Medford, MA

Medford MA Home Buying Guide - Tax Credits for You

Purchasing a home can be a very stressful and complicated process. Enlisting the services of experienced Medford MA real estate related professionals will provide you with the information and advice to make sound decisions. Buyers often interview mortgage loan officers, Realtors, attorneys, home inspectors, accountants and financial advisers during the process of purchasing a property. Information regarding the home buying and selling process, demographics, commuting, school and relocation information can be found by visiting

MEDFORD MA REAL ESTATE

Financing

Most home buyers will obtain a mortgage to purchase their home and there are numerous first-time home buyer financing programs offered by state agencies, local banks and national lenders. A common source for mortgage funding is the FHA (Federal Housing Administration). The major benefits of their programs include low down payment options (can be gifted by a family member), flexible qualifying, assumable mortgages, and rehab financing.

In 2009, there are four major reasons to consider purchasing your first home:

1. Home buyer tax credits for first-time buyers ($8000) and existing home owners ($6500).
2. Historically low interest rates.
3. Affordability - declining values in the past four years provide exceptional price offerings.
4. Tax benefits - current tax law favors owning a home over renting.

The Home Search

Consumers in Massachusetts have the option of hiring a real estate agent to represent them in "buyer agency" and this is disclosed in a "mandatory disclosure form" required by state law. The agent has a fiduciary responsibility to represent the buyer's interests instead of the seller's. Interview two or three agents to determine their qualifications before signing an agency contract.

Your agent can assist you in searching for a property through the Medford MA MLS (Multiple Listing Service) and homes sold by their owners (FSBO). Most property for sale, including Medford MA foreclosed and bank owned homes, is listed in the MLS. Visit Medford, MA Real Estate - MA MLS - Find Homes For Sale for a map based search with listings located by neighborhood.

Home Inspection

Once you have found the property and successfully negotiated a purchase and sales agreement, you will probably contract for a home inspection. This will give you more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:

1. Evaluate the physical condition: structure, construction, and mechanical systems;
2. Identify items that need to be repaired or replaced; and
3. Estimate the remaining useful life of the major systems, equipment, structure, and finishes

Title and Closing

Title companies or attorneys will research the title to make sure both the lender and the buyer is protected and has "clear title" to the property. Prior to the actual closing, most buyers schedule a final walk-through with their agent to inspect the property. Once the closing is complete buyers can now occupy their new home.

Virtual Homes real estate agents provide buyer agency services to assist you in your search for Medford MA real estate. Visit Rhode Island real estate, MA real estate and NY real estate for information about communities, homes and condominiums.

FRIDAY, JANUARY 1, 2010

Medford, Massachusetts - 2009 Year in Review - Real Estate

Welcome to 2010, it'll take a few days to get used to writing 2010 for me. We've had an eventful year in real estate. We started off a bit slow & sluggish but with the Federal First Time Homebuyer's Tax Credit we saw a real uptick in activity during the final months of 2009. Fortunately Medford has a large inventory of homes that were in the price range for the tax credit. Foreclosures were less of an issue here than they were in other communities but we saw our share of short-sales, once again less than some surrounding communities.

For 2009 there were 484 properties sold in Medford, Massachusetts (single family, multi-family, condominium). The breakdown is as follows:

Single Family Listings: 205

Average List Price: $359,051 *

Average Sale Price: $349,964

Average Market Time: 71.26
* Auction listings are not included this total

Condominium Listings: 185

Average List Price: $299,991

Average Sale Price: $287,508

Average Market Time: 105.75

Average List Price per Square Foot: $250

Multi-Family Listings: 94

Average List Price: $410,002 *

Average Sale Price: $398,155

Average Market Time: 98.23
* Auction listings are not included this total

Source: MLS-PIN

Issues to keep track of for 2010 will be financing restrictions for some lending programs & how they will relate to current and projected inventory of properties for sale. Examples of this will be the difficulty in getting financing for condo conversions of 2,3,4 family properties, increased down payments & higher credit scores required for buyers as well as increases in property taxes being evaluated by the city. Fortunately Medford has close proximity to Boston and easy access to outlying suburbs as well as great public transportation. With the expansion & extension of the homebuyer tax credit & trade-up credit demand for properties in the city has remained strong.

Happy Holidays! Here's the latest scoop on the Medford real estate market.

Medford Real Estate Statistics as of December 2009

Let's compare this to just about one year ago as the new year began.

Medford Real Estate Statistics as of January 2009

As you can see, prices throughout the city continued to fall during 2009. Sales of both single family and multi family homes remained pretty steady. Not only are there less condos for sale than there were last year, a much larger percentage of condos have been selling. Putting these two facts together shows a stronger condo market than we had last year. We're also seeing what we'd expect, a corresponding drop in the number of months of inventory currently for sale (absorption rate).

Medford MA Foreclosed and Bank Owned Real Estate for Sale

Purchasing a home at a foreclosure auction has many risks to a potential buyer and in most cases the bank will bid and take possession of the property at auction. The property is then referred to as bank owned, REO (real estate owned) or foreclosed property.

To search the MA MLS listings visit Medford MA MLS listings.

A home owner may attempt a "short sale" whereby the bank agrees to accept less than the mortgage balance based on the owner's hardship and financial status. Obtaining approval can be a long and difficult process. Additionally, there is no assurance that the lender will accept an offer at or above the listed price.

Bank-owned and short sale listings are often marketed with a real estate agent and placed in the Massachusetts Multiple Listing Service (to ensure full market exposure).

Register at Medford MA foreclosures (bank-owned) listings and short sale opportunities. We will contact you and provide:

• A list of existing real estate foreclosure (bank-owned) and short sale listings in Medford.
• Email alerts on NEW foreclosure (bank-owned) and short sale listings in the MA MLS.
• Address and mapping information.

For community information including school reports, demographic, relocation, home buying and selling information go to Medford MA real estate. Visit Medford MA MLS - Homes for Sale for a mapped based search of property listings by street and neighborhood.

Go to Virtual Homes MLS for a map based search of all MLS listings of NH and Massachusetts real estate. Vist NH Homes for Sale and MA Homes for Sale for direct MLS access to all listings. To obtain school, demographic, commuting, relocation, home buying and selling information go to New Hampshire real estate, Massachusetts real estate, Connecticut real estate, Maine real estate and Rhode Island real estate. For information regarding foreclosures visit Massachusetts foreclosures, New Hampshire foreclosures and Connecticut foreclosures.

Virtual Homes real estate agents provide home buying and selling services. Please call 800-856-2479 for information.

Medford, Massachusetts Real Estate Report - Homes Sold (1/09-11/30/09)

Medford MA Real Estate and Homes for Sale

Singel family home activity has declined in 2009 as compared to 2008. Only 187 homes have sold with an average sales price of $347,993. Homes sold in a range of $105,000 to $347,993 with a days on market of 72 and a sales price to list ration of 98%. In 2008, the average selling price was $377,098 with a DOM of 92 and a 96% sales price to list ratio.

There are 42 homes currently on the market in a range from $184,900 to $894,000. The average asking price is $397,836 and these homes have been active for 115 days. 12 homes are unde contract with an average asking price of $365,931.

Virtual Homes Real Estate provides search tools to asist you in learning about the community, listing and market conditions. Click on the following links for your choice of services.

Medford MA Real Estate - Community, relocation and school information with town demographics.

Medford MA Foreclosures - Obtain a list of foreclosed and bank owned real estate and short sales

Medford MA MLS Search - View all listings in the statewide MLS.

Medford MA Homes for Sale - Map Search - Search by location, neighborhood and commuting.

Visit NH Homes for Sale and MA Homes for Sale for direct MLS access to all listings. To obtain school, demographic, commuting, relocation, home buying and selling information go to New Hampshire real estate, Massachusetts real estate, Connecticut real estate, Maine real estate and Rhode Island real estate. For information regarding foreclosures visit Massachusetts foreclosures, New Hampshire foreclosures and Connecticut foreclosures.

This report is based on activity reported from the MLSPin MA MLS system and is not guaranteed to be accurate. It does not represent all of the listings that have sold during the specified time frame.