The lower mortgage rate and more stable inventory in the Massachusetts real estate market has several sources, including the real estate website Zillow, predicting that millenials will be the largest group of homebuyers this year.
One young woman claimed that a major motivation for her decision to buy a home was due to difficulty in finding a suitable location to rent.
Additionally, in December, Fannie Mae and Freddie Mac announced they would reduce the minimum down payment on certain mortgages from 5% to 3%, among other changes that are aimed at getting more first-time homebuyers back into the market of buying residential real estate.
Then, this January the Federal Housing Administration announced it was reducing mortgage insurance premiums by 50 basis points. The White House said that the reduction would likely save the average homebuyer around $900 a year and could enable some 250,000 new people to purchase a home.
While the influx of new buyers in the Massachusetts real estate market is great news for our state, first-time homebuyers and especially younger homeowners may be less familiar with the process and the potential pitfalls that may arise in a real estate sale transaction.
Hiring a Massachusetts real estate lawyer to represent you throughout the entire home buying process makes both practical and financial sense. Being represented by an attorney means that you will be counseled on the meaning of critical provisions of the various documents involved in the process, such as the offer to purchase, the purchase and sale agreement, and the mortgage and note.
For example, the lender may require that you make certain representations about your financial situation before it commits to giving you a mortgage. This could affect your ability to close on the purchase of a home if you are unable to meet the lender’s requirements.
Or perhaps you wish to make changes to the home or land you are purchasing. Localities throughout the Boston have different land use and zoning requirements or restrictions. In many cases, homeowners may need special permission from their local governing board prior to commencing construction on their property. As part of our full service real estate offerings, we can work with you to obtain any variances, permits, easements, or other deviations that you may need in order to make your plans a reality.
Additionally, Massachusetts state law requires that the buyer is represented by an attorney throughout the closing process.Therefore, having representation throughout the process may be in your best interests, so that you can have the same person familiar with your case advocating for and counseling you every step of the way.
The lawyers at Pulgini & Norton offer detail-oriented and client-centered representation in Boston property transactions. No two real estate transactions are identical, and our real estate lawyers can draft agreements and negotiate provisions with your needs and goals in mind. We will work to overcome or prevent any foreseeable hurdles, and protect your interests, while working towards a timely closing or resolution of your matter. We represent clients in Brookline, Lowell, and Malden, among other Massachusetts communities. Contact us today by calling 781-843-2200 or contact us online for a consultation.
More Blog Posts:
New Year and New Property Taxes in Massachusetts 2015, Massachusetts Real Estate Lawyer Blog, published February 9, 2015
Record Low Mortgage Rates in Massachusetts, Good Time to Buy, Great Time to Refinance, Massachusetts Real Estate Lawyer Blog, published February 2, 2015