Real Estate Blog - downsizing

Downsizing Without Debt: How More Homeowners Are Buying Their Next House in Cash

Posted by Shane Andersen on October 3rd, 2025

 

If you’ve been thinking about downsizing to lower your expenses, be closer to family, or just make life easier, here's a trend worth paying attention to:

More homeowners are buying their next house outright, without taking on a new mortgage. And, if you’ve owned your home for a while, you may be able to do the same. No mortgage. No monthly housing payments.

A Record Share of Homeowners Are Mortgage-Free

According to analysis from ResiClub of Census data, more than 40% of U.S. owner-occupied homes are mortgage-free –an all-time high for this data series. That means 4 in 10 homeowners own their homes free and clear (see graph below):

One big reason for this trend? Demographics. As Baby Boomers age and stay in their homes longer, many…

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Could a 55+Community Be Right for You?

Posted by Shane Andersen on September 23rd, 2024

 

If you’re thinking about downsizing, you may be hearing about 55+ communities and wondering if they’d be a good fit for you. Here’s some information that could help you make your decision.

What Is a 55+ Community?

It’s important to note that these communities aren’t just for people who need extra support – they can be pretty vibrant, too. Many people who are downsizing opt for this type of home because they’re looking to be surrounded by people in a similar season of life. U.S. News explains:

“The terms ‘55-plus community,’ ‘active adult community,’ ‘lifestyle communities’ and ‘planned communities’ refer to a setting that caters to the needs and preferences of adults over the age of 55. These communities are designed for seniors who are…

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Why Moving to a Smaller Home After Retirement makes Life Easier

Posted by Shane Andersen on August 12th, 2024

 

Retirement is a time for relaxation, adventure, and enjoying the things you love. As you imagine this exciting new chapter in your life, it's important to think about whether your current home still fits your needs.

If it's too big, too costly, or just not convenient anymore, downsizing might help you make the most of your retirement years. To find out if a smaller, more manageable home might be the perfect fit for your new lifestyle, ask yourself these questions:

• Do the original reasons I bought my current house still stand, or have my needs changed since then?
• Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
• What are my housing expenses right now, and how much do I want to try to…

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Silver Tsunami-Video Version

Posted by Shane Andersen on February 21st, 2024

 

 

 

 

What’s a “Silver Tsunami?” Well, in the real estate world, it has to do with the baby boomer generation and their housing preferences. Take a listen to this video as I explain in more detail and let us know at the Brookings Home Team if you have any questions!

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6906 S Witzke Ave-Sioux Falls SD

Posted by Shane Andersen on February 14th, 2024

 

For Sale

• Property Video
• Virtual Walking Tour
• Description
• Photos
• Marketing Your Home
• Real Estate Reports for Home Owners, Sellers & Buyers!
• More

$ CLICK FOR CURRENT PRICE 2 BEDROOMS 1.75 BATHROOMS 3270 sqft Lot

Welcome to your slice of home sweet home heaven in this charming 2015-built townhome that's as cozy as a warm hug from your grandma! With 2 beds, 2 baths, and a 2-stall heated garage, you're about to embark on a journey of comfortable living that's all kinds of amazing. Step inside and discover the 1308 square feet of pure delight. This place is like the Goldilocks of homes - not too big, not too small, it's just right! And speaking of just right, you'll love the granite countertops…

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What Are the Real Reasons You Want to Move Right Now?

Posted by Shane Andersen on November 24th, 2023

 

If you're considering selling your house right now, it's likely because something in your life has changed. And while things like mortgage rates play a big role in your decision, you don’t want that to overshadow why you thought about making a move in the first place.

It’s true mortgage rates are higher right now, and that has an impact on affordability. As a result, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home.

But your lifestyle and your changing needs matter, too. As a recent article from Realtor.com says:

“No matter what interest rates and home prices do next, sometimes homeowners just have to move—due to a new job, new baby, divorce, death, or…

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Your Needs Matter More Than Today's Mortgage Rates

Posted by Shane Andersen on July 14th, 2023

Your Needs Matter More Than Today’s Mortgage Rates

If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place.

It’s true mortgage rates have climbed from the record lows we saw in recent years, and that has an impact on affordability. With rates where they are right now, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home. As Danielle Hale, Chief Economist at Realtor.com, explains:

“. . . homeowners who locked in a 30-year…

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Have You Thought About Why You Might Want To Sell Your House?

Posted by Shane Andersen on April 20th, 2023

Have You Thought About Why You Might Want To Sell Your House? 

Some Highlights

• If you’re on the fence about selling your house, it’s worth considering all the reasons why moving could make sense for you.
• If you find your home no longer meets your needs, it may be time to sell.
• You have a lot to consider when deciding if you should move. Let’s connect today to go over the benefits of selling your house.

THINKING OF SELLING AND/OR MOVING TO BROOKINGS, VOLGA, OR ANY SURROUNDING AREAS? GOT QUESTIONS? I’M HERE TO HELP! VISIT BROOKINGSHOMETEAM.COM FOR MORE DETAILS!

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The Top Reasons for Selling Your House

Posted by Shane Andersen on March 2nd, 2023

Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.

Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate…

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Does "Aging in Place" Make the Most Sense?

Posted by Shane Andersen on February 21st, 2020

 

A desire among many seniors is to “age in place.” According to the Senior Resource Guide, the term means,

“…that you will be remaining in your own home for the later years of your life; not moving into a smaller home, assisted living, or a retirement community etcetera.”

There is no doubt about it – there’s a comfort in staying in a home you’ve lived in for many years instead of moving to a totally new or unfamiliar environment. There is, however, new information that suggests this might not be the best option for everyone. The familiarity of your current home is the pro of aging in place, but the potential financial drawbacks to remodeling or renovating might actually be more costly than the long-term benefits.

A recent report…

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