different fees that can add up. Unfortunately, many buyers don’t factor in these fees as part of the overall cost of purchasing a home. The specific type of “hidden” costs you’ll need to be aware of and prepared for will depend on the type of home you choose as you downsize. A small, single-family house will have different costs and fees than a condo would, for example. Some fees to keep in mind, besides closing costs, are property taxes, condo fees, homeowners’ association fees, insurance, any repairs that you will be responsible for, etc.
MISTAKE #3: IGNORING LOCAL REAL ESTATE MARKE TE MARKET TRENDS T TRENDS
Especially if you’ve lived in your home for quite some time, you might not have been paying attention to local real estate market trends. But now that you’re selling and buying a home, this could be a major problem. The reason is that the housing market fluctuates over time, and sometimes suddenly and sometimes significantly; it’s just how it works. Sometimes it’s a buyer’s market, or a seller’s market, or even a neutral (balanced) market. Several factors affect real estate market trends, including the economy, interest rates, and supply vs. demand. Pay attention to the changes as well as comparable sales in the area so you know when it’s the right time to buy as well as what you can expect to negotiate price-wise.
MISTAKE #4: COMPROMISING ON YOUR NEEDS UR NEEDS
It’s unfortunately all too common for even seasoned home buyers to compromise on their needs when making an offer on a home, because they are anxious to downsize and get into their new home, or because the home-search process has been too exhausting or time-consuming, or because they’re just looking forward to the next stage of their lives and don’t want to “waste”
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