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7 Key Home Buying and Selling Tips from a Realtor

We recently spoke with Boston-based Realtor Ryan Poitras of EPlace Inc. about how to make buying and selling your home as seamless as possible. Here are his top seven tips:

1. Wait to Spend Money on Large Purchases

Even after you secure a loan, don’t rush out and spend beyond your means. It’s tempting to buy new appliances or to hire contractors, but your bank will likely to do a last look to ensure your finances are the same. Wait until after you’ve moved in.

2. Make Sure Your Buyer is Committed

If you’re selling an old home and moving into a new one, go with the buyer with a high purchase and sale deposit. It shows commitment on the part of the buyer.

3. Understand the Buyer’s Current Living Situation

If you’re selling an old home and moving into a new home, consider a buyer who doesn’t need to sell a house before moving into yours.

4. Communicate with Your Lender

Keep in constant contact with your lender, especially if you’re moving into a condo. A condo with less than 50 percent owner occupancy involves different financing than a traditional sale.

5. Consider Your Lifestyle

You should be talking to your realtor about more than just a pre-approved budget and the style of home you want. Don’t forget to consider your commute, how often you travel, and your neighborhood preferences. Once you’ve narrowed this down, your realtor will be able to show you homes that better suit your needs.

6. Be Prepared

Ask to see a redacted sample of an offer letter so you know what to expect from the process.

7. List Your Home Before Looking for a New One

The selling process will likely take longer than the purchasing process. Plus, having a home that has sold will make an offer letter stand out, as opposed to a contingency wherein you need to sell your house. If you can’t move right away, consider a rent-back agreement with your buyer.