Massachusetts Home Buyer Guide

U.S. pending home sales increased slightly in November, with monthly increases in the South and West offseting declines in the Northeast and Midwest, the National Association of Realtors® (NAR) reported December 30, 2013.

The Pending Home Sales Index (PHSI), as the NAR refers to it, is a forward-looking indicator based on contract signings. Nationally, pending home sales inched up 0.2 percent in November from October, but were 1.6 percent below November 2012. This data reflect contracts, but not actual real estate closings.

Real estate industry pundits can argue about the reasons why, but there isn't any denying that the foreclosure crisis that gripped Boston for several years ended in 2013.

Lenders initiated 230 foreclosure petitions – the first step in the foreclosure process in Massachusetts – in 2013 compared to 890 foreclosure petitions in 2012, a decline of 74.15 percent, The Boston Globe reported January 1, 2014. The foreclosure peitions were the fewest since 2003. 

Following most municipalities in the Bay State, the price of a single-family home in Marshfield, Massachusetts increased through October 2013, according to The Warren Group, publisher of Banker & Tradesman.

From January through October 2013, the median price of a single-family home in Marshfield, MA increased 6.77 percent to $355,000 compared to $332,500 during the same ten-month period in 2012. In October 2013, the median price increased 30 percent to $390,000 from $300,000 in October 2012.

Massachusetts home buyers know – some all too well – that real estate inventory in the Bay State in 2013 was very low, making it difficult for even those willing to pay top dollar to land a home. It was an especially difficult market for first-time home buyers, who had to compete with many cash-strong investors and move-up buyers. 

Will Massachusetts home buyers face a less frenzied real estate market in 2014? Maybe. 

The median price of a single-family home in Braintree, Massachusetts has increased through October 2013, according to The Warren Group, publisher of Banker & Tradesman.

Despite the number of Massachusetts home buyers scrambling to purchase a home before interest rates increase further, the state's lack of real estate inventory, combined with price increases, has finally slowed down the pace of single-family home sales. 

Massachusetts single-family home sales declined 2 percent in November, the first time year-over-year homes sales decreased since April 2013, The Warren Group, publisher of Banker & Tradesman, reported December 30, 2013.

In October 2013, the median price of a single-family home in Hingham, Massachusetts increased by 7.12 percent compared to October 2012, according to data tracked by The Warren Group, publisher of Banker & Tradesman.

The median price for a single-family home in Hingham, MA in October 2013 increased to $707,500 from $660,500 in October 2012. Bucking the statewide trend, the median price of a single-family home during the first ten months of 2013 decreased .08 percent compared to the same period in 2012. Through October 2013, the median price was $645,500 compared to $645,000 for a single-family home during the same ten-month period in 2012.

Massachusetts home buyers will want to take into consideration the total cost of purchasing a home. Besides the price of a home and the cost of borrowing, as well as other costs, home buyers will want to consider real estate taxes in the city or town they plan to buy a home in. 

Local real estate tax rates vary throughout Massachusetts; however, there are some limitations to a city's or town's ability to raise property taxes. 

The City of Peabody is in the “North Shore” area of Massachusetts, with 16.9 square miles conveniently located 18 miles north of Boston, in Essex County. 

The area of Peabody, MA was first settled in 1626 and was often referred to as “Northfields”, “the Farms”, and “Brooksby.” Peabody was originally incorporated as part of Danvers, but later broke off in 1855 to be known as South Danvers. Finally in 1868 the name was changed to Peabody, named after the philanthropist George Peabody, and became incorporated as a city in 1916.

The real estate world had a temper tantrum after Realtor.com launched a pilot real estate agent-ranking program in Boulder, Colo. and Las Vegas called AgentMatch. The reasons varied, but many traditional real estate firms and their agents just didn't want Realtor.com using multiple listing service (MLS) data to rank real estate agents. 

In October 2013, the median price of a single-family home in Wrentham, Massachusetts skyrocketed by 89.58 percent compared to October 2012, according to data tracked by The Warren Group, publisher of Banker & Tradesman.

The median price for a single-family home in Wrentham in October 2013 increased to $455,000 from $240,000 in October 2012. Through October 2013, the median price jumped 34.30 percent compared to the same period in 2012. During the first ten months of 2013, the median price stood at $406,250 compared to $302,500 for a single-family home during the same ten-month period in 2012.