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: $407,300
1-Year Appreciation Rate: +1.9%
Median Home Value (1-Year Forecast): +0.7%
Median Rent Price: $2,595
Price-To-Rent Ratio: 13.07
Average Days On Market: 69
Unemployment Rate: 2.9% (latest estimate by the Bureau Of Labor Statistics)
Population: 6,902,149 (latest estimate by the U.S. Census Bureau)
Median Household Income: $74,167 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 9.82%
Foreclosure Rate: 1 in every 3,107
Hampden (1 in every 1,333)
Worcester (1 in every 1,817)
Plymouth (1 in every 1,950)
Bristol (1 in every 2,123)
Berkshire (1 in every 2,223)
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)
Optimism in the market will continue to grow: Few state-wide markets across the country have exhibited a greater propensity for success than the Massachusetts real estate market. That said, few markets are more promising than the whole of the Massachusetts housing market. The state’s growing economy, combined with increasing job opportunities, has facilitated a more active market; one that bodes well for everyone planning on participating in the bar future.
Home values will keep rising: Not unlike the majority of markets in the United States, Massachusetts’s potential remains limited by its inventory. There simply aren’t enough homes in the state to meet the demands of increasing buyers. As a result, competition has increased exponentially with each and every year, and so too have home prices.
Passive income portfolios should prevail: Few states have seen rents increase at a faster rate than in Massachusetts. The asking prices of rental properties is leaning heavily in favor of landlords at the moment. Perhaps even more importantly, however, 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.