downsize.
The key is to price your home competitively from the start. This involves working in close partnership with your real estate agent.
MISTAKE #5. SELLING BEFORE BECOMING QUALIFIED
Make sure that you are actually qualified to purchase another home before you enter into a contract to sell your current home. Even though you’re likely downsizing from a larger home and moving into a smaller place, you still need to be approved. Your financial circumstances might have changed in the years (or possibly decades) since you purchased your home. Also, the requirements are considerably different today than they were decades ago. For example, you need to find out if you qualify for a loan. Many homeowners entering their senior years mistakenly believe that they can’t afford to sell their homes and purchase another one, and that no one would lend money to someone in their 60s or 70s. However, this is not the case. But you do need to find out if you’re qualified, so make an appointment with a trusted lender or bank. You might also learn that your current home might not sell for the amount you were counting on to allow you to purchase the new home, plus have enough for your retirement and future lifestyle expectations. It’s good to know this ahead of time before making any official decisions. Don’t make the mistake of making assumptions! It’s your job to get pre-approved by a trustworthy lender before you get too far into the home-selling process.
MISTAKE #6. WASTING TIME ON UNQUALIFIED B ALIFIED BUYERS
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