It seems like even though home prices are dropping, there is still a dip in pending sales for the month of June. According to the Boston Herald, the Massachusetts Association of Realtors says that the number of single family homes put under agreement in the Bay state dropped 16 percent when compared with June 2009.
MAR President Kevin Sears released a statement that said that the summer months will be an indicator of the Massachusetts real estate market recovery. He said, "While we can anticipate the number of closed sales in June going up, the summer months will give us a better understanding of where the market is and whether affordable prices and interest rates below the five-percent range will keep the market moving along."
Pending sales in Massachusetts is something that a Boston real estate attorney can explain in more detail. Basically, it is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have not closed on the home and it is not recorded as a closed sale.
You can visualize it as part of the second step of the home buying process. The first step is when a buyer submits an offer to purchase. The second step is when a buyer and seller sign a purchase and sale agreement. The third step is the closing.
While that is a broad overview of the home buying process, each of these steps is easier when you have a Boston real estate lawyer by your side to explain the nuances. For more information, please visit our Related Resources links.
- It's A Buyer's Market: Boston Home Prices Drop (FindLaw's Boston Real Estate Law News)
- Home Sales May Be On The Rise, But There Are Skeptics (FindLaw's Boston Real Estate Law News)
- Call A Boston Real Estate Lawyer (FindLaw)