For Massachusetts residents waiting for the right time to get into the residential real estate market, that time may have arrived. Current housing market trends suggest that the housing crash of the last decade is truly on its way out and that healthy economic conditions are bringing the market back to success.
The Warren Group of Boston has released some impressive figures regarding the current conditions of the state’s housing situation. According to the group’s reports foreclosure proceedings across the state dropped by 66% in July when compared to similar proceedings in July 2012. Foreclosure deeds have also dropped significantly over the same period of time, meaning fewer foreclosures are affecting local residents.
Experts in the group credit interest rates and improvements in general prosperity as factors contributing to the improved housing market conditions. Though many individuals are still plagued with debt and other burdens that make foreclosure a distinct possibility, the overall stability of the regional market may be encouraging to those who want to buy a home.
For first-time home buyers, getting ready to incur a mortgage can be an intimidating process, as can be the prospect of sifting through pages and pages of real estate contracts, disclosures and other necessary property transfer paperwork. Even experienced home buyers can become overwhelmed by the amount of work that must go into a property transfer and can miss important details that are necessary to effectuate their property purchases.
Real estate professionals in the legal field offer many services to people wanting some help with their real estate agreements, disclosures and other contract terms. They can also help buyers and sellers negotiate contracts that are amenable to all of the parties involved. Since buying a home can be a big undertaking, some people benefit from professional assistance.
Source: Boston Globe, “Mass. foreclosure activity continues ‘steady drop’ in July,” Chris Reidy, Sep. 10, 2013