10 Potential Benefits of Downsizing your Home

Even though many people have sought out more space during the COVID-19 pandemic, there are many great reasons to consider downsizing your real estate.  Moving into a smaller home can offer tremendous benefits and value to individuals, couples and families.  This is often especially true for seniors near or in retirement.

Here are a few benefits to downsizing within or to the Fraser Valley real estate market.

  1. Lower expenses – less utility costs on heating and cooling, lower property taxes, lower insurance premiums etc.
  2. Less time needed for maintenance and upkeep – spend more time doing the things you love and enjoy and devote less time to the house and yard
  3. Lock and leave – if you enjoy travelling, then it’s generally easier and more secure to lock and leave a condo than a vacant single-family detached house
  4. Reduced or no mortgage – less expensive properties require smaller mortgage amounts and therefore smaller payments.  Even better, it’s possible for some people to become mortgage and debt-free when they downsize to smaller real estate.
  5. Having less stuff – having a smaller living area means you need fewer furnishings and décor.  You can save a great deal of money in this way.  And your life will be simpler and more stream-lined when you aren’t trying to simply fill empty spaces with items that have no practical function.
  6. Lowering your carbon footprint – with reduced heating and cooling requirements, you use less energy, which usually means using less carbon.  You are doing the environment good in this way.
  7. Have the outside space taken care of by common area maintenance charges – by moving to a condo apartment or townhouse, the grounds outside can be maintained by a third party contractor.  This will save you your time, energy and physical effort.
  8. Many condo buildings and townhouse complexes are in and around city centres.  This often gives you quick and easy access to everyday amenities like medical offices, pharmacies, grocery stores, recreation centres, libraries etc.  This may allow you to eliminate owning one or all of your vehicles.  Indeed, you may be able to be in walking distance to most or all of your everyday essential shops, services and recreation.
  9. Cozier confines – a smaller home can make it feel much cozier and enhance family bonding and relationships.  A more communal shared space can bring parents, children and siblings closer together.  It can teach compromise and patience, if done right. 
  10. Less is more – there is an intangible and invaluable benefit around the peace of mind that comes with having less stress around mortgage debt, maintenance, upkeep and too much space to be responsible for.

There are many great options to downsize into a smaller and more comfortable house, townhouse or condo in the Fraser Valley.  Surrey, Langley and Abbotsford offer a range of great affordable housing options to downsize into.  Indeed, one could potentially move even further East into Chilliwack or Harrison Hot Springs to save even more money and enjoy a quieter lifestyle. 

Contact me today to discuss your downsizing options in the Fraser Valley.  I can help you to sell your existing home if you need to and/or help you purchase your next house, townhouse or condo.


Why People Aren't Listing Their Homes for Sale

There is currently a lack of supply of active listings of homes for sale, to meet what feels like insatiable demand.  I've been thinking about why people may be hesitant to list their homes for sale, especially detached homes.  

It's my theory that:

1) People are seeing and anticipating that the trend of rapid monthly price esclation will continue.  This means that they are seeing the value of their home go up month after month after month, in big sums.  Some potential vendors may be sitting back and just watching their equity go up in value, in relatively easy fashion.  This might cause a reluctance to sell, if a homeowner expects prices to just keep going up.

2) COVID-19 - it would be natural for some people to not be comfortable inviting strangers (i.e. buyers) into their home.  Older people tend to own a high percentage of the detached homes.  And this cohort is at a higher risk to COVID, because age is a risk factor in how sick a person can get from the virus.  So in turn, it may be the case that some of our older, otherwise would-be sellers, are holding off on listing and selling their place.  Perhaps we will see more listings hit the market once the pandemic recedes.

3) The nesting instinct - related to #2, many people still may be feeling a need to hunker down as virus variants take hold over communities.  People may be feeling more secure by staying put until such time as the pandemic dissapates and a full re-opening of society and the economy can take hold, without restrictions.

I'm sure there are other factors that might be in play when it comes to why the supply of homes for sale haven't been able to keep pace with demand.  Perhaps cheap money in the form of low mortgage rates is pulling demand forward from the future?  Maybe potential sellers are looking around and fearful to sell their place because they don't know where they would move to after selling?  In other words, after selling, they would be in the position of having to buy back into a market with limited inventory.

2022 is shaping up to be another interesting year in the Fraser Valley housing market.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.