Rightsizing?

Can you rightsize in this hot market?

With real estate prices climbing, is it even possible to rightsize now — selling a current home and then using that equity to buy a property that better fits current needs? In this market, doing so takes careful planning and probably some trade-offs, but there are options out there.

One of my clients is considering selling her Twin Cities property and buying a similarly sized house in a quaint Minnesota river town where real estate prices are much lower. There, she could semi-retire, live mortgage free, and pursue her creative passions. 

Other friends of mine have grown children and are hoping to buy a smaller place, again using equity from their current home to avoid a mortgage. My business partner, Ralph Eischen, recently listed just such a property — a two-bedroom townhouse that‘s well maintained, borders a wooded park, and boasts a homeowners’ association that provides outdoor maintenance. While the home’s Brooklyn Park location may be considered by some to be too far from the center of the Twin Cities, living mortgage free might be worth it.

Another example of a potential rightsized option is an urban townhome that a friend recently listed in “Nordeast”, which features nearby great retailers like Surdyk’s and Eat My Words Bookstore, plus entertainment options like Jazz Central Studios. While considerably more expensive than the Brooklyn Park property, it would be a great option for someone who wants to ditch the car and live in a walkable community. 

 The key to rightsizing is carefully planning and then searching out all the possibilities. If you’re considering such a transition, I’m happy to help you do so. Even in a seller’s market, myriad options offer a comfortable lifestyle for your next phase of life — whatever it might be.