Massachusetts Home Buyer Guide

The fact that rents in the Greater Boston Area are expensive isn't news, but the rate at which rents are rising might be a bit of a surprise for those individuals comtemplating entering the real estate market as first-time home buyers. 

Rents in the Boston Area increased 5.5 percent in May 2013, increasing faster than all other metro areas tracked except Miami, according to a report release by real estate Web site Trulia. Miami rents increased 6.4 percent in May.

NEWS ALERT: The Massachusetts Association of Realtors pending sales numbers were not accurate. The post is below. We will update this post or write a new post as soon as the numbers are corrected.  Please see what Banker & Tradesman wrote.

MA Governor Deval Patrick is asking local banks to participate in an initiative that would provide 10,000 mortgages over the next five years to Massachusetts first-time home buyers, several media outlets reported June 10, 2013. 

Called the Massachusetts Housing Ownership Compact, the plan is for local banks to provide mortgages loans for home buyers with household incomes that fall below the median income in their geographical areas, Boston.com reported. 

The median price of a single-family home in Shrewsbury, Massachusetts increased 14.2 percent in April compared to April 2012 while sales increased nearly 44 percent, according to data compiled by the Massachusetts Association of Realtors. 

The median price of a single-family house in Shrewsbury increased from $300,000 in April 2012 to $342,500 in April 2013. Through the first four months of 2013, median price rose 9.7 percent, from $300,000 in 2012 to $329,000. 

The median price of a single-family home in Haverhill, Massachusetts increased 32.7 percent in April, climbing from $209,900 in April 2012 to $278,500, according to data provided by the Massachusetts Association of Realtors. 

Through the first four months of the year, the median price of a single-family home in Haverhill increased 25.6 percent. The median price increased from $215,000 during the first four months of 2012 to $270,000 for the same period in 2013. The lack of real estate inventory played a role in the home price increase. In April, inventory declined 17.9 percent compared to April 2012; however, new listings did increase 5.7 percent.

A home inspection is serious business. 

As much as some sellers and real estate agents want to play down the home inspection, it is one of the most important steps of buying a home. Aside from the obvious reasons of wanting to know about major defects, a home inspection is a time to learn. A good home inspector will thoroughly answer home buyers' questions and educate home buyers, especially first-time home buyers, about maintaining a home in general and specifically their soon-to-be home.

With the above in mind, it is important that Massachusetts home buyers understand what a home inspector will check and what the limitations are for a home inspection.

As expected, the median price for single-family homes in Massachusetts increased in April; however, the big story for home buyers is the increase in new homes for sale across the state. 

New single-family home listings added to the market in April 2013 increased 12.7 percent compared to the same time last year (9,350 new listings in April 2013 cpmpared to 8,294 listings in April 2012). There was a 44 percent increase in new homes for sale from the 6,468 listings added to the market in March 2013. April saw the biggest increase in new home listings since April 2010, the Massachusetts Association of Realtors reported May 29, 2013. 

New Hampshire Home Buyers were out in full force to get the Spring real estate season started, pushing NH home sales and median prices up in April 2013. 

The number of residential homes sold in New Hampshire in April was the highest for any April since 2006, climbing more than 9 percent compared to April 2012, the New Hampshire Association of Realtors (NHAR) reported May 16, 2013.

Dedham, Massachusetts home sales declined in March, but the median price of a single-family home increased compared to March 2012, the DedhamPatch reported April 25, 2013. 

The Warren Group, publisher of Banker & Tradesman, provided the data. 

Westford, Massachusetts is a community-oriented town with much to offer home buyers looking for a peaceful setting, with easy access to necessary amenities.

Incorporated in 1729, Westford originally was a farming community and later became known for its mills and granite quarries. Today it also is home to many high-tech businesses.

Single-family home prices in Wilmington, Massachusetts increased more than 16 percent in March to $377,629 compared to March 2012, the WilmingtonPatch reported May 6, 2013. 

Wilmington, MA had 18 single-family homes sold in March, the same total that sold in March 2012. In the first quarter, 45 single-family homes sold in Wilmington, down from 46 during the same time period in 2012. 

Massachusetts home buyers who have been actively searching for homes are well aware of the lack of real estate inventory available right now, but would-be home buyers only searhing online may be unaware of how little inventory there really is available. 

MLS Property Information Network (MLS PIN), the primary multiple listing service in Massachusetts, has decided to change the way home listings are displayed after a seller accepts an offer starting today (Tuesday May 21, 2013). MLS PIN will do away with the "Active" with a flag status (ACT) and require listing agents to list homes with fully-executed offers as under agreement (aka, UAG). Listings marked as active with a flag status on May 21, 2013 will automatically be changed to UAG.