEN ON SUNDAY, FEBRUARY 7th from Noon to 3PM.

Here’s a sneak peek:

More info, price & additional photos of 7535 Burnside Ct Falls Church VA 22043

Call Terry Belt & The Belt Team at (703) 242-3975

Beverly Hills Quality! Pimmit Hills Value! Proudly Built by Taurus Enterprises, LLC

Top notch finishes & features including 9′ ceilings, finished in place 4 1/4″ red oak hardwoods, upgraded ceramic tile, custom hand crafted Pennsylvania kitchen cabinetry & cherry closet built-ins, extra wide moldings & trim, master bedroom with boxed ceiling, abundant recessed lighting, gourmet kitchen with granite, stainless steel appliances, island, large deck off family room. Super lot, craftsmanship, location & schools!

New Homes Falls Church New Homes Falls Church New Homes Falls Church


For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation.

Best Real Estate Agents in Vienna VA