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Massachusetts Home Buyer Guide

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Massachusetts Foreclosure Activity on the Decline

Mar 9, 2013 9:15:00 AM

It appears that Massachusetts foreclosure activity may not even be newsworthy for much longer. 

In January, there were 292 foreclosure deeds filed in Massachusetts, a 63 percent decrease from 799 deeds recorded in January 2012, The Warren Group reported March 5, 2013. Foreclosure deeds represent completed foreclosures.

The number of Massachusetts foreclosure petitions declined almost 30 percent in January 2013, declining to 940 from 1,333 in January 2012. Foreclosure petitions, which mark the first step in the foreclosure process in the Bay State, have fallen for three consecutive months. Petitions rose nine out of twelve months in 2012. Not all foreclosure petitions result in a completed foreclosure. 

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Topics: Foreclosure News

Time May Be Running Out to Take Advantage of MA Homeowner Tax Credits

Mar 8, 2013 9:45:00 AM

Massachusetts home buyers calculating the total cost of homeownership may need to remove the potential for tax breaks to repair or replace a septic system and/or for removal of lead paint. 

As part of a package of tax increases and the elimination of a variety of tax breaks, Massachusetts Governor, Deval Patrick, hopes to raise $1.9 billion annually in revenue. Two of his proposals are to eliminate the lead paint tax credit and the septic system repair / replacement credit. 

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Topics: Home-buying Tips, Massachusetts Association of Realtors, Real Estate Misc., Homeowner Tips

Low Mortgage Interest Rates Still Available for MA Home Buyers

Mar 7, 2013 1:57:00 PM

Massachusetts home buyers and home buyers around the United States still have the opportunity to take advantage of historically low mortgage interest rates. In fact, interest rates are a bit lower than they were a few weeks ago.  

The average rate for a 30-year, fixed rate mortgage loan in the U.S. declined .07 points last week to 3.70 percent, the lowest level in more than a month, the Mortgage Bankers Association (MBA) reported March 6, 2013. 

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Topics: Mortgage Rates & News, FHA

Will Massachusetts Home Buyers Have Any Homes to Buy This Spring?

Mar 3, 2013 6:40:00 AM

March has arrived, and we'll move the clocks forward an hour next week. It sounds like warmer temperatures and longer days are around the corner, but Massachusetts home buyers are wondering whether the spring real estate market will ever arrive.

The number of Massachusetts homes for sale has continued to decline over the past year. As of January 31, 2013, the inventory of single-family homes in the Bay State decreased 27.3 percent compared to January 2012, the Massachusetts Association of Realtors reported February 26, 2013.

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Topics: Real Estate Market, Massachusetts Association of Realtors

Cambridge, MA Real Estate and Community Guide

Mar 1, 2013 9:17:00 AM

Home to a diverse population, including many students attending several local universities, such as Harvard and Massachusetts Institute of Technology (MIT), and professionals in a myriad of fields and of various ages, Cambridge, Massachusetts is a much sought-after place to live in the Bay State.

Through the many unique communities, both residential and urban, its rich historical influences, and booming professional and cultural sectors, Cambridge, MA real estate, including single-family homes and condominiums, attracts individuals from many walks of life.

Cambridge has a vibrant history, giving residents a cultural experience that is unique from many other places in the country. Founded in 1630, Cambridge was originally named Newe Towne and settled by Puritan colonists under John Winthrop's leadership. Due to many prominent settlers and leaders in the area being graduates from England’s Cambridge University, the name of the city was changed to Cambridge in 1638.

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Topics: Community Information, Massachusetts Relocation, Cambridge MA

MA Home Buyers Continued Real Estate Buying Spree to Start 2013

Feb 27, 2013 4:52:00 PM

Despite the lack of inventory, Massachusetts home buyers continue their quest for homes. 

Both single-family home sales and median price increased in January compared to January 2012, the Massachusetts Association of Realtors reported February 26, 2013.

Massachusetts real estate prices have increased four straight months, and single-family home sales have shown positive results in 19 straight months.

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Topics: Real Estate Market, Massachusetts Home Prices, Massachusetts Association of Realtors

Brookline, MA Home Sales and Real Estate Market Report

Feb 25, 2013 8:50:00 AM

Brookline, Massachusetts home buyers took part in a real estate market that saw sales increase for both single-family homes and condominiums in 2012.

Single-family home sales increased 7.5 percent in 2012 on 172 sold properties, up from 160 sales in 2011. The median price of a single-family home in Brookline was $1,247,250 in 2012. The median price increased 3.5 percent from $1,205,000 in 2011. The most expensive home sold in 2012 set someone back a cool $10,500,000, more than double the most expensive home sold in 2011 ($4,900,000). 

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Topics: Real Estate Market, Community Information, Massachusetts Home Prices, Massachusetts Relocation, Brookline MA

U.S. Home Buyers Push Existing Home Sales Slightly Higher in January

Feb 24, 2013 10:26:00 AM

Sales of existing homes in the United States increased 0.4 percent in January while the supply of homes on the market declined to its lowest level in 13 years, Reuters reported February 21, 2012. 

The National Association of Realtors provided the data. 

January was the second highest rate of sales since November 2009 when the federal home buyer tax credit was set to expire.

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Topics: Real Estate Market, Massachusetts Home Prices, National Association of Realtors, New Construction

NH Home Buyers Continue to Snap Up Homes in January 2013

Feb 22, 2013 2:06:00 PM

Massachusetts isn't the only state where the real estate market has perked up.

Overall, it doesn't appear the New Hampshire real estate market has turned the corner as fast as the Bay State, but New Hampshire home buyers drove residential home sales up 21.2 percent in January compared to January 2012, the New Hampshire Business Review reported February 21, 2013. 

The New Hampshire Association of Realtors provided the data, which also showed that median home prices decreased 2.7 percent despite the jump in sales. 

There were 800 residential NH home sales in January, up from 660 sold in January 2012; however, the 800 unit sales were 23 percent lower than the 1,037 units sold in December 2012.

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Topics: Real Estate Market, New Hampshire

Massachusetts Home Buyers May Have to Share Good Fortune

Feb 16, 2013 1:56:00 PM

For those Massachusetts home buyers that have benefited or will benefit from purchasing a home at prices at or near the bottom of the real estate market, they may have to share their good fortune with the Commonwealth of Massachusetts, if a proposal by Governor Deval Patrick is enacted by the legislature.    

As part of a package of tax increases and the elimination of a variety of tax breaks, Governor Patrick hopes to raise $1.9 billion annually in revenue. One proposal is to eliminate the capital gains tax exemption on home sales.

Presently, Massachusetts follows federal tax law in exempting up to $500,000 in capital gains on the sale of homeowners primary residence. Governor Patrick's proposal to the eliminate capital gains exemption is in conjunction with raising the income tax from 5.25 percent to 6.25 percent, effectively raising the capital gains rate to 6.25 percent.  

For example, if a homeowner sells a home after livng in it for a number of years for a gain of $200,000, that homeowner will have $12,500 in tax liability. 

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Topics: Home-buying Tips, Massachusetts Association of Realtors, Real Estate Misc., Homeowner Tips

Will Greater Boston Home Buyers Ditch Their Landlords in 2013?

Feb 14, 2013 10:15:00 PM

So how much house could you afford, if you ditched your $1,825 per month rent payment for a mortgage? Property taxes vary from town to town, and so do condo fees, but home buyers could probably afford about a $300,000 single-family home or condominium for $1,825 per month, give or take about $15,000.

Using today's interest rates – about 3.5 percent – you can calculate the cost of principal and interest on our simple mortgage calculator.

The Boston Businnes Journal reported February 8, 2013 that one sector of the economy is great. That's Boston's rental housing market, and landloards in the Greater Boston Area are making a killing. 

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Topics: Real Estate Market, Cambridge MA, Boston, Brookline MA, Somerville MA

MA Home Buyers Start 2013 Where They Left Off in 2012.

Feb 13, 2013 1:57:00 PM

After a strong 2012 for the Massachusetts real estate market, home buyers seem posed to continue the positive sales trend in 2013. 
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Topics: Real Estate Market, Massachusetts Association of Realtors

   

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