How do Massachusetts counties stack up to generational affordability?: Massachusetts Homebuyers Homeownership

 Home prices continue to rise making homeownership harder to achieve as each generation readies to enter the real estate market, and it’s looking that way within the six counties in Massachusetts. Point two Homes recently completed a study of home affordability by generation based on net worth and income. By comparing affordable house prices with local median prices, their report was able to determine which generation had it worse when it came to home affordability. Several counties in Massachusetts are out of reach for various generations, the report found. But which generations had it worse, and where?

 Essex County: With a median home price of five hundred ninety nine thousand nine hundred twenty five dollars, Essex County homes are out of reach for the typical Baby Boomers who, according to the report, can afford no more than three hundred thirty two thousand five hundred seventy two dollars. They’re also out of reach for most Millennials who, according to the report, can afford four hundred seventy two thousand one hundered twenty three dollars, as well as Gen Z buyers who can only afford two hundred sixty seven thousand four hundred and two dollars. The only generation to come close to affording a home in Essex County is Gen X with their maximum affordable property price at five hundred ninety five thousand two hundred fifty six dollars. Middlesex County: The median priced home in Middlesex County is seven hundred twenty six thousand two hundred twenty five dollars, making it unaffordable for the Baby Boomers, Millennials and Gen Zers. The only generation who could afford a home in Middlesex County is Gen X since they can spend a maximum of seven hundred sixty two thousand five hundred thirty two dollars.

 Norfolk County: Norfolk County homes have a median price of seven hundred and eight thousand dollars and are unaffordable for three of the generations making it only affordable for Gen Xers who can exceed the median price by twenty four thousand three hundred forty eight dollars. Essex County: Essex County is out of reach for all generations as well. It’s out of reach for Baby Boomers with their three hundred thirty two thousand five hundred seventy two dollars affordability, Millennials, even though they can afford a comfortable four hundred seventy two thousand one hundred twenty three dollars according to the report, don’t come close. Same thing for Gen Z buyers who can only afford two hundred sixty seven thousand four hundred and two dollars. Even typical Gen Xers who can afford five hundred ninety five thousand two hundred fifty six dollars, can’t afford a home in Essex County.

 Suffolk County: With the highest median home price of all counties in Massachusetts, Suffolk County’s eight hundred and nine thousand nine hundred seventy five dollars median home price is above the affordability amount for each of the four generations. Gen Zers and Baby Boomers have the lowest purchasing power at two hundred and nine thousand nine hundred fifty five dollars and two hundred sixty eight thousand seven hundred sevty eight dollars respectively. Both Millennials and Gen Xers don’t come close to affording a home in Suffolk County with their affordability of six hundred and four thousand six hundred thirty one dollars and five hundred forty four thousand five hundred fifty one dollars, respectively. Worcester County: Worcester County, which has a reasonable median price of four hundred twenty four thousand nine hundred fifty dollars is only affordable to most Gen Xers. Typical Millennials do come close to affording a home here though with their four hundred nineteen thousand three hundred and twelve dollars.

The post How do Massachusetts counties stack up to generational affordability? appeared first on Boston Agent Magazine.

Who Pays the Home Buyer's Agent?

Both seller's agent fees and buyer agent's fees are part of a typical real estate transaction and are included in the final negotiated purchase price of the property. There should be no additional fees to the buyer for a buyer's agent above and beyond the negotiated purchase price of a home unless specifically agreed in writing between the buyer and agent before an offer is made.

In most cases, the seller's agent pays the buyer's agent for bringing the buyer, negotiating the purchase price and terms, writing a legally correct offer, coordinating inspections, responses, and financing plus handling numerous additional details on the buyer's side of the transaction.

Buyers should avoid contacting seller's agents and sellers directly unless they are comfortable negotiating and representing themselves. That is why it is important for buyers to choose their agents BEFORE they begin looking at homes or as soon as possible if they have begun looking.

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