Massachusetts Real Estate Lawyer Blog

Pending Sales of Homes and Condos Are Up for Another Month in Massachusetts

Published on: August 17, 2012 | by Pulgini & Norton, LLP

For the fifteenth straight month, the number of single-family homes and condos put under agreement has increased compared to the same month from the previous year according to the Massachusetts Association of Realtors. The pending numbers are a great indicator of actual housing sales for the upcoming two to three months.

A realty broker in Newburyport said, “With another pending sales increase in July, our confidence that the market is getting closer to recovery also increases. The significant boost in homes put under agreement compared to last year means closed sales should continue to remain positive through the fall.”

The number of single-family homes under agreement in July is 4, 694, which is 33.6 percent higher than last year’s number of 3,514 for the same month. The number of condos put under agreement is 1,752, which is up thirty percent compared to July of last year at 1,349 units. However, this figure is down 11.8 percent from June of this year.

Home Sales in Massachusetts Increase Rapidly in May

Published on: August 10, 2012 | by Pulgini & Norton, LLP

The number of single-family homes sold last month was the highest monthly total in almost two years in the state. 4,510 single-family homes were sold in May, and increase of close to 35 percent from last years total of 3,350.

The Warren Group, a Boston company that tracks real estate, stated that the total number of homes sold in May was the largest number of single-family homes sold in Massachusetts since June of 2010.

The average price for single-family homes sold in May decreased by more than three percent, from $300,000 a year ago to $289, 950. Even though the average price is lower than last year, it is the highest average sales price recorded so far this year.

Massachusetts Home Sales in June Highest in 2 Years

Published on: August 8, 2012 | by Pulgini & Norton, LLP

June was the strongest month for home sales in Massachusetts in two years. 5,498 single-family homes were sold last month, this is a twenty six percent increase from June 2011. This marked the highest volume of sales during any month since June of 2010.

Condominium sales also jumped in June. 2,216 condominiums were sold, which is almost twenty nine percent more than June of last year.

The increases are even more significant because they come without the benefit of the federal home buyers tax credit that was offered in 2010.The chief executive of Warren Group, a Boston company that tracks local real estate, said, “This is just the beginning of a long slow climb out of the depths of a long lousy market.”

10 Things that Can Reduce the Value of Your Home

Published on: July 19, 2012 | by Pulgini & Norton, LLP

When trying to sell your home it is extremely important to make it as marketable–and valuable–as possible. There are some things that you can alter to affect the value of your home, so it is advised you do so if the alteration will be less than the expected increase in market value.

1. A Pool–Many people believe that a pool would increase the value of your house, but that is not the case. Having a swimming pool limits the market of people who may be willing to purchase your home. Pools are constant maintenance, they can crack or the liner can rip, the equipment is expensive to replace and it is a built-in added liability. Also, people who aren’t looking for a pool are not going to be willing to pay extra for it.

2. No Garage or a Small Garage–Most buyers will be looking for a two car garage, so if you have no garage or a one car this could detract from the marketability of your home.

How to Reduce Stress When Selling Your House

Published on: July 16, 2012 | by Pulgini & Norton, LLP

Selling your home can be a very stressful and time-consuming process, but in the end it will all be worth it. Here are some tips to help alleviate some of the stress you may be under while selling your home.

First, it is important to choose the right realtor. It helps to have someone who is knowledgeable about the market and will represent your interests the best. You also want to find someone who will be honest and upfront with you about everything. The market is not always “the perfect time for selling” and you need someone who will be realistic.

Next, it is important to know what to expect throughout the transaction. Have a discussion with your broker about your expectations regarding showings, open houses and marketing techniques. After the broker, it is extremely important to choose a local, experienced real estate attorney. Having a good attorney will save time, money and alleviate stress.

5 Common Mistakes Buyers Make

Published on: July 13, 2012 | by Pulgini & Norton, LLP

Buying a house is a major commitment, and you want to ensure that you have covered all of the bases before signing on the dotted line. There are many common mistakes that buyers have made in the past, so here are a few tips to save you from those troubles.

1. Borrowing Mistakes: Be careful to completely calculate your total monthly costs. Loan officers often quote the cost of principal and interest, but do not include the tax and insurance since those numbers vary, but this could leave you with an additional $500 or more a month that you did not account for. Also, shop around. Consult two or more lenders to make sure that you are getting a competitive loan.

2. Hiring a Real Estate Agent: Make sure you hire the right kind of agent that will be able to provide sufficient support and service throughout your entire buying process. It is also important that the agent has your interests in mind and works with you as a partner, instead of projecting their views onto you. Again, be sure to shop around. Look for experience, good reputation, and knowledge of the local area.

10 Ways to Renovate Your Home (On a Budget)

Published on: June 28, 2012 | by Pulgini & Norton, LLP

All of these tips will help increase the value of your house if you are looking to sell, or just may help you enjoy your space a little bit more.

1. Open up your kitchen: The cost can range anywhere from $1,000 to $30,000 depending on how you decide to open up your kitchen. The are many alternatives to make the kitchen more spacious from widening a doorway to knocking down a wall, but in either scenario it is likely that you will need to consult a contractor.

2. Make over your kitchen: The cost can range from $1,000 to $30,000. Simple changes such as changing the knobs on your cabinet, the faucet on the sink, or the curtains may change the entire feel of your kitchen, or you could change the entire layout and buy stainless steel appliances which would be much more expensive, but would help increase the value of your home. New countertops are also a good way to spruce up the appearance too, and there are many different options and price points.

5 Homebuying Tips that Could Save You Money

Published on: June 26, 2012 | by Pulgini & Norton, LLP

Mortgages interest rates are the lowest they have been since the 1960s, so now is the time to buy. To get the lowest possible price for a home, follow Leitman Bailey’s 5 tips:

1. Perform a Credit Check on Yourself: Before you start shopping for a home, you should check your credit report and try to reconcile any mistakes. You should challenge any negative remarks in your credit report, because federal law states that if the company that place the negative remark on your credit report does not respond within thirty days then the remark must be removed.

2. Know Your Maximum Budget: Do not home shop without it! Your budget should include the total purchase price of the house, moving costs as well as total expenses. You must also remember real estate and local taxes and the policies that could affect changes in the taxes. Once you have calculated your budget, you may begin shopping for a loan, so feel free to contact lenders and also learn about different way in which you can finance your home.

Housing Market Forecasted to Increase Around the Country

Published on: June 22, 2012 | by Pulgini & Norton, LLP

Harvard University researchers state that the United States housing market has likely reached bottom and will start to recover this year. Six years ago the country’s housing market fell into a deep slide, but Harvard’s Joint Center for Housing Studies says that the recent increase in home sales paired with the low quantity of available properties and rising rent demonstrates that there is a turnaround in housing prices.

The managing director of Harvard’s Joint Center for Housing Studies, Eric Belsky, said “There are lots of positive indicators here. A floor is beginning to form under home prices.” Boston is viewed more favorable too because the local economy is better and housing values did not decrease as much as other parts of the country. Boston-area home sales increased by 21.5 percent and median prices jumped 5.5 percent in May compared to figured from April, and both of these totals are significantly higher than the United States average.

Alex Coon, the market manager for Redfin (an online brokerage firm) in Boston said, “We are definitely going to be in front of the trend. I think 2012 is going to be the base that the recovery for housing is built on.”

Pending Home Sales Keep Rising in Massachusetts

Published on: June 20, 2012 | by Pulgini & Norton, LLP

For the thirteenth straight month, the number of single-family homes and condominiums placed undersales agreement rose in Massachusetts. The rise in sales agreements indicates rising sales activity in the overall real estate market.

The Massachusetts Association of Realtors (MAR) stated that pending sales are a principal indicator of actual housing sales for the subsequent two to three months. MAR President, Trisha McCarthy, stated, “May was the first month that more than 5,000 homes were put under agreement since we started tracking pending sales data in January 2009. This is excellent news for the market going forward as closed sales should also continue to go up. Buyer confidence will remain the determining factor in how the market performs in the second half of the year.”

In relation to last year, the number of single-family homes put under agreement in the month of May rose 32 percent (3, 986 homes in 2011 to 5,267 in 2012). This is the first time that pending sales have reached the 5,000 milestone since the Association started tracking pending sales in 2009. May also saw a ten percent increase from April, which had 4,784 single-family homes under agreement.