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Massachusetts Home Buyer Guide

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Boston Area Home Buyers May Want to Embrace the Sound of Trains

Mar 31, 2013 10:58:00 AM

Greater Boston home buyers may start to rejoice in the sweet sounds of the commuter rail or subway. 

According to a study released March 20, 2013 by the American Public Transportation Association (APTA) and the National Association of Realtors (NAR), Boston real estate values during the last recession performed 129 percent better on average if they were located near public transportation with high-frequency service.

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

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

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

What Exactly is a Massachusetts Realtor?

Feb 8, 2013 9:11:00 AM

In real estate, there are dozens of industry terms that can be confusing or overwhelming.  Condex, LTV, ARM, Assessed vs. Appraise valued, FSBO, REO, Short Sale, BOM, etc.  It’s endless.

There are even many different ways to refer to real estate agents: agent, broker, realtor.  Are these terms all the same thing; can they be used interchangeably?  Here is some clarification on what each title means and what exactly is a Massachusetts Realtor.

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

Home Buyers Also Benefit From Tax Break For Forgiven Mortgage Debt

Jan 20, 2013 9:50:00 AM

Homeowners aren't the only people to benefit from a tax break for forgiven mortgage debt that was set to expire December 31, 2012, but was extended by Congress and President Obama when they narrowly averted the “fiscal cliff” crisis.

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Topics: Home-buying Tips, Mortgage Rates & News, Short Sales

Rising Rents Provide Incentive For Greater Boston Home Buyers

Jan 4, 2013 12:56:00 PM

There are many arguments for and against renting a home as opposed to owning one, but above all else the numbers have to work for a potential home buyer. 

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Topics: Real Estate Market, Home-buying Tips

Arguments For And Against Mortgage Interest Tax Deduction

Dec 30, 2012 7:30:00 AM

There have been many consequences discussed if the politicians in Washington don't come to an agreement on the so-called "fiscal cliff" budget and tax crisis by December 31, 2012. 

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Topics: Home-buying Tips, Real Estate Misc., Mortgage Rates & News, National Association of Realtors

Will Less Inventory And Higher Prices Attract MA Home Buyers?

Dec 23, 2012 10:37:00 AM

It is very likely that 2012 will be remembered as the year the real estate market turned around in Massachusetts. Not every community saw brisk home sales, but many Greater Boston Area and Eastern Massachusetts cities and towns saw good homes in good locations sell fast, many times within a few days. 

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Topics: Real Estate Market, Home-buying Tips, Massachusetts Association of Realtors

New Hampshire, Massachusetts Real Estate Buyer Agent Reviews

Dec 17, 2012 12:46:00 PM

A recent article entitled, "10 Things Real Estate Listing Sites Won't Say" found on the MarketWatch.com Web site stated it was very difficult for home buyers to find reviews on real estate agents.

Maybe that is the case in general around the nation, but Massachusetts and New Hampshire consumers have a few good sources to find reviews and information about real estate buyer agents, as well as listing agents, when searching for help in buying a home or selling a home. 

The article used as an example the short-lived attempt by real estate company Redfin to roll out a feature called "Scouting Report" that provided information about agents' sales and other data. Redfin pulled the plug on Scouting Report about a week after it's September 2011 debut because of reported "inaccuracies in the data."

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Topics: Home-buying Tips, Real Estate Misc.

Are Home Warranties Worth The Money For Home Buyers?

Dec 4, 2012 10:45:00 AM

Will home warranty companies top the list of companies that receive the worst grades on Angie's List for a seventh straight year? Home warranty companies consistently perform poorly, according to Angie's List members.

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Topics: Home-buying Tips, Condominium, Real Estate Misc., Video

Massachusetts Purchase and Sale Agreement (P&S) Anything But Standard

Nov 23, 2012 8:30:00 AM

Commonly referred to as the P&S, the Massachusetts purchase and sale agreement is the primary document that sets out the terms and conditions of the real estate agreement between the buyer and the seller.

The pre-printed Realtor document in Massachusetts is titled "Standard Form Purchase and Sale Agreement," but home buyers shouldn't be misled by the description. The P&S isn't standard at all. In fact, every real estate transaction is unique. 

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Topics: Home-buying Tips, Real Estate Law

   

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