5 Things Massachusetts Homebuyers and Sellers Need To Know

By Chris Doherty

Christian Doherty lists and sells more homes than any other agent in the Greater Lowell, Massachusetts market with over 300 homes sold in the past 12 months. Chris is ranked in the top 1% of all agents in the United States.

Are you thinking about buying or selling a home in Massachusetts? There are a few key things you should know before jumping in. Whether you’re a buyer or a seller, here are five things I’ve learned that can help you navigate the market.

1. Tight housing supply. Right now, the supply of homes in Massachusetts is tight. If you’re selling, it’s still a good time to enter the market because there aren’t many move-in-ready homes available. On the flip side, if you’re a buyer, expect tough competition due to the limited inventory.

2. Prices are still on the rise. Prices in Massachusetts have been climbing at a normal rate of about 5%. The market is stabilizing, but home prices continue to increase. Sellers can expect their property to appreciate, while buyers need to keep an eye on the rising prices.

3. The Massachusetts stamp tax (transfer fee). When you sell a home in Massachusetts, you’ll have to pay 4.56 per thousand dollars of the sale price to the Commonwealth. This is called the stamp tax or the transfer fee, and it’s required for every sale. As a seller, this is something you’ll need to factor into your closing costs.

4. Closing costs for buyers and sellers. Sellers must budget for stamp tax, realtor fees of up to 6%, and fees for filing and recording with the Registry of Deeds. Meanwhile, buyers should plan for closing costs of about 2% to 2.5% of the sale price, not including realtor fees. These costs can include things like mortgage insurance and bank fees.

5. Winter’s impact on real estate transactions. Winter impacts the Massachusetts housing market in unique ways. Sellers must ensure easy access by clearing driveways and walkways. On the other hand, buyers may face less competition, but also fewer homes. Be prepared for snow that could affect viewings or your move.

If you’re buying or selling in Massachusetts, it’s important to be aware of key factors that can impact your transaction. For more information or assistance, feel free to reach out to me or any of our agents.