Buying a house is stressful no matter where you are, but looking for property in a different state brings even more challenges. If you are looking for a house or land in Massachusetts, you’ll be joining the ranks of thousands of Americans who are choosing it as a new home every year. This guide contains tips and hacks on navigating unfamiliar waters of the housing market, finding realtors in Massachusetts, and avoiding common real estate mistakes.
What Makes Massachusetts a Great Place to Live?
The Bay State doesn’t need much advertisement. We all know about the rich history, food scene, vibrant culture, and beautiful nature that make Massachusetts a top holiday destination. However, here are the main reasons that bring out-of-state newcomers permanently to MA:
Boston Metropolitan Area
One of the world-famous cities on the East Coast, Boston attracts many tourists and ambitious Americans. Boston has a stable economy, world-class healthcare, prestigious universities, a diverse culture, and a growing job market. The city is famous for excellent public transportation and walkability, making it an easy city for commuters. Like many New England cities, the Boston metro area is densely populated with 4.59 million people. The growing population and demand for housing have required major construction and neighborhood expansion. Since the pandemic, the exploding real estate market has kept Boston real estate agents on their feet.
Strong Economy
Massachusetts state economy is second best across the nation. Extremely diverse, the state is home to world-business headquarters, tech development, and robust higher education industry in addition to agriculture and fishing. Entrepreneurs who enjoy an active lifestyle and high quality of life will thrive in Massachusetts. The job market is expanding by the second, giving any young specialist space for professional growth.
Top-notch Education Facilities
Massachusets is home to some of the most revered higher education institutions in the country, including Harvard University, MIT, and Boston University. Besides that, Massachusetts offers quality education from kindergarten through high school. The state offers plenty of options for families. You can choose to send your children to prestigious private facilities or top-rated public schools.
Affordable Real Estate Market
Despite the population growth and professional appeal of Massachusetts, you can still find affordable real estate. The median price for a house across the state is around $480,000. When looking into buying property in Massachusetts, research the specifics of the market local to the area where you want to live. For example, a single-family house in the Boston metropolitan area will cost around $800,000. For an even more affordable option, it’s worth exploring other areas, like Cape Cod, North Shore, South Shore, and more.
Tips and tricks to know when buying a house in Massachusetts
Remember this advice when buying a home in Massachusetts!
Choose the Neighborhood Wisely.
Researching the state’s market is not enough when preparing to buy a house. Exploring the specifics of the cities and neighborhoods you can picture yourself living in. The local market varies in different areas. When setting your requirements pay attention to:
- Crime rates;
- Commute times;
- Available transportation methods;
- Lifestyle compatibility (family-friendly, artsy, dynamic, nightlife, etc.).
That way, you can ensure you find a place you would be comfortable living for a long time.
Get Pre-approved for a Mortgage.
Figuring out financing is a number one priority. Without a down payment and pre-approved mortgage letter, you won’t be able to withstand the buyer’s competition. Massachusetts offers several governmental homeownership programs for low- and moderate-income families and first-time buyers. With the Homeowner Assistance Fund (HAF) and the U.S. Department of Housing and Urban Development, you can explore your options to get assistance to finance the down payment or an entire purchase.
Partner up with a Local Realtor.
When you’re coming from out of state, the guidance of a local expert will help you navigate the market. Massachusetts allows dual agencies, so a single broker might represent both the buyer and seller. A dual agent will act neutrally toward the buyer and seller. We recommend finding a buyer’s agent who will act in your best interest and try to get you the best deal. Finding an exclusive agent will guarantee they will advocate for you during negotiations and closing.
Understand the Expectations of Disclosure Forms
Another nuance in the Bay State is that sellers can skip the disclosure agreement. Usually, such a practice protects the buyer from any inside-the-house damage. In the disclosure paper, the seller has to list the state of each essential system like plumbing, electricity, foundation, and roof. Yet, in Massachusetts, this responsibility falls to the buyer.
Don’t Neglect a House Inspection.
That leads us to house inspections. If in other states, a professional inspection is the responsibility of a seller, while in MA, it lies on buyers’ shoulders. Since the seller isn’t required to provide you with a disclosure form, it’s up to you to perform an inspection and evaluate the house’s quality. The house inspector will provide you with a full report to verify if there is a need for repairs or re-installation. Foregoing an inspection can be extremely costly in the long run, as some issues can be invisible at first.
Massachusetts Law Requires a Closing Attorney.
In Massachusetts, an attorney must be present for the closing and signing process. In fact, both the buyer and the seller should have an independent attorney present during the signing of the Purchase and Sale Agreement. When you’re a newcomer, it could be challenging to find representation, so make sure to seek help from your trustworthy realtor.
The Bottom Line
The Massachusetts real estate scene has many nuances. Find a reliable, local realtor to support your real estate journey. Don’t hesitate to contact an expert to find your dream house in Massachusetts.