Can YOU Afford a Home Here?

We Are Growing!

A big thank you to everyone! So many of you have joined this newsletter and we've reached thousands of readers in just a few weeks! Because of this, we're going to start a new website to share even more information with you.

We always want to make this newsletter better. What more would you like to see? Or is there anything you think we should leave out?

GOOD NEWS: We have a new website coming up at thebostbrief.com. It's still being built, but once it's ready, it will be your go-to place for finding fun things to do, getting the latest news, and exploring real estate tips whether you're buying or selling a home.

This Weeks tldr:

🎥 Video: Can YOU Afford a Home Here?: The Median sales prices for single-family homes and condominiums in Greater Boston hit record highs in September: $849,950 and $680,500 respectively.

📰 News: Boston Affordable Housing…..Mayor Michelle Wu's Welcome Home, Boston initiative, leverages ARPA funds to enhance homeownership on Dorchester's City-owned parcels, releasing phased RFPs for affordable housing projects with diverse teams, while also considering a 2% Transfer Tax on transactions over $2m+.

📅 Events: Québec Winter Wonderland in Seaport

❓Question of the Week: Who pays Tax Stamps/Transfer Tax in Massachusetts

MARKET UPDATE
Real-Time Market Update - Thu Nov 02 2023

YOUTUBE
Can you Afford a Home Here?

Has anyone been keeping up on this? You might want to brace yourself for some surprising numbers. Despite fluctuations in interest rates, housing demand remains consistent. The primary issue is limited inventory, driving up prices in many markets. For instance, Worcester has seen a 7.2% increase year over year. As urban affordability declines, many are relocating to more distant areas.

As prices reach new heights (yikes!), we've had a lot of clients getting creative in their house-hunting strategies.

• 📈 The Median sales prices for single-family homes and condominiums in Greater Boston hit record highs in September: $849,950 and $680,500 respectively.

• 🏡 A typical two-bedroom starter home in metro Boston requires an annual income of $209,680. This is compared to the median household income of $104,299 in 2022.

• 💸 Rising costs and high interest rates decrease purchasing power, pushing many buyers to look in neighboring states for more affordable options.

NEWS
Boston Affordable Housing…..

Mayor Michelle Wu initiated the Welcome Home, Boston initiative to boost homeownership on Dorchester's City-owned parcels, advancing city resilience, affordability, and real estate equity. This initiative earmarks American Rescue Plan Act (ARPA) funds for income-restricted housing and financial aid, targeting diverse racial and ethnic groups in Boston. The phased venture releases Requests for Proposals (RFPs) for various City-owned parcels, collaborating with diverse teams to build affordable homes and promote community inclusivity. Additionally, a 2% Transfer Tax on transactions exceeding $2m+ is under consideration.

Key Insights:

• 📅 Phase-wise Parcel Release: Phased release with 26 more parcels in phase two.

• 💰 Financial Assistance Programs: $60 million ARPA funds for income-restricted housing and buyer aid.

• 🌍 Diverse Development Teams: Teams like ACEDONE and Boston Communities engaged for the project.

•  🏡🌿 Community and Environmental Impact: 63 new affordable, environmentally-aligned homes under construction.

• 👨‍👩‍👧‍👦 Support for First-Time and Low-Income Homebuyers: Grants, reduced mortgage rates, and up to $50,000 direct assistance offered.

• 🎯 Addressing Broader City Goals: Aligns with Mayor Wu's agenda for a family-friendly, sustainable Boston.

Full Article found: Here

Helllooooween!
Happy Halloween From My Kids!

Another Halloween in the books. These two are getting BIGGGG!

LOCAL EVENTS
✨ Québec Winter Wonderland

🎉 Revel in the joyous spirit of the Quebecois winter festivities at the Winter Wonderland event, a one-day extravaganza celebrating the rich cultural heritage and vibrant traditions of Bonjour Québec! 🇨🇦

• 🎭 Experience a slice of Carnaval de Québec’s 70th anniversary and Montréal en Lumière’s 25th, right here amidst a blend of culture, fun, and gastronomy.

• ❄️ Engage in classic winter carnival activities, showcasing Québec as the ultimate winter travel haven.

• 🎶 Enjoy live ice sculpting to the beats of a DJ, with a spectacular ice bar setting the chilly yet cozy ambiance.

• 🎯 Aim and toss in a friendly game of snowball corn hole, embracing the playful heart of winter.

• 🍁 Savor the sweetness of classic Québec "maple candy on snow" while greeting Quebec’s beloved Bonhomme.

Dive into the whimsical winter wonders of Bonjour Québec, a testament to the enduring charm and hospitality of this Francophone haven!

For more info check it out: Here

TESTIMONIALS & SUCCESS STORIES
1 of 100+ 5 Star Reviews

My brothers and I worked with Mike Urban to sell my parent's home out of state. Although the home was in an excellent location it was in need of a lot of repair. Mike was very positive throughout the process. In fact, the home was shown numerous times thanks to Mike and his team. The house went on the market in April and the sale was finalized early September. Everything went without a hitch. Mike was is a pleasure to work with. - Lisa Ziegler, Home Seller

EDUCATE
Question of the Week:

“Who pays Tax Stamps/Transfer Tax in Massachusetts?”

Answer: In the real estate realm of Massachusetts, tax stamps play a pivotal role during property transactions, marking a form of excise tax paid to the state. Typically, the seller shoulders this cost, which is calculated based on the selling price of the property. This tax, denoted by stamps affixed to the deed, is settled at the registry of deeds as the transaction is finalized. Below are some key points and an example to elucidate how tax stamps operate in Massachusetts.

• Responsible Party: Generally, the seller is responsible for paying the tax stamps in a property transaction in Massachusetts.

• Rate: The tax stamp rate is set at $4.56 per thousand of the purchase price.

• Payment Location: The tax is paid at the registry of deeds during the closing of the transaction.

• Legislation: Massachusetts General Laws chapter 64D, section 2, stipulates that the individual who makes or signs the deed, or for whose benefit the deed is made or signed, is responsible for this tax【67†(Mass.gov)】.

• Variability: While the seller typically pays this tax, the exact arrangements might vary, and consulting with a real estate professional is advisable to understand all obligations and costs involved.

Example:

Consider a home selling for $500,000 in Massachusetts. At the rate of $4.56 per thousand of the purchase price, the tax stamps would amount to $2,280 (i.e., $500,000 / $1,000 * $4.56), which is usually paid by the seller at the registry of deeds as part of the closing process.

— Mike Urban

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