Belinda: So why would I think about right sizing right now?
For me, it’s about the Rightsizer and when it is right for them, putting the whole market aside, however if you’re looking at the market – Rich can you take it from here?
Rich: I think, doing it early rather than later. I mean, I think of my Mum and Dad, they downsized out of Sydney and went to the Gold Coast, and again from there, when dad was at the Gold Coast after my mum died and passed away, he downsized again. It was because my dad loved a lot of books and he had a lot of stuff that I think it’s important to sort and start as early as you can. It doesn’t mean you sacrifice your lifestyle. In fact, it can be a new chapter of life. It can be a new opportunity to really do it. If you think about the process, it does take time to adapt to change to really get into the mindset of wanting to move to a new location, there’s a lot of unknowns.
You’ve got to ask a lot of questions; how far and wide would you be prepared to move? What size dwelling? Who’s going to be your neighbour? There’s a lot of questions like that that you’ve got to ask.
But certainly right now in the market, there’s a really good opportunity to buy. Now, we’re in a buyers market. It’s not completely a buyers market, but the market has softened. We don’t have that sort of frenetic pace of prices, getting away from everyone. COVID has not put a very strong pressure on the brakes for the market. We’ve seen the market come back 5 to 10% in some areas. So we’ve had a lot of price falls, but I think we’re going to have to be ready, even in some areas, we’re seeing prices go up – above the reserve price, which is quite unusual, even in a soft market. I think the thing to remember is that you are selling your property and buying in the same market. We know there’s a lot of active buyers out there. I’ll give you one example, I was due to go and look for properties last Saturday. I had my short list to go out and look at, we got to Saturday morning and 2 of them have sold on the Friday night pre-auction. The buyers are there snapping up the deals and they weren’t property, that’s for sure. A good solid price in the prime area. A lot of downsizers will typically have a fairly substantial amount of equity in their home and it’s important to capitalise on that and maximise that. You can then buy an appropriate property that’s going to be the right size for your next stage in life.
Today’s blog is a nugget from last week’s Right Size Your Home Online Workshop. Every Friday at 10:00am, join me as I take you through the “Rightsize Your Home” framework to help and support you move through the process effectively and efficiently with a practical, step-by-step roadmap on how to overcome the fears and challenges of Rightsizing and plan to make the journey a fun, stress-free and profitable process..
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With over a decade of experience as a Property Makeover and Change Specialist, I have spent many years helping transform homes and lives. My experience in helping those looking to Downsize has led me to write my first book – Rightsize Your Home – The Empty Nester’s Guide to a Stress-Free Downsize, available to download or in hardcover.
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