Wellesley, Massachusetts, with its large homes, historical districts, and its well-known private women’s liberal arts college, is one of the pricier cities in the nation in which to live. To be sure, the town has the fifth highest median household income in the state. The biggest factor in the difference in cost of living between Wellesley and other parts of the country: the cost of housing.
Average Cost of Housing in Wellesley, MA
Wellesley is a very expensive place to live, primarily because the cost of renting or owning a home is quite high when compared to other areas of the state, and the nation as a whole. To be sure, information about the housing market in Wellesley published by Zillow indicates that the median home value in Wellesley is $1,230,400. While the market temperature is described by Zillow as being “very cold,” the site also shares data indicating that in the past year, home values in the area have risen by 2.4 percent. Zillow expects that home values will continue to rise another 1.8 percent over the next year.
It is important to note that the median home value is different than the median price of homes currently listed on the market, which is a whopping $1,687,000 percent. In fact, the average list price per square foot in Wellesley is nearly double what it is in Boston, an area that is known for its expensive real estate.
Want to Buy or Sell a Home in Wellesley? You’ll Need a Lawyer
Whether you are thinking about selling your current home is Wellesley, or are hoping to purchase a new home in the area, you will need an experienced lawyer during the real estate closing process for two primary reasons: First, hiring a closing lawyer for representation during real estate closings in Massachusetts is required by the law, and second, because when you are buying or selling a home in Wellesley, there is a lot at stake. A small error in any of the real estate documents could delay the closing process, or even result in you entering a legally-binding agreement that you do not fully understand, or is not in your best interest. For example, imagine paying a million (or more) dollars for a home with a significant defect that prevents you from using or enjoying the home as intended. When you hire a closing attorney, your attorney can ensure that a deal is legally sound, and that all possible glitches and holdups have been ameliorated.
Contact Us Today
At the offices of ClosingLawyer.Pro, we are committed to representing your interests during a real estate closing in Wellesley or elsewhere in Massachusetts. To schedule a consultation, contact our law offices today at 617-702-8360. You can also write us a confidential message online, and we will get in touch shortly.