At Home in the
April 2017
Midlands Chapin Communities
It’s a Seller’s Market! Should I Downsize Now?
A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many 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: 1. A smaller home means less space, but it also means less time, stress and money spent on upkeep. 2. 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. 3. 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 homeowners are taking the profits from the sales of their current 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 to make a profit? A: “For most 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 home and want to evaluate the options you currently have, let’s meet up to help guide you through the process.
IF YOU ARE THINKING OF BUYING OR SELLING A HOME, CALL US 803-386-0196 | brent@thedowningteam.com | www.thedowningteam.com
Featured Client Reviews
“Brent listed my home on a Friday called on Monday with a contract. I was very pleased with his expertise, knowledge, Responsiveness and getting the fine details taken care of in record time. Great agent and staff to work with and would contact him for any further Real Estate needs.” - Ronnie C. “Brent sold my house in three weeks. His team in my opinion are the best in the business. He knows how to list and market your home for the best exposure. They keep you updated and informed on the entire progress on traffic and showings with your home through emails. He is personable and a true professional. I would highly recommend him and his team.” - gbeland622agent
Go to www.midlandshomevalues.com to find out the value of YOUR home!
Absolutely stunning 6 bedroom home in prestigious Governors Grant subdivision. Located on 1.03 acres, this must see home has a lot of living space to offer. Fantastic features such as captivating high ceilings (tray & Cathedral), French doors, elegant molding and hardwoods throughout, fantastic built-ins, formal dining room, and laundry room upstairs & down, 2 fireplaces, 3 car garage, 2 master bedroom options, tankless H20, surround sound wiring, and FROG! $659,000.
Inside This Issue Downsizing Your Home
Brent Downing
Century 21 J Bolos 1430 Richland St Columbia, SC 29201 cell: 803.386.0196 email: brentd@thedowningteam.com web: thedowningteam.com
Downing Group’s Featured Listings Featured Client Reviews
Latest Mortgage News from Guild Mortgage Go to www.midlandshomevalues.com to find out the value of YOUR home!
290 LOMINACK ROAD PROSPERITY, SC 29127 MLS #412294
174 DIANA ROAD GILBERT, SC MLS #419809
1 HUNT MASTER COURT IRMO, SC 29063 MLS #409872
27 acres | on Lake Murray
4bd, 3ba | 4,196 sqft
4bd, 5ba | 4,446 sqft
$899,900
• Brent Downing is the TOP agent in the Midlands for the past 3 years running. • In 2016 Brent was the Top Producing Century 21 agent in the entire state of South Carolina and ranked 4th in the Nation. • In 2016 The Downing Group sold more than twice that of any other resale agent or team in communities on and around Lake Murray such as Lexington, Irmo & Chapin. • Brent has earned the highest number of 5 star reviews on Zillow.com of any other agent in the entire state. • Owner and Broker, Brent Downing, is Century 21’s designated Lake Home Specialist and the Director of Fine Homes & Estates. • In 2016 The Downing Group was the Top Selling Team in the Midlands
IF YOU ARE THINKING OF BUYING OR SELLING A HOME, CALL US 803-386-0196 | brent@thedowningteam.com | www.thedowningteam.com
$835,000
105 WILLOW CREEK DRIVE IRMO, SC MLS #415611
5bd, 3.5ba | 4,000 sqft
5bd, 5ba | 3,724 sqft
$444,200
$429,900
$409,900
112 LANCELOT LANE LEXINGTON, SC MLS #419551
115 SHOREWOOD WAY COLUMBIA, SC 29212 MLS #401126
648 KUMATAGE LANE CHAPIN, SC 29036 MLS #413283
150 ROSE OAK DRIVE IRMO, SC 29063 MLS #417809
1 LAND STONE COURT IRMO, SC 29063 MLS #392912
4bd, 2.5ba | 2,912 sqft
4bd, 4ba | 3,560 sqft
4bd, 2.5ba | 3,330 sqft
5bd, 4ba | 4,400 sqft
5bd, 5ba | 3,150 sqft
$388,000
$374,900
$369,900
$348,000
$349,000
510 CLEARVIEW DRIVE COLUMBIA, SC 29212 MLS #404189
106 WILLOW CREEK DRIVE IRMO, SC MLS #419495
8 ADARE COURT IRMO, SC 29063 MLS #413891
118 COPPER BLUFF ROAD LEXINGTON, SC MLS #419160
207 CHANCERY LANE COLUMBIA, SC MLS #32813792
4bd, 4ba | 3,816 sqft
4bd, 3ba | 2,930 sqft
6bd, 4ba | 3,735 sqft
4bd, 4ba | 3,480 sqft
3bd, 3ba | 2,360 sqft
$345,900
$324,900
$269,000
$309,900
$214,900
101 PALM STREET CHAPIN, SC 29036 MLS #417386
227 QUILL COURT COLUMBIA, SC MLS #419530
300 FARM CHASE COURT LEXINGTON, SC 29073 MLS #412526
507 FLAT CREEK DRIVE BLYTHEWOOD, SC 29016 MLS #414330
206 CARRIAGE OAKS DRIVE COLUMBIA, SC MLS #416880
4bd, 2ba | 2,200 sqft
3bd, 2.5ba | 2,069 sqft
3bd, 3ba | 2,200 sqft
4bd, 3ba | 2,200 sqft
4bd, 2.5ba | 2,169 sqft
$199,900
$199,900
$189,900
$194,900
$174,900
1201 PARLIAMENT DRIVE COLUMBIA, SC MLS #419444
224 FASKIN LANE LEXINGTON, SC MLS #417623
6 INDIAN CREEK COURT LEXINGTON, SC 29072 MLS #394012
118 VALLEJO CIRCLE COLUMBIA, SC MLS #415770
230 MERCHANTS DRIVE COLUMBIA, SC MLS #415933
4bd, 2ba | 2,312 sqft
4bd, 2ba | 1,780 sqft
2bd, 2ba | 1,250 sqft
3bd, 1ba | 1,100 sqft
2bd, 2.5ba | 1,250 sqft
$170,000
$163,900
FEATURED LISTING
212 POWER POINT LANE LEXINGTON, SC MLS #416805
Go to www.midlandshomevalues.com to find out the value of YOUR home!
305 SIENNA DRIVE CHAPIN, SC MLS #420764
$799,900
3bd, 2.5ba | 3,300 sqft
$145,000
$163,800
FEATURED LISTING
400 STRAWBERRY RIDGE LANE IRMO, SC MLS #419894
$719,900
7bd, 5ba | 7,440 sqft
$120,500
FEATURED LISTING
155 DUNLEITH WAY, IRMO, SC MLS #415124
$715,000
5bd, 5ba | 6,111 sqft
Go to www.midlandshomevalues.com to find out the value of YOUR home!
290 LOMINACK ROAD PROSPERITY, SC 29127 MLS #412294
174 DIANA ROAD GILBERT, SC MLS #419809
1 HUNT MASTER COURT IRMO, SC 29063 MLS #409872
27 acres | on Lake Murray
4bd, 3ba | 4,196 sqft
4bd, 5ba | 4,446 sqft
$899,900
• Brent Downing is the TOP agent in the Midlands for the past 3 years running. • In 2016 Brent was the Top Producing Century 21 agent in the entire state of South Carolina and ranked 4th in the Nation. • In 2016 The Downing Group sold more than twice that of any other resale agent or team in communities on and around Lake Murray such as Lexington, Irmo & Chapin. • Brent has earned the highest number of 5 star reviews on Zillow.com of any other agent in the entire state. • Owner and Broker, Brent Downing, is Century 21’s designated Lake Home Specialist and the Director of Fine Homes & Estates. • In 2016 The Downing Group was the Top Selling Team in the Midlands
IF YOU ARE THINKING OF BUYING OR SELLING A HOME, CALL US 803-386-0196 | brent@thedowningteam.com | www.thedowningteam.com
$835,000
105 WILLOW CREEK DRIVE IRMO, SC MLS #415611
5bd, 3.5ba | 4,000 sqft
5bd, 5ba | 3,724 sqft
$444,200
$429,900
$409,900
112 LANCELOT LANE LEXINGTON, SC MLS #419551
115 SHOREWOOD WAY COLUMBIA, SC 29212 MLS #401126
648 KUMATAGE LANE CHAPIN, SC 29036 MLS #413283
150 ROSE OAK DRIVE IRMO, SC 29063 MLS #417809
1 LAND STONE COURT IRMO, SC 29063 MLS #392912
4bd, 2.5ba | 2,912 sqft
4bd, 4ba | 3,560 sqft
4bd, 2.5ba | 3,330 sqft
5bd, 4ba | 4,400 sqft
5bd, 5ba | 3,150 sqft
$388,000
$374,900
$369,900
$348,000
$349,000
510 CLEARVIEW DRIVE COLUMBIA, SC 29212 MLS #404189
106 WILLOW CREEK DRIVE IRMO, SC MLS #419495
8 ADARE COURT IRMO, SC 29063 MLS #413891
118 COPPER BLUFF ROAD LEXINGTON, SC MLS #419160
207 CHANCERY LANE COLUMBIA, SC MLS #32813792
4bd, 4ba | 3,816 sqft
4bd, 3ba | 2,930 sqft
6bd, 4ba | 3,735 sqft
4bd, 4ba | 3,480 sqft
3bd, 3ba | 2,360 sqft
$345,900
$324,900
$269,000
$309,900
$214,900
101 PALM STREET CHAPIN, SC 29036 MLS #417386
227 QUILL COURT COLUMBIA, SC MLS #419530
300 FARM CHASE COURT LEXINGTON, SC 29073 MLS #412526
507 FLAT CREEK DRIVE BLYTHEWOOD, SC 29016 MLS #414330
206 CARRIAGE OAKS DRIVE COLUMBIA, SC MLS #416880
4bd, 2ba | 2,200 sqft
3bd, 2.5ba | 2,069 sqft
3bd, 3ba | 2,200 sqft
4bd, 3ba | 2,200 sqft
4bd, 2.5ba | 2,169 sqft
$199,900
$199,900
$189,900
$194,900
$174,900
1201 PARLIAMENT DRIVE COLUMBIA, SC MLS #419444
224 FASKIN LANE LEXINGTON, SC MLS #417623
6 INDIAN CREEK COURT LEXINGTON, SC 29072 MLS #394012
118 VALLEJO CIRCLE COLUMBIA, SC MLS #415770
230 MERCHANTS DRIVE COLUMBIA, SC MLS #415933
4bd, 2ba | 2,312 sqft
4bd, 2ba | 1,780 sqft
2bd, 2ba | 1,250 sqft
3bd, 1ba | 1,100 sqft
2bd, 2.5ba | 1,250 sqft
$170,000
$163,900
FEATURED LISTING
212 POWER POINT LANE LEXINGTON, SC MLS #416805
Go to www.midlandshomevalues.com to find out the value of YOUR home!
305 SIENNA DRIVE CHAPIN, SC MLS #420764
$799,900
3bd, 2.5ba | 3,300 sqft
$145,000
$163,800
FEATURED LISTING
400 STRAWBERRY RIDGE LANE IRMO, SC MLS #419894
$719,900
7bd, 5ba | 7,440 sqft
$120,500
FEATURED LISTING
155 DUNLEITH WAY, IRMO, SC MLS #415124
$715,000
5bd, 5ba | 6,111 sqft
Go to www.midlandshomevalues.com to find out the value of YOUR home!
At Home in the
April 2017
Midlands Chapin Communities
It’s a Seller’s Market! Should I Downsize Now?
A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many 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: 1. A smaller home means less space, but it also means less time, stress and money spent on upkeep. 2. 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. 3. 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 homeowners are taking the profits from the sales of their current 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 to make a profit? A: “For most 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 home and want to evaluate the options you currently have, let’s meet up to help guide you through the process.
IF YOU ARE THINKING OF BUYING OR SELLING A HOME, CALL US 803-386-0196 | brent@thedowningteam.com | www.thedowningteam.com
Featured Client Reviews
“Brent listed my home on a Friday called on Monday with a contract. I was very pleased with his expertise, knowledge, Responsiveness and getting the fine details taken care of in record time. Great agent and staff to work with and would contact him for any further Real Estate needs.” - Ronnie C. “Brent sold my house in three weeks. His team in my opinion are the best in the business. He knows how to list and market your home for the best exposure. They keep you updated and informed on the entire progress on traffic and showings with your home through emails. He is personable and a true professional. I would highly recommend him and his team.” - gbeland622agent
Go to www.midlandshomevalues.com to find out the value of YOUR home!
Absolutely stunning 6 bedroom home in prestigious Governors Grant subdivision. Located on 1.03 acres, this must see home has a lot of living space to offer. Fantastic features such as captivating high ceilings (tray & Cathedral), French doors, elegant molding and hardwoods throughout, fantastic built-ins, formal dining room, and laundry room upstairs & down, 2 fireplaces, 3 car garage, 2 master bedroom options, tankless H20, surround sound wiring, and FROG! $659,000.
Inside This Issue Downsizing Your Home
Brent Downing
Century 21 J Bolos 1430 Richland St Columbia, SC 29201 cell: 803.386.0196 email: brentd@thedowningteam.com web: thedowningteam.com
Downing Group’s Featured Listings Featured Client Reviews
Latest Mortgage News from Guild Mortgage Go to www.midlandshomevalues.com to find out the value of YOUR home!