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Frank Celeste, an agent with Gibson Sotheby’s International Realty, says there are many reasons buyers might want to live near an institution of higher education. “Most colleges have an array of public transportation options on, or within a few minutes of, their campus locations,” he says. “Their neighborhoods offer a very diversified assortment of entertainment and dining establishments, so it’s a very social, engaging environment as well.”
Celeste says, “The marketplace runs from a new freshman student with parents buying a condo for their child to lock in overhead costs during their stay here, to highly noted and seasoned post-doctoral instructors coming to teach at some of the noteworthy graduate schools Boston has to offer.”
Celeste says, “Owner-occupant buyers want to be aware of the owner occupancy in any condominium buildings they are contemplating because banks like a 50 to 60 percent owner-occupancy rate or higher to lend on a conventional conforming basis. Anything less than that can limit financing options.”
If you’re buying a property to rent to students, Getman says, know that you may need to redo floors, repaint walls or otherwise refresh the place between tenants. “There is quite a bit of work after each lease is up. Students aren’t that mindful of keeping it clean,” she says.
Celeste notes investors should watch out for the condo rules. “Investor buyers have to be very aware of the newer amendments condo associations have started to implement, such as longer-term minimum rental periods to avoid short-term Airbnb rentals taking place in their buildings,” he says.
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.
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.”
If you haven’t given much thought to selling your home this year, you might want to think again.
Real estate information company Trulia commissioned a survey of more than 2,000 U.S. adults, conducted by Harris Poll, to get a feel for expectations and plans for housing and homeownership in 2018. The survey results show 31 percent of respondents expect 2018 to be a better year for selling a home than 2017 – and just 14 percent expect it to be worse.
Despite the enthusiasm, only 6 percent of homeowners surveyed plan to sell their home in 2018.
Real estate information company Zillow echoes these sentiments in its predictions for 2018, expecting inventory shortages to continue to drive the housing market. With too few homes on the market to meet buyer demand, prices increase and would-be buyers can’t afford the price or down payment needed to submit a winning offer.
If you’re a homeowner and have been thinking about selling, what are you waiting for? You may not consider 2018 to be your year to sell, but here are four reasons why selling in the next 12 months could be more beneficial than you think.
Buyers are chomping at the bit. Eager homebuyers have been frustrated over the last few years, experiencing low inventory in most major markets, which is pushing them to start home shopping earlier in the year to try to beat out the competition and ensure they’re not missing out on any available properties.
Even before the clock struck midnight on New Year’s, people were already getting a head start on looking at buying or selling a home in 2018. Real estate information company HomeLight saw a 25 percent traffic spike on its website on Dec. 26, with continued high rates of traffic through the first part of the new year.
“Folks have generally turned their attention away from the holiday and time with family and friends, and moved onto the new year and what they want to accomplish,” says Sumant Sridharan, chief operating officer of HomeLight. “And for many people, that tends to be where they want to live.”
The best time to sell your home is traditionally between March and June, Sridharan notes, while warmer climates may see a longer time frame because they’re not restricted by weather. But cold weather isn’t keeping interested buyers from starting their home search at the start of the year. The fact that buyers take the day after a major holiday to start looking for new home means the traditional selling season could be even hotter.
And while the last couple years have proven beneficial for sellers, seeing many homes sell for asking price or above, it won’t last forever. Zillow predicts home builders will begin looking to construct more entry-level homes to meet demand later this year. If you wait too long to put your home on the market, you may find yourself competing with new builds that haven’t been a part of the market in large numbers since before the recession.
We went down the lane, by the body of the man in black, sodden now from the overnight hail, and broke into the woods at the foot of the hill. We pushed through these towards the railway without meeting a soul. The woods across the line were but the scarred and blackened ruins of woods; for the most part the trees had fallen, but a certain proportion still stood, dismal grey stems, with dark brown foliage instead of green.
On our side the fire had done no more than scorch the nearer trees; it had failed to secure its footing. In one place the woodmen had been at work on Saturday; trees, felled and freshly trimmed, lay in a clearing, with heaps of sawdust by the sawing-machine and its engine. Hard by was a temporary hut, deserted. There was not a breath of wind this morning, and everything was strangely still. Even the birds were hushed, and as we hurried along I and the artilleryman talked in whispers and looked now and again over our shoulders. Once or twice we stopped to listen.
After a time we drew near the road, and as we did so we heard the clatter of hoofs and saw through the tree stems three cavalry soldiers riding slowly towards Woking. We hailed them, and they halted while we hurried towards them. It was a lieutenant and a couple of privates of the 8th Hussars, with a stand like a theodolite, which the artilleryman told me was a heliograph.
We went down the lane, by the body of the man in black, sodden now from the overnight hail, and broke into the woods at the foot of the hill. We pushed through these towards the railway without meeting a soul. The woods across the line were but the scarred and blackened ruins of woods; for the most part the trees had fallen, but a certain proportion still stood, dismal grey stems, with dark brown foliage instead of green.
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