Home prices in Revere, Lynn and surrounding areas just keep rising, making it a great time to be a party on the selling end of a real estate transaction. For buyers alike, however, now may be the challenging but the best time to move on a home, as the real estate price surge isn’t expected to stop anytime soon.
Prices Keep on Going Up
According to an article published in the Revere Journal in early 2017, median home sale prices have increased between eight and 21 percent in areas including Lynn, Winthrop, East Boston, Everett, and Revere. In Revere alone, from 2015 to 2016, home prices increased eight percent over the one-year period, bringing the price of the average single family home to $356,250. Surprisingly, it was just home prices that saw a boom in Revere; condo prices fell by six percent over the same time period, although there was a 44 percent increase in condo sales. There was also 24 percent increase in the number of homes sales.
Zillow predicts that home prices in Revere will continue rising, calling the market “very hot” and citing the current median home price as $367,800, even higher than the Revere Journal article. Prices are predicted to increase by another 3.8 percent over the year.
Surrounding areas of Revere are equally as hot right now. In fact, while the condo market was down in Revere, it was up by more than 30 percent in East Boston, nearly 10 percent in Lynn, and 30.8 percent in Everett.
Thinking of Buying or Selling? Make Sure You Have a Closing Lawyer On Your Side
There’s no doubt that if you’re in the real estate market, now might be the perfect time to buy the home of your dreams, or sell a home or condo for more than you paid for originally. But before you sign anything, it is important that you secure the help of an experienced closing lawyer first. Not only is working with a lawyer during the closing process a legal requirement in Massachusetts, but your attorney will also help to ensure that your best interests are protected. Indeed, a closing lawyer is responsible for:
- Reviewing all contracts and documents;
- Ensuring that you understand any vague or complicated terms;
- Making sure that the seller has upheld any obligations and contingencies within a purchase agreement;
- Performing a title search;
- Preparing a closing statement;
- Resolving any last minute disputes; and
- Explaining adjustments of any last minute costs.
Essentially, the job of a closing attorney is to make sure that a real estate transaction is not only legally sound, but that by entering into the real estate agreement, you understand all legal consequences of doing so. An attorney is also responsible for representing you should there be some sort of problem along the way, such as a title defect or cost adjustment.
Contact the Offices of Deborah Gold-Alexander Today for a Free Consultation with a Revere-Lynn Real Estate Lawyer
If you live in Revere, Lynn or surrounding areas and are thinking about jumping into the real estate market, now may be your time! To guide you during the closing process, contact our talented Revere real estate lawyer at the offices of Deborah Gold-Alexander, Attorney at Law. Deborah Gold-Alexander has over 30 years’ experience representing buyers and sellers during the closing process, and understands real estate law and how to protect clients’ interests. For a free consultation, contact her today by calling directly, or sending a message online.