A study by Edelman Berland reveals that 33% of Waldorf MD homeowners who are contemplating selling their Southern Maryland houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for manyCharles County 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:
- A smaller home means less space, but it also means less time, stress and money spent on upkeep.
- 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.
- 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 Southern Maryland homeowners are taking the profits from the sales of their current Waldorf MD 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 In Waldorf MD to make a profit?
A: “For most waldorf MD 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.
If you are debating downsizing your Southern Maryland home and want to evaluate the options you currently have, let’s meet up to help guide you through the process.
Contact Skip Young Realtor with Remax 100 and lets come up with a game plan to sell your current home in Waldorf MD and find a good location to relocate you, in a smaller home. It makes it easier to maintain and saves money as well.
To Be Built on this lot, 9 Months New Kingsport 3,516 Sq Ft on this 5.200 acre lot in Crownsville MD. To Be Built by Caruso Homes On Your Lot Division. Different Elevations to choose from. This package offers 3 level living with basement, 4 Bedroom, 2.5 Baths 2 car Garage, Siding Standard, Brick if you choose up-grade, Kitchen with Stainless Steel Appliances. With the five acre lot it will allow you to build a much larger Kingsport or anyone of our many Estate Homes.
The Eisenhower Golf Course was Anne Arundel County’s first public golf course, built in 1969. The 6,659-yard, 18-hole course was designed by golf architect Ed Ault on more than 220 acres (0.89 km2; 0.34 sq mi).
The Bacon Ridge Natural Area is 630 acres of protected land, including forests and marshes, which is open to the public for hiking and nature observation. There is currently a 2.5 mile figure-eight trail accessible from the parking area off Hawkins Rd. In the fall of 2016, a second phase of trails was created, adding 4.5+ miles to the trail.
Local Schools for Crownsville:
Schools located in Crownsville and the surrounding area are:
If you are looking to Buy a Home in Southern Maryland, hire a Southern Maryland Realtor to help you find the Home you are looking for. In either Charles County, St. Mary’s County, Prince Georges County, Calvert County or Anne Arundel County, Finding and Hiring a local Realtor will help you find the right home for the right price. If its New Construction you need, your local Maryland Realtor can help you find the right Community or even find the right On Your Lot with Caruso Homes to build your Luxury Dream Home. What is your house value. Home value comes from the sales of other properties in your community that have sold over the last 6 months. When your house is prepared to go on the market, the value is calculated by Bedrooms, Bathrooms, Square Footage, Garage and Basement. Location also plays a part in the value of your home. If your in a good location, close to shopping, in a great school district, this will attract more potential buyers to your home. Making the home value much higher and also opening up the possibility of selling your home much faster. Taking also into the factor that when buying a New Luxury home from Caruso Home – On Your Lot, you have the opportunity to get your new home built for less than regular market value. Always give New Construction of your purchase a chance to see if you have the 7 – 9 months of build time. Caruso Homes also has communities all around Maryland that have homes that are 30 – 45 days out for you to purchase as well. Buying new will give you the value and equity to grow in your investment.
Please leave a message below and I will return your homes valuation, time to sell on the market and any other information on your neighborhood statistics.
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Skip Young Realtor
is rated 5 stars on Google based on 3 reviews
04/10/2018 – williamrichmondinc
Sold a Single Family home in 2010 in Mechanicsville, MD.
- Local knowledge:
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I tried unsuccessfully for four years to sell my home in Mechanicsville. Two different real estate companies declined to renew my listing. Thank goodness for Skip Young. He never gave up and never made any excuses – and this was at a time when the real estate market was at it’s absolute worst. We had some offers that fell through at the last minute. Skip never wavered. His attitude was always positive. Thanks to Skip’s tenacity and professionalism my house sold and I got the fresh start I needed. Thank you Skip.
|2004 Rookie of the Year Southern Maryland|
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White Plains, MD 20695
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Buying or Selling Real Estate in Maryland, Servicing these area’s.
Bowie, Waldorf, Coltons Point, Bryantown, Barstow, Solomons, Mechanicsville, Fort Washington, Brandywine, Oxon Hill, Annapolis, Aquasco, Dameron, Welcome, Cobb Island, Helen, Issue, Lexington Park, Hughesville, Lusby, Lothian, Temple Hills, Morganza, Callaway, Cheltenham, Piney Point, Port Tobacco, Bel Alton, Faulkner, White Plains, Pomfret, Benedict, Huntingtown, Marbury, Churchton, Greenbelt, Edgewater, Dowell, Port Republic, Ridge, Scotland, Clinton, Hollywood, Saint Inigoes, Prince Frederick, Bushwood, Tall Timbers, Odenton, Clements, Bryans Road, Valley Lee, Chesapeake Beach, Broomes Island, Leonardtown, Patuxent River, Saint Marys City, North Beach, Rock Point, California, Saint Leonard, Indian Head, Gambrills, Davidsonville, Crofton, Chaptico, La Plata, Mayo, Charlotte Hall, West River, Dunkirk, Deale, Abell, Owings, Nanjemoy, Park Hall, Harwood, Compton, Great Mills, Ironsides, Loveville, Sunderland, Tracys Landing, Mount Victoria, Drayden, Shady Side, Avenue
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