Veronica Dagher

speaker

3,082 appearances 51 recordings 1 series first heard Sep 2017 last heard Jan 2025

Veronica Dagher’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Downsizing Your Home Isn’t the Money Move It Used to Be · 13 Oct 2023 podcast

Well, about 27% of sellers traded down for a smaller home, and that's according to a 2023 report from the National Association of Realtors. voice-verified

The largest downsize was among homeowners ages 77 to 97, and those folks scaled back by around 220 square feet. voice-verified

those homes are about 750 to 1,750 square feet. voice-verified

And that is a tough market to be in right now because the number of homes for sale in that category has dropped about 41% since 2019. voice-verified

But prices for those homes are about 50% higher than they were pre-pandemic. voice-verified

And that's according to research by realtor.com. voice-verified

It's very similar. voice-verified

Yes, they are competing for a small amount of houses, dealing with high prices. voice-verified

The added stress for older Americans is that they may be on a fixed income. voice-verified

They may not have income coming in every month either, as some of the younger counterparts might. voice-verified

And so their budgets are already stretched by things like inflation, like many of other people, but they may not have some of the earning power, financial flexibility that someone younger might have. voice-verified

The 30-year fixed mortgage rates are nearing 8%. voice-verified

And so downsizing is often really costly for those who can't pay cash. voice-verified

A smaller home could translate into bigger monthly home payments. voice-verified

And that further stretches the budget of people who are already on a fixed income. voice-verified

So it's not really a great option financially. voice-verified

For sure, and they might not even have to take a mortgage on it. voice-verified

That's kind of the ideal situation, and we are seeing a lot of older buyers paying in cash and driving a good part of this housing market. voice-verified

The issue is, though, home prices are still high, so you still get less for your money. voice-verified

Even if you downsize to something smaller, if you look at a cost per square footage basis, you're essentially paying more. voice-verified

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