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Home Sales In MA Indicate Some Real Estate Recovery

It seems like more Bostonians may need to call a Boston real estate lawyer.

The Boston Globe reports that based on data released this week, home sales in MA has shown some promise in the real estate recovery process. Potential Massachusetts home buyers were encouraged by low interest rates and a federal tax credit. As a result, home sales for single family dwellings rose up 45.8 percent in April 2010 in comparison to April 2009.

What do these new home buyers need to know about? 

These new home buyers should be aware of federal tax credit eligibility: The federal tax credit for a new home only qualifies for home buyers who have a binding contract prior to May 1 and can close on the sale by June 30. The federal tax credit will give $8,000 to first time home buyers. For new home purchases by eligible longtime homeowners, the tax credit is $6,500.

The housing market could be flooded with "lemons": Since there is such a high rate of foreclosures occurring, the market could have some low cost homes that could end up costing more in terms of repairs to the new homebuyer.

Some things that potential homeowners should look for are structural issues in the home, water problems in the house, possible interior environmental hazards, and plumbing, electrical systems, whether the home comes with kitchen appliances and how the external structures near the house are.

Real Estate Recovery Will Be Slow: All in all, many predict that it will still be a slow real estate recovery in Boston. Nicolas Retsinas, director of Harvard University's Joint Center for Housing Studies, told the Boston Globe that the real estate market was like a patient taken off life support. Prospects are looking better, but not great. He said, "It doesn't look like the patient is going to run a marathon.''

While these are some issues that potential buyers should be aware of, there may be more issues that they can discuss in detail with a Boston real estate attorney.

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