Although housing prices are still falling nationally, pending home sales are up in Eastern Massachusetts. Real Estate experts believe the threat of rising interest rates coupled with higher rent in the Boston Metro has brought more buyers into the market. Enough buyers are writing earnest money checks in some area communities, the housing supply is now considered low.
According to Brighton real estate broker Mike Brasco, his office has had more than 12 properties go under contract within the past 60 days. He also stated some properties entertained multiple offers. One Brighton home recently sold in one day and received eight offers. Brasco said Brighton housing prices are now on the rise.
The Massachusetts Realtor’s Association has stated single family home sales have risen for ten straight months. According to Banker and Tradesmen, pending single-family home sales in Massachusetts were up 44 percent in February. During the same time period, condo sales were up 30 percent. March home sales are expected to be just as vigorous.
The Greater Boston Real Estate Board said single-family home sales in the Metro alone are up 32.7 percent over the same time last year and have been on the rise for eight months in a row. The last time housing sales improved that much was immediately prior to the end of the federal new homebuyer tax credit. Additionally, the average price for single-family homes in the Boston area rose 4.2 percent during the past year.
According to the Real Estate Board, condominium sales in the area are up 10.5 percent over the same time last year. The average time a condo stays on the market in the Boston Metro also declined by about 9 days since last year. Pending sales have risen for nine out of the last ten months.
Selling a home can be both exciting and stressful. There is a lot to think about when entering into a real estate transaction. Every real estate contract is unique and property sales in Massachusetts can be particularly complicated. It is a good idea to contact a qualified real estate attorney to protect your financial interests before selling your home. An experienced property lawyer can review purchase offers, handle any headaches after a home inspection, and assist with contingencies. A real estate lawyer will generally help negotiate the purchase agreement, review or resolve title issues, draft deeds, and guide you through the overall sales and closing process.
Contact Pulgini & Norton, LLP if you are considering selling your Massachusetts property. Our knowledgeable Braintree real estate lawyers are available to assist you with your property transaction. Pulgini & Norton assists clients throughout the Commonwealth of Massachusetts including Bristol, Middlesex, Norfolk, Suffolk, and Worcester counties. To speak with a hardworking real estate attorney, call Pulgini & Norton at (888) 344-2046 today. You may also contact us through our website.
Experts Are Not Concerned by Rise in Massachusetts Foreclosure Rate, Massachusetts Real Estate Lawyer Blog, March 21, 2012
Prices Rise as Boston Housing Inventory Declines to New Low, Massachusetts Real Estate Lawyer Blog, February 26, 2012
Real Estate Market May Be Rebounding In Mass., by Joe Shortsleeve, WBZ-TV