Skip to main content

3 Things Boston Homebuyers Should Do Before Attending an Open House

By U.S. News & World Report

Boston‘s highly competitive real estate market, which is especially stressful for potential buyers, is not for the faint of heart. While it’s commonplace for a Friday open house to lead to multiple offers by Monday and a signed contract days later, would-be buyers have to be as prepared as possible before they step into what could become their new home.

With the spring buying season right around the corner and the market heating up, now’s the time to make sure you’ve got your ducks in a row so that you’re ready to make a competitive offer when the time comes. U.S. News spoke with some of Boston’s top real estate agents, as identified by real estate technology company Agent Explore (a U.S. News partner), to ask what steps homebuyers need to take to ensure they’re ready to buy. Here’s what they recommend.

[Read: A First-Time Homebuyer’s Guide to Boston.]

Pick the right real estate agent.

Brian Clinton, Realtor with Donahue Real Estate Co., says every potential buyer should interview multiple real estate agents to find the one who’s the right fit. Clinton, who specializes in the Greater Boston area, says he most likely wouldn’t take on a client looking for a house in Cambridge since that’s not his area of expertise.

“A Realtor should be able to add value,” Clinton says. “To not only advise you, but to be able to answer specific questions about neighborhoods, like what the schools are like and how close is public transportation.”

[Read: 4 Real Estate Trends to Know Before Selling Your Home in Boston.]

Agents should be able to point to their experience and explain where their strengths and weaknesses lie. “Transparency is important,” says Redfin real estate agent Nancy Schiff. She also says a good agent should have a team who can tour homes on their clients’ schedule, and should be prepared to respond quickly to their questions, understand what they are looking for and write offers quickly. In all, homebuyers should be able to trust the agent has their best interests at heart, she says.

To find an agent to fit your needs, it’s good practice to look at comprehensive online reviews and talk to friends for referrals, Schiff says.

Get preapproved.

Many potential buyers think getting prequalified for a loan is enough, but in a hot market like Boston’s, getting preapproval from a lender gives you an advantage.

Michael Stein, another Redfin real estate agent, says potential buyers who go that extra step to get their financials in order have a “leg up,” and sellers have more confidence in those buyers.

Schiff agrees, saying, “In Boston, it’s so competitive, you have to be ready. Buyers need to work with a lender to make sure everything is in place. If you can get your financing secure, you can move with a quick decision.”

Another reason to speak with a lender is to really understand what you realistically can manage to pay for a home. Clinton says, “Setting realistic expectations is important. You might not qualify for what you think you can, but once you have an amount, you can narrow your search area based on your preapproval price.”

[Read: 6 Tips for Selling Your Boston Home in Winter.]

Do your homework.

Everyone has to start somewhere, but simply driving around to open houses and looking at endless online listings isn’t exactly practical. Home seekers need to at least narrow down what they’re searching for before they actually start looking in person.

Clinton advises his clients to make a list of needs versus wants. “You may want a garage, but do you need it?” he says. “It may not be practical.”

Stein says it’s good to research things like neighborhoods, schools, shopping centers, public transportation and tax rates in advance, if those things will influence your decision.

Coming up with a realistic list can help focus your search. If you must have a driveway but don’t care about schools, or if you don’t care about having a yard but need two full bathrooms, that’s important to know in advance.

“The more things they can take away, it allows you to see what obstacles are in the way,” Schiff says. So if a client is averse to living next door to a cemetery or too far from public transportation, for example, she can easily cross those properties off her list of houses to visit. In such a tough market, it’s important to come in with as much knowledge as possible.

Looking for a real estate agent in Boston? U.S. News’ Find an Agent tool can match you with the person who’s most qualified for the job.

More from U.S. News

6 Tips for Selling Your Boston Home in Winter

4 Real Estate Trends to Know Before Selling Your Home in Boston

What’s it Like to Live in Boston?

3 Things Boston Homebuyers Should Do Before Attending an Open House originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related News

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Israel and Lebanon sign framework agreement with US in ‘first step’ toward peace, Rubio says

Trump-endorsed populist poised to become Colombia’s next president as rival challenges vote