There are many confusing messages in the media about the state of the current economy. One news source might say the economy is down, tomorrow the same will say we’re up. Which direction is the economy headed exactly? What does this mean for you and me? Well, regardless of your personal financial situation, we all agree that if you need more money, you have to spend less. Whether your thinking about retirement or just trying to find extra room in your monthly budget, downsizing your home can be a freeing experience, from both monetary obligations and physical “things”. By downsizing, you can lower your monthly expenses, sometimes by thousands of dollars. According to the National Association of Realtors latest quarterly update, “the national median existing single-family home price was $181,500 in the second quarter, up 7.3 percent from $169,100 in the second quarter of 2011.” That means that although home prices are still low, they seem to be going up. Purchasing a home during a time of low pricing is of great value to the buyer that wants to keep costs down. Usually buying a smaller home translates into smaller mortgage payments. While some might think that jumping in right now would “cheat” them of the extra dollars they’d make on the sale of their current home, it really works both ways. If you sell your home while prices are high, you will make more money on your sale but will have to pay more when you purchase your new home. Jumping in while prices are low will allow you to make sure that your future mortgage payments are exactly where you want them. That kind of security is helpful to those on a fixed income. Purchasing near reliable transportation routes can help your bottom line as well. East Dallas boasts Mockingbird Station, a spot where buses and trains and park n rides all come together. Multi-use living is just steps away. Owning a condo in this area gives owners the ability to pay $65 a month for all local transportation. That’s a huge savings over the cost of a car payment, gas and maintenance fees. Walking to area stores and attractions is great for the mind, body and pocketbook. New home and condo builders can add energy saving amenities to attract buyers that are looking to save money, save the environment or both. An “energy star” rating is attributed to new homes that follow strict guidelines set by the U.S. Environmental Protection Agency. These homes deliver a “total energy efficiency improvement of up to 30 percent compared to typical new homes and even more compared to most resale homes.” Using less energy means more savings for home owners. With an energy bill of $400, by switching to a new Energy Star rated home with the same square footage (and remember, we’re talking about downsizing here, so the savings should be even greater) would equal to a savings of $120 per month. What would you do with that extra money per year? No matter your financial situation, saving money is something we all need to do. Turn to a trusted source, such as a local Realtor, to assist you in determining your needs, selling your home and purchasing a new one. For more information on the Dallas area market, visit www.eastdallasrealestate.com.