Massachusetts Home Buyer Guide

A recent survey of milleninals shows that age group has a strong interest in homeownership, and their interest in becoming first-time home buyers has increased in the past year, PulteGroup, Inc., a national homebuilder, reported April 1, 2013.   

For renters ages 18-34 with an income of more than $50,000, 65 percent indicated their intention to buy a home has significantly or somewhat increased in the past year.  The definition of millennials varies slightly depending on who you ask, but generally it makes up people born from about 1980 until about the year 2000.  

The number of completed foreclosures in Massachusetts through February 2013 are down about two thirds compared to 2012, The Warren Group, publisher of Banker & Tradesman, reported April 2, 2013. 

In February, 240 foreclosure deeds – the final step of the foreclosure process – were filed in Massachusetts, down almost 69 percent from 767 foreclosure deeds filed in February 2012. The recording of a foreclosure deed represents a completed foreclosure. Through February, foreclosure deeds have plunged 66 percent. A total of 532 foreclosure deeds were filed in January and February compared to 1,566 during the same two months in 2012.

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.

After several years of declining prices, Massachusetts home buyers must navigate a real estate market with low inventory and increasing values in 2013. 

The median price for a single-family home in Massachusetts rose more than 12 percent last month to $275,000 from $245,500 in February 2012, The Warren Group, publisher of Banker & Tradesman, reported March 26, 2013. The year-to-date median home price is also up about 12 percent, rising to $279,000 from $250,750 last year.

The Town of Arlington, Massachusetts was founded more than 375 years ago in 1635. The settlement was originally known as Menotomy, an Algonquin word. In 1807 the town was set off from Cambridge, Massachusetts and incorporated as West Cambridge. After the Civil War in 1867 the name was changed to Arlington in honor of the heroes buried at Arlington National Cemetery.

Although pending home sales in Massachusetts were positive for the 22nd straight month compared to the previous year, the strong pending single-family home sales numbers seen in previous months were absent in February 2013, the Massachusetts Association of Realtors reported March 12, 2013. 

Real estate professionals blame two stormy weekends in February and a lack of inventory for the slow growth in pending home sales, which are a leading indicator of actual home sales in Massachusetts for the following 30 to 60 days. Massachusetts home buyers, especially first-time home buyers, are well aware of the current lack of inventory. 

Home buyers searching for single-family homes in Wakefield, Massachusetts in 2012 witnessed an improving real estate market, with both sales and median price rising. 

The median price of a single-family house in Wakefield, MA increased 3.4 percent in 2012 compared to 2011. The median price stood at $391,000 in 2012, up from $377,988 the previous year. The most expensive single-family home sold for $1,300,000 in 2012. 

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.

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.

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). 

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.

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.