The Warren County Board of Realtors is asking homeowners if ‘downsizing’ is the right option for them.

According to a board release, downsizing to meet current housing needs is trending.

“We’re seeing some people downsize, or ‘right size,’ for their current lifestyle needs,” Warren County Board of Realtors President Rebekah Peterson said. “The main reason many people decide to downsize is to save money, to gain more financial security and flexibility in their lives, and many older homeowners choose to move to be closer to grandchildren.”

The release cited buying or renting a less expensive residence as a way to provide a financial cushion or free up more money for other uses, such as travel, investing or entertainment.

“Downsizing doesn’t just provide you with extra money from the sale of your home,” Peterson said. “It also reduces your other home expenses and saves you money from month to month. Just think about the added costs of maintaining a more expensive home.”

Specifically, the release cites lower utility bills, maintenance costs and taxes.

However, it’s a tough market out there, especially for the most sought after properties.

“We have a high retiree population, so one-story homes for people who want to age in place are extremely popular. We also see a number of people who look for vacation properties and many of them are looking for more land,” board of realtors CEO Courtney Box said. “Like many areas throughout Pennsylvania, inventory continues to be a challenge in most price points. With the tighter inventory situation and strong buyer demand, we’re continuing to see home prices increase for the most desired property types.”

Current mortgage rates also present a hurdle, both to buyers and sellers.

“The higher interest rates have caused some potential sellers to refrain from listing their property because they don’t want to lose their current lower interest rates,” Box said.