Number of Existing Home Sales in Boston Falls, But Number of Closings Remains High

Boston’s closing market continues to remain competitive and “hot” in real estate terms, despite the fact that from March to April 2017, the number of existing home sales in Boston dropped. Compared to last year at the same time, however, home sales have increased, and the market appears to be gaining ground. As such, the next few months may see a surge in the number of home closings. If you are getting ready to close on a home in Boston, our experienced closing lawyers at ClosingLawyer.Pro are here to competently represent you during the entire process.

The Boston Real Estate Market: Numbers Suggest Continued Growth

Compared to the same time last year (April 2017 compared to April 2016), the number of overall home sales has increased by 1.6 percent. Compared to March of 2017, however, home sales are down by 2.3 percent, with sales including single family homes, townhouses, condos, and co-ops, as reported by BostonAgent Magazine.

If you’re hoping to sell your house, the good news is that the process may be very quick. To be sure, the average time that a house stays on the market is at an all-time low: 29 days. This is the shortest timeframe since 2011, when record keeping by the National Association of Realtors (NAR) for days-on-market began.

In addition to the number of sales increasing from last year, and sales happening at a faster rate than ever before, the median home price has also increased significantly. When compared to April 2016, the median home price in April 2017 in Boston was six percent higher, sitting at $244,800.

A Hot Real Estate Market Demands the Help of an Experienced Lawyer During Closing

When the real estate market is aggressive and potential homebuyers are frustrated by a relatively low supply of homes, many of which are being offered at a high price, it is not uncommon for buyers to overbid when making offers to buy, or for sellers and buyers to have a number of contingencies. As such, the process of buying a home could become a little more complicated, and it is even more important in a competitive market to be represented by an attorney during the closing process. An attorney can review all of your legal documents, ensure that there are no title defects, and work with your best interests in mind to ensure a deal is legally sound.

Contact Our Closing Lawyers Today

At ClosingLaywer.pro, we know how badly you want to buy a house. If you have made an offer and have entered into a purchase agreement, we urge you to contact us before you get to the closing table. Our experienced Boston closing attorneys have the skills and knowledge of the law you expect in a competent attorney. Reach us today online or by phone for your initial consultation.

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