Massachusetts Home Buyer Guide

As Massachusetts home prices continue to rise, homeowners are waking up to the opportunity of selling their homes for a good price.

Through the first half of 2014, single-family home sales and median home prices increased in Lynnfield, Massachusetts, according to data compiled by the Massachusetts Association of Realtors.

There were 64 single-family homes sold from January to June, an increase of 18.5 percent compared to the 54 closed sales during the same period in 2013. Single-family home sales in Lynnfield, MA spiked in June 160 percent. There were 26 homes sold in June, an increase from 10 in June 2013. Pending sales were up 9.5 percent in June to 23, a slight increase from 21 pending sales in June 2013. 

In June of 2013 the Commonwealth of Massachusetts announced the creation of a homeownership compact, with the goal of bringing lenders together to provide 10,000 mortgage loans to first-time home buyers over five years. The compact included a commitment among participating lenders to originate a specific number of loans through MassHousing and the Massachusetts Housing Partnership (MHP) home loan programs. 

As part of the effort to provide Massachusetts first-time home buyers with lower and moderate incomes an opportunity to own a home, the state launched a new Web site to provide potential home buyers information about MassHousing mortgages and the MHP One Mortgage. 

Despite the recent rise in median home prices, a report released by Zillow August 21, 2014 found that buying a home in the Greater Boston Area was still more affordable in July than renting. 

Home prices have risen over the past two years, but that was after a significant decline in the Boston real estate market. Meanwhile, rents never really declined during the recession. Rents have just kept climbing. 

Sharon, Massachusetts, named in 2013 by Money Magazine as the best place to live in America, is a suburban community located southwest of Boston, with a population of approximately 17,000 people. 

Situated along Interstate 95, Providence, Rhode Island is about 26 miles to the south and Boston is about 17 miles to the north of Sharon. The MBTA commuter rail's Providence/Stoughton line stops in Sharon, providing easy access to Boston's South Station by train. There are not any subway or bus lines in the community. In addition, Massachusetts Route 27 runs through the town. 

The median price of a single-family home in Franklin, Massachusetts rose in June and has risen through the first half of the year, according to data compiled by the Massachusetts Association of Realtors. 

The median price of a house increased to $430,260 in June, an increase of 22.9 percent compared to $350,000 in June 2013. Through the first six months of the year, the median price increased 13.7 percent to $424,500. The median price during the same period in 2013 was $373,500. On average, home buyers paid 98.2 percent of the original list price through the first half of the year.

After a cold winter the weather turned warm in June, but the Haverhill, Massachusetts real estate market was very hot. 

The median price of a single-family house in Haverhill, MA jumped 15.9 percent in June 2014 to $296,750 compared to $256,000 in June 2013, according to data compiled by the Massachusetts Association of Realtors. Through the first half of 2014, the median price for a single-family home increased 3 percent to $265,000 compared to $257,250 during the first six months of 2013. 

Home buyers were out in full force in June. Single-family home sales in June spiked 16.7 percent compared to June 2013. There were 42 single-family sales in June compared to 36 sales in June 2013. From January through June there were 166 closed sales, down just two sales from 168 single-family home sales during the same period in 2013. 

The median price of a single-family home in Stoneham, Massachusetts increased 7.3 percent during the first six months of the year compared to the same period in 2013, according to data compiled by the Massachusetts Association of Realtors.

The median price of a Stoneham, MA single-family house stood at $406,500 through June, an increase from $379,000 through the first six months of 2013. The median price in June was $423,500, up 12.6 percent from $376,000 in June 2013. 

Single-family home sales in Winchester, Massachusetts dipped during the first half of 2014 while the median price of a single-family home increased, according to data compiled by the Massachusetts Association of Realtors. 

The median price of a single-family home in Winchester, MA increased 6.7 percent through June compared to the first six months of 2013. The median price stood at $910,500, up from $853,000. Prices also increased 6.7 percent in June to $905,000 compared to $848,000 in June 2013. In June, single-family properties sold for 99.8 percent of the original list price. 

Located in Norfolk County, Walpole, Massachusetts is an intimate town with a mix of suburban and rural areas. It is conveniently situated approximately 18 miles southwest of Boston and 25 miles northeast of Providence, Rhode Island.

First settled in 1659, Walpole was originally a part of Dedham, Massachusetts until it was officially incorporated in 1724. It was named after Sir Robert Walpole, who was generally regarded as the first prime minister of Great Britain. Its growth began after the Revolutionary War and skyrocketed after the Industrial Revolution. Today, Walpole is home to approximately 24,000 residents, according to the 2010 U.S. Census.

Massachusetts homebuyers need to thoroughly understand the importance of the loan commitment date when purchasing a home and how failing to do so may result in the loss of their deposits.

The failure of a home buyer to receive a clean loan commitment letter, extend the loan commitment deadline or to terminate the contract with the seller before the loan commitment deadline passes puts him or her in jeopardy of losing deposits made at the time the offer to purchase and purchase and sale agreement were signed. For many home buyers, these deposits total 5 percent of the purchase price of the home they intend to purchase.