Sales of homes in Massachusetts fell in July which is the first time there was a drop in sales all year. The Boston Herald reports that the Massachusetts Association of Realtors has said that the sale of single family homes was down 28 percent from a year ago. This is the biggest year over year slide since March 2008. Other industry insiders have noted the drop in home sales in the Bay State. The Warren Group has said that home sales have fallen 26 percent after Massachusetts enjoyed a full year of increased real estate activity.
A Boston real estate lawyer would tell you that this drop in home sales may be due to the expiration of the homebuyer's tax credit. Timothy Warren Jr., CEO of The Warren Group, told the Boston Herald: "It's disappointing to see such a big drop in sales. It appears the expiration of the ($8,000) home-buyer tax credit hurt sales volume." The group also took note that there was a rise in the prices of homes. The average home price went up 3 percent to $315,000.
If you are in the market to buy a home, it is important to talk to a Boston real estate attorney. Often, when people buy homes, there are a host of legal issues that a Boston real estate lawyer can alert you to. Some of these issues can arise during buyer/seller negotiation, going over the terms of a brokerage agreement, and questions you may have about taxes. One of the most important documents to go over with an attorney is the purchase agreement. A lawyer can help walk you through how to make the agreement amenable for both parties.
For more information, please visit our Related Resources links.
Related Resources:
- Did You Know . . . ? Why You Need a Lawyer When You Buy a House (FindLaw)
- Find A Boston Real Estate Attorney (FindLaw)
- Does Virtual Staging Hurt Or Help Home Sales? (FindLaw's Boston Real Estate Law News Blog)
ShareThis
