Cambridge
Lowell
Worcester
Closing Conducted by: | Attorneys |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Judicial |
Process Period: | 3 - 4 months |
Notice of Sale: | Court |
Redemption Period: | None |
Income Tax: | 5.10% |
Corporate Tax: | 8.00% |
Sales Tax: | 6.25% |
Estate Tax: | 16% maximum |
Inheritance Tax: | No |
Median Property Tax: | 1.04% |
Property Taxes by County: | http://www.tax-rates.org/massachusetts/property-tax#Counties |
Closing Cost: | $2,564.00 |
Transfer Fee: | Transfer tax 0.456%; County Transfer 0.342% |
Origination Fee: | $1,871.00 |
Median Home Value: $556,081
1-Year Appreciation Rate: +15.6%
Median Price: $473,500 (+6.4% year over year)
Total Sales (February): 3,428 (-19.3% year over year)
Pending Sales (February): 4,844 (-8.7% year over year)
Inventory (February): 3,908 (-91.2% year over year)
Months Of Supply (February): 0.5 (-44.4% year over year)
Days On Market (February): 40 (-20.0% year over year)
New Listings (February): 5,086 (-7.9% year over year)
Median Rent Price: $1,742 (+15.8% year over year)
Price-To-Rent Ratio: 26.60
Unemployment Rate: 4.8% (latest estimate by the Bureau Of Labor Statistics)
Population: 6,984,723 (latest estimate by the U.S. Census Bureau)
Median Household Income: $84,385 (latest estimate by the U.S. Census Bureau)
Studio: $1,301
1-Bedroom: $1,396
2-Bedroom: $1,862
3-Bedroom: $1,962
4-Bedroom: $2,320
Hampden
Bristol
Plymouth
Berkshire
Worcester
Tax Lien or Deed: Can have Tax Lien State but most counties have Tax Deed Sales
Interest Rate: 16% for TLCs (but barely any exist)
Redemption Period:No redemption period following tax Deed Sale; (6 months for TLC sale but barely any exist)
Prices Will Increase: Supply and demand constraints have already increased home values drastically over the last year. Moving forward, however, prices are expected to continue increasing. While it's too soon to tell just how high prices will go, most Massachusetts real estate forecasts call for appreciation to temper. Higher interest rates will likely lower demand eventually, but not before a temporary increase. There's a good chance the threat of rising interest rates will increase prices as buyers jump in before rates increase even further.
Interest Rates Will Rise: Mortgage rates are now higher than they have been in years, jumping 1.07% year over year. The increase resulted from the Fed's latest decision to increase benchmark rates, but it is expected to be the first of many. Provided the Fed keeps to their word, acquisition costs will increase throughout 2022, making homes even less affordable than they already are.
Passive income portfolios should prevail: Few states have seen rents increase at a faster rate than in Massachusetts. The asking prices of rental properties are leaning heavily in favor of landlords at the moment. Perhaps even more important is the state’s demand for rental properties. With home prices as high as they are, many would-be buyers are relegated to renting, propping up the rental market.