Skip to main content

5 Things to Know About Selling Your Boston Condo

By U.S. News & World Report

Boston‘s real estate market is beyond competitive, but that doesn’t mean simply listing your property guarantees an easy sale. Every type of home, from single-family houses to triple-deckers, has a unique set of challenges and selling points to consider. And while selling your condominium may seem like a breeze, there are several things to keep in mind.

Hire an expert.

Adam Geragosian, a real estate agent with Gibson Sotheby’s International Realty, says, “The best possible advice I can give is to hire a reputable agent for purchase or sale. Having experienced representation through the biggest investment of your life will help make sure you come out on the good side of a real estate story.”

He adds that to be competitive, you must choose an agent who has expertise in your market and who has the numbers to back up the marketing strategy he or she is proposing.

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

R. Wayne Lopez, a principal with RESIS, short for Real Estate Sales Integration Solutions, agrees. “Hire a real estate professional that has that market knowledge and expertise,” he says. “An agent should be able to add value and clearly articulate their value.”

Be competitive.

Condo sellers have to figure out how to make their properties stand out in the crowd. Lopez says, “It’s important to have an effective marketing strategy in the Boston market because it is very competitive. Beyond hiring the right agent, sellers need to make sure the property is showing in the best possible condition, as first impressions are everything right now.”

[Read: 3 Things Boston Home Sellers Should Ask Before Hiring a Real Estate Agent.]

Sellers must be able to step back and look at their condo through a potential buyer’s eyes, Lopez says.

He recommends clients declutter, paint and consider hiring a stager, all of which are relatively low-cost investments. Lopez also stresses that professional marketing materials, high-quality images and digital floor plans are extremely important.

Make sure the price is right.

Ted Pietras, an agent with Gibson Sotheby’s International Realty, says it’s important that condos are appropriately priced, even in this hot market. “Overpriced homes still sit for a while and need reductions after two to three weeks if they’re not sold by then,” he says. “If it’s very overpriced, then you’ll get no offers, and it will sit. Pricing in the reasonable range will help to get possible multiple offers and even get over the asking price.”

If a condo is overpriced, it can result in multiple price reductions, which is not ideal. It can drag the process out and end up wasting everyone’s time.

Geragosian agrees, saying, “Buyers are far too educated right now to pay for something that is overpriced.”

Watch out for common pitfalls.

Pietras says besides overpricing the condo, another pitfall for sellers can be waiting too long to sell. “Sell now,” if you’re on the fence, he says. “Don’t wait until the next year or two. At some point in the not-too-far future, the market will adjust itself downward. Once it adjusts, these prices are gone for a long while.”

[Read: 5 Things to Consider If You’re Selling a Luxury Boston Home.]

Another thing sellers should be wary of is jumping into a deal without doing their due diligence. Geragosian says, “Sellers have to be very cautious to not take an offer that seems too good to be true because it usually is. Sellers need to make sure the buyers are truly committed and qualified before accepting an offer. I try to remind seller clients the offer price means nothing if we can’t get them to the closing table.”

Make sure the buyer thoroughly understands the condo association rules.

Condo associations rules can add another layer of complexity to a sale. Lopez says this is where having a condo expert is vital. “It comes back to pitfalls that a real estate professional can avoid.”

Geragosian says, “There are many moving parts within a condo association. I review every set of condo documents prior to listing, to verify all information presented is accurate.” Making sure you portray the building and condo association rules accurately is critical, he explains. “I have seen everything from agents representing listings with false owner occupancy ratios, to false allowable rental periods, to pet policy restrictions, to not disclosing upcoming assessments within the association.”

Providing the wrong information can cause sellers serious problems in the long term. “Buyers will often walk away from the deal or ask for substantial credit when these situations arise,” Geragosian says.

More from U.S. News

The 100 Best Places to Live in the USA

5 Expectations You Should Have When Selling Your Home

4 Red Flags to Look for Before Accepting an Offer on Your Boston Home

5 Things to Know About Selling Your Boston Condo 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