Selling A House In Massachusetts can be a tricky business. This is especially so in this slow real estate market where homes take longer to sell than they do in an overheated southern state. However, Massachusetts is home to some of the nation’s most desirable real estate markets. There are always good deals to be found in this state, and people are always buying. Massachusetts is one of the few states in the country to retain its historic tax codes. As a result, there are many benefits to selling a house in Massachusetts.
The state’s highest property tax rate is exempt for residential properties. That means the higher your income, the bigger your tax bill will be. The state also exempts commercial properties from taxes, meaning your annual tax bill is substantially lower than the national average. The average real estate agent in Massachusetts is required to charge a commission based on your sales price. The actual commission varies from agency to agency, but the minimum range is usually four percent to six percent. Depending on the listing agents in your area, that number can go as high as nine or ten percent!
If you are selling a house in Massachusetts, you have a couple of options to choose from when it comes time to sell your home. The first is to deal with a local real estate agent who has been certified by the Massachusetts Department of Insurance as an approved listing agent. The second is to contact a nationwide listing service that has offices in Massachusetts and will gladly list your property for you. These two options can work very well to maximize your chances for quick selling.
Because real estate transactions in the state are traditionally very long, selling a house in Massachusetts can take a long time. The longer it takes you to close a deal, the higher your average closing cost will be. In addition, there are always counteroffers in the real estate industry. Counteroffers are second offers made on a property once a seller files a closing statement with the county clerk. Therefore, it is essential to make sure you have received all the applicable counteroffers prior to closing.
It is imperative that sellers complete disclosure requirements for the sale of a property in Massachusetts no matter what type of real estate sales transaction you are pursuing. Massachusetts law mandates that all sellers and lenders must disclose certain relevant facts to potential buyers. These disclosure requirements vary from city and town to city and can vary significantly between towns. Some cities require sellers to disclose if the buyer co-signs, which could result in additional fees for the seller. Other cities simply require the buyer to understand the basic financial terms of the transaction, which includes the interest rate, outstanding balance, and balloon amount at closing.
One of the major reasons that sellers in the state of Massachusetts should complete real estate sales transactions in a timely fashion is due to real estate marketing regulations that apply to all sellers and buyers in the state. The law requires all real estate sellers to submit real estate sales information forms to the secretary of state once a year. These forms can be online or mailed to the secretary of state’s office. Although many real estate brokers follow this law, not all do. In fact, many brokers simply refuse to file real estate forms, making the filing process extremely time-consuming for sellers.
A seller may also want to use the services of an agent when selling a house in Massachusetts. Selling a house by yourself requires much more research on your part to find qualified buyers. Sellers should work with experienced real estate agents who have experience finding qualified buyers for their clients. Realtors know where buyers are looking, how to find them, and can make marketing strategies that attract ideal buyers.
Once a homeowner chooses to list their home with a realtor, they should work with a buyer’s agent on all aspects of the selling process, including the buying process. The agent may provide lead-based marketing or cold calling services to help homeowners sell their homes faster. In some cases, the agent may also work directly with the buyer, creating a more personalized lead-based sale agreement. Other agents may offer a variety of lead-based services, but if a homeowner lists their home with only one agent, the agent may have little to no experience in lead-based marketing.