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Downsizing? 5 steps to take first.

larger house
larger house
Larger House

With interest rates still historically low and home values high, you may be starting to think about downsizing from your current home and buying a smaller home. Here are some important steps you need to take before you get started.

1. Talk to a Realtor®

Downsizing and deciding to buy your next home is kind of like putting the pieces to a big puzzle together.  A good agent will counsel you and guide you through the steps to selling your home and finding the next one without making you feel pressured to skip any of them.

2. Get a market analysis on your current home. 

Have your agent research the current market and give you a realisticidea of how much you can expect to sell your home for in today’s market.  They should be able to give you an idea of the NET proceeds you can expect to receive after real estate costs and closing costs.  It is important to know how much you will receive to put toward your next house.

3. Get Pre-Approved for a Mortgage. 

If you will not be paying cash for your next home, your next step will speak to a trusted lender about financing and pre-approval. Even if you “KNOW” you can get pre-approved, sit down with a lender, and get the facts on how much you are pre-approved for, how much down payment you will need, how much closing costs are and what you can expect your monthly payment to be.  You should be comfortable with these numbers before moving forward.  You should also find out if you can buy your next home without selling your current home first, many of our clients are preferring to move out of their current home first, and have it painted and staged before putting it on the market.  The big question is; will you have enough money after the sale of your current home to meet your goals in buying your next home?

4. Understand what you can buy.  

What type of home is within your budget?  Have your agent send you listings of available homes that meet your criteria within your budget. Are you seeing what you like?  Is your criteria realistic within your budget?  The days of low-ball offers are over.  There is an inventory shortage right now, so you need to be prepared to act quickly and make a solid offer on the home that you like.  Many buyers are opting for new construction right now to get what they want.

5. Get Started!  

Once you have researched, made decisions and are comfortable in all these areas, you can take the steps to move forward.  Work with your agent to get your current home ready for the market.  Start looking at new homes.  Downsizing can be exciting, and your agent will help you make the process as stress-free as possible!

Looking for a Realtor® in the Tampa Bay area that can help walk you through these steps? 

 Contact John Warner at Keller Williams South Shore at 813-215-4450 for a free consultation.  Licensed in Florida.

John Warner

John Warner

I am a Real Estate professional and understand that buying or selling a home is more than just a transaction: it’s a life-changing experience. That’s why I provide exceptional, personalized service for all my clients. I take great pride om the relationships I build and always work relentlessly on the client’s behalf to help them achieve their real estate goals. In my role as a Realtor® Consultant, I will listen to your requirements and develop a plan of action based on your time frame and needs. I have experience selling new construction homes, single-family homes, duplexes/villas, multi-family homes, (pre-foreclosure) short-sale homes, investment properties, and First-Time home buyers! As a Realtor, I will consult and provide market evaluations of any of your Real Estate inquiries. I will utilize social media & Internet Marketing to find your next property and sell to gain the most exposure. Working as a team, we can achieve your goals, and working together will make the process as seamless as possible. As a Realtor, I will successfully guide you as a home buyer or seller through selling and purchasing properties. Here are a few items that I will be performing as your Realtor to keep you in compliance with laws and regulations. Generate lists of properties compatible with buyers' needs and financial resources. Coordinate appointments to show homes to you as a prospective buyer or arrange appointments to show your home as the seller. To establish a positive flow of communication with other agents, buyers, sellers, mortgage officers, title personnel, and attorneys involved in the home buying and selling process. Present purchase offers to sellers for consideration and negotiates contracts on your behalf. Coordinated property closings, overseeing the signing of documents and disbursement of funds with the Closing agent. Over the last ten years, I have continued to learn with each transaction and professional education training through the National Realtor Association and our local Greater Tampa Realtor association to give you the best service! I know the following designations or certifications: ABR® The Accredited Buyer's Representative (ABR®) designation is for real estate buyer agents who focus on working directly with buyer-clients at every stage of the home-buying process. AHWD At Home With Diversity® (AHWD) is a NAR certification program designed to present a picture of the changing face of the real estate industry. Since 1998, the At Home With Diversity® program has prepared over 20,000 REALTORS® to work effectively with and within today's increasingly diverse pool of homebuyers. GRI Earning the Graduate, REALTOR® Institute (GRI) designation is a way to stand out to prospective home buyers and sellers as a REALTOR® who has gained in-depth market knowledge, increased proficiency in a broad array of subjects to enhance professionalism and business success. MRP The Military Relocation Professional (MRP) certification is for real estate professionals working with current and former military service members. SFR The Short Sales and Foreclosure Resource (SFR®) certification are for REALTORS® who want to hone the skills that will allow them to help buyers and sellers of distressed properties. SRES The Seniors Real Estate Specialist® (SRES®) designation is for REALTORS® who want to be able to meet the special needs of maturing Americans (Active Adults) when selling, buying, relocating, or refinancing residential or investment properties. SRS The Seller Representative Specialist (SRS) designation is the premier credential in seller representation. It is designed to elevate professional standards and enhance personal performance. Staying up to date with the most current information available and earning my Commitment to Excellence (C2EX) from the National Association of REALTORS® empowers REALTORS® to evaluate, enhance and showcase their highest levels of professionalism. It's not a course, class, or designation—it's an Endorsement that REALTORS® Earned can promote when serving clients and other REALTORS®. I love to explore new restaurants and communities in the area. Since I have moved here from Grand Island, NY, the growth in the Tampa Bay area has simply been amazing and truly named correctly as the Sunshine State.I look forward to working with you as your Realtor® in the Tampa Bay area. I support several local charities.
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