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Massachusetts Home Buyer Guide

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What MA Home Buyers Should Know About New Flood Insurance Rules

May 2, 2014 8:15:00 AM

Starting May 1, 2014, new rules for the National Flood Insurance Program went into effect. The North Shore Association of Realtors, located in Beverly, Massachusetts, provided its Realtor membership with the following information on the new flood insurance rules. 

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

Massachusetts Home Buyers Faced Higher Home Prices in March 2014

Apr 24, 2014 5:59:00 PM

The median price for Massachusetts single-family homes sold in March increased 8.6 percent to $315,000 compared to $290,000 in March 2013, The Warren Group, publisher of Banker & Tradesman, reported April 23, 2014. 

March marked the 18th consecutive month that monthly median home prices increased year-over-year. The median price in the first quarter increased 7 percent, from $285,000 in Q1 2013 to $305,000 during the first three months of 2014. The Warren Group collects sales and price information from the state's registries of deeds. 

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

Chelmsford, MA Home Sales, Median Price Decline February 2014

Apr 9, 2014 7:44:00 PM

The number of single-family homes sold in Chelmsford, Massachusetts declined in the first two months of 2014 compared to last year.

Through January and February of 2014, there were 34 single-family home sales, a 6.7 percent decrease from the same period in 2013 when there were 37 home sales, according to data compiled by the Massachusetts Association of Realtors.

The median price for a single-family home also declined through February 2014. Through February the median price for a Chelmsford, MA single-family home stood at $325,750, down 6 percent from $346,950 during the same two months in 2013. For the month of February, the median home price was $317,500, a 9.3 percent decrease in price from $350,000 in February of 2013.

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Topics: Real Estate Market, Community Information, Massachusetts Home Prices, Massachusetts Association of Realtors, Chelmsford MA

Dorchester (Boston) Home Prices, Sales Decline in February 2014

Apr 8, 2014 4:22:00 PM

Single-family homes sales in Boston's Dorchester neighborhood have declined 42 percent from seven sales in February 2013 to just three home sales in February 2014, according to data compiled by the Greater Boston Association of Realtors.

Through the first two months of 2014, there were six single-family home sales, down 33 percent from nine sales during the same period last year.

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Topics: Real Estate Market, Community Information, Massachusetts Home Prices, Boston, Greater Boston Association of Realtors, Dorcester MA

U.S. Mortgage Interest Rates Relatively Unchanged at 4.41%

Apr 5, 2014 5:15:00 PM

The average interest rate for a 30-year, fixed-rate mortgage in the United State rose slightly this week, mortgage buyer Freddie Mac reported April 3, 2014.

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Topics: Mortgage Rates & News

U.S. Foreclosure Inventory Declines 35 percent in February 2014

Apr 5, 2014 8:45:00 AM

U.S. foreclosure inventory declined 35 percent in February compared to February 2013, Corelogic, a California-based real estate data and analytics provider, reported April 3, 2014.

As of February 2014, approximately 752,000 homes in the United States were in some stage of foreclosure, known as the foreclosure inventory, compared with 1.2 million in February 2013.

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Topics: Real Estate Market, Foreclosure News

Hingham, MA Home Sales, Median Price Decline in February 2014

Apr 4, 2014 7:30:00 PM

Hingham, Massachusetts single-family home sales declined 25 percent from 12 sales in February 2013 to nine home sales in February 2014, according to the data compiled by the Massachusetts Association of Realtors (MAR).

Single-family home sales increased 42.9 percent, from 21 sales in January and February 2013 to 30 home sales through the first two months of this year. There were 262 Hingham, MA single-family home sales in 2013 compared to 256 home sales in 2012. Pending sales – properties with signed purchase and sale agreements but that haven't closed yet – were up 50 percent in February to 21 pending sales from 14 in February 2013.  

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Topics: Real Estate Market, Community Information, Massachusetts Home Prices, Massachusetts Association of Realtors, Hingham MA

Jamaica Plain (Boston) Condo Sales, Median Price Up February 2014

Apr 4, 2014 9:05:00 AM

The median price of a condominium in Boston's Jamaica Plain neighborhood increased 10.2 percent in February to $360,500 compared to $327,000 in February 2013, according to data compiled by the Greater Boston Association of Realtors. 

Through the first two months of 2014, the median condo price increased to $376,000 from $345,000 in January 2013 and February 2013, a 9 percent increase. The median condo price in Jamaica Plain increased 9.8 percent in 2013 to $375,000 from $341,500 in 2012.

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Topics: Real Estate Market, Community Information, Massachusetts Home Prices, Greater Boston Association of Realtors, Jamaica Plain MA

Safe to Say the Massachusetts Foreclosure Crisis is Over?

Apr 1, 2014 9:38:00 AM

The number of foreclosure deeds – the final step in the Massachusetts foreclosure process – peaked at 1,391 foreclosures in March 2010, but there were only 280 foreclosure deeds recorded in February 2014, The Warren Group, publisher of Banker & Tradesman, reported April 1, 2014. 

The number of foreclosure petitions, which is the first step in the foreclosure process, declined 48.7 percent in February compared to February 2013. February marked the 16th consecutive month that foreclosure petitions in Massachusetts have decreased on a year-over-year basis. There were 439 foreclosure petitions recorded in February compared to 856 petitions in February 2013. There were 364 petitions recorded in January 2014. Not all foreclosure petitions will result in a homeowner losing his or her home to foreclosure.  

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Topics: Real Estate Market, Foreclosure News

When Should MA First-time Home Buyers Tell Landlords They're Leaving?

Mar 30, 2014 7:18:00 PM

Many Massachusetts first-time home buyers are renting an apartment at the time they decide to start looking to buy their first home, so the timing of their home search and when they notify their landlord that they are ending their tenancy is important.

Whether a home buyer has a written lease with a specific term or is a tenant at will, also referred to as a month-to-month tenant, will determine how to plan his or her home search and notify his or her landlord that he or she is leaving. First, it is important to understand the timing of different aspects of the home-buying process.

For example, a first-time home buyer should know that mortgages are paid in arrears. In other words, a mortgage payment made on April 1st is a payment for the month of March. Why is this mortgage fact important? It is important to understand that a real estate closing on April 15th will result in the home buyer owing his or her first mortgage payment on June 1st. If the home buyer's apartment lease ends on May 31st, an April closing will not result in owing a monthly rental payment and a monthly mortgage payment in the same month.

Home buyers should be aware that their lender, in the example above, will want the interest on the loan paid at closing for the remaining days of April (or whatever month the closing takes place in). Closing towards the end of a month will result in less interest owed at closing, but the first mortgage payment will be do sooner.

Also, homebuyers should check their records to see whether they paid last month's rent or provided a security deposit at the beginning of their rental term. Having already paid the last month's rent and/or a security deposit gives a first-time home buyer a little financial flexibility, including the ability to close sooner on a property or maybe have a rent-free and mortgage-free month. Tenants should know that Massachusetts law requires the landlord to return the security deposit, plus interest, within 30 days of the tenancy ending; however, the landlord may keep any unpaid rent or the amount of money needed to repair damage done to the apartment (beyond normal wear and tear).

If you're a tenant at will (no lease), you need to provide notice to your landlord 30 days or one month before the due date of the next rent payment, whichever is longer. For example, if you give your landlord notice on April 20th that you are leaving, you'll be responsible for the rent through May 31st.

Of course, it is impossible to know how long it will take to find a home you want to make an offer and get an accepted offer. Some home buyers see a hand full of homes before finding one and other home buyers see many more, so the process may take weeks or months.

Also, if you are breaking your lease prior to the agreed upon term, you may be responsible for paying rent for the remaining months in the lease term. Some leases will allow tenants to terminate a lease early, but will require the payment of two months rent as a penalty. It is important to carefully review your lease before making any decisions and notifying your landlord that you are leaving. 

In addition, any major repairs or renovations a home buyer wants to perform on a new home may need to be done prior to moving in, or a home buyer may just prefer to complete any remodeling jobs prior to leaving his or her rented apartment.

The Commonwealth of Massachusetts has a guide to landlord/tenant rights, and the City of Boston has a landlord/tenant guide.

Of course the ability to be flexible on the closing date of a home purchase gives home buyers a stronger negotiating position. With that said, it may be inevitable that a home buyer has to make a rent and a mortgage payment simultaneously for one or more months.

So when is it safe to tell your landlord you're leaving? Should you wait until the purchase and sale agreement (P&S) is signed, the loan commitment has been received or the closing has taken place? It all depends on your risk tolerance.

Home buyers give their landlords notice that they're leaving all the time before the closing occurs. Some people wait until the P&S is signed, others wait until the loan commitment is provided by the lender. Some home buyers want a sure thing, and they just wait until the closing happens and the deed is recorded.

There are countless things that can happen – some are pretty rare – that can derail the closing or push back the closing date after a seller accepts a home buyer's offer. First, there is the home inspection. It's probably a mistake to notify your landlord that you are moving out prior to the home inspection. 

Once the P&S is signed, the likelihood of closing increases; however, the loan commitment (the date by which your lender needs to provide you with  a letter assuring that you're receiving the loan) is subsequent to the signing of the P&S. Once your lender has provided a loan commitment, there is even a greater chance you will reach closing. After the loan commitment date is probably the most popular time for home buyers to notify a landlord of their intention of ending a tenancy. 

Are there other issues that can arise between the loan commitment date and closing? Sure, but most are pretty rare. Title issues are rare, but do occur, and title issues may kill the deal or delay a closing. Lenders typically recheck credit reports and conduct employment verification within a 72 hours of closing. A job loss or negative notation on a credit report could result in a home buyer not getting a home loan. It may make sense not to schedule a closing date to close to the date you must vacate your apartment, just in case the closing is delayed a few days.

Download the Quick Guide to the Massachusetts Home-buying Process

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Topics: Home-buying Tips, Real Estate Misc., Real Estate Law

Massachusetts Home Sales Down 5.9%, Home Prices Up 7.3% February 2014

Mar 26, 2014 11:34:00 AM

Massachusetts single-family home sales declined 5.9 percent in February compared to February 2013, the Massachusetts Association of Realtors (MAR) reported March 25, 2014, citing a lack of inventory as the cause of the slowdown in home sales.

On the other hand, the lack of inventory has put pressure on home prices. The median price for single-family homes sold in February was $294,950, an increase of 7.3 percent from $275,000 in February 2013. February marked the 17th straight monthly year-over-year increase in median price in the Bay State. On a month-to-month basis, February's median price declined 7.8 percent from $320,000 in January 2014.

Massachusetts median home prices increased 9.2 percent in 2013, much more in some sought-after city and towns, but it appears price growth may be slowing in 2014, as higher interest rates and home prices have lessened affordability. 

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

Boston Home Prices Up 9.1% in January, But Declined 0.5% Monthly

Mar 25, 2014 9:06:00 PM

The price of homes in Boston were 9.1 percent higher in January 2014 compared to January 2013; however, Great Boston Area home prices declined 0.5 percent compared to December 2013, according to the S&P/Case-Shiller Home Price Index, a survey of home prices in 20 metropolitan areas. The January 2014 report was released March 25, 2014.

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Topics: Real Estate Market, Massachusetts Home Prices, Boston, Case-Shiller Index

   

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