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Houses for Sale by Owner Accounted for 5 Percent in Mass



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By : John Cutts    99 or more times read
Houses for sale by owner accounted for 5 percent of all home sales in Massachusetts in 2009, based on the Massachusetts home buyer and seller profile report from the Massachusetts Association of Realtors and the National Association of Realtors.

The 5-percent FSBO share in Massachusetts was much lower than the nationwide share of 11 percent. Of the FSBO sellers who were able to sell their homes in 2009, around 20 percent knew their buyers prior to the home sale.

The main finding of the study, however, is the increase in the percentage of first time home buyers in Massachusetts in 2009. More than 50 percent of home purchases last year were accomplished by first time homebuyers, an increase of 5 percent from the percentage in 2008.

The finding affirmed the contention by housing analysts and realtors that prospective home buyers were enticed by the federal tax credit incentive for first time buyers, the availability of affordable homes and the record low mortgage rates.

The age median for first time homebuyers was 30, a drop from 31 in 2008, with buyers aged 25 to 34 years accounting for 61 percent of all first time buyers and buyers aged 35 to 44 years accounting for 18 percent of all first time buyers.

In contrast to claims by online businesses involved in houses for sale by owner, the MAR reported that more than 90 percent of house sellers did not find buyers on their own but hired real estate agents or brokers to sell their homes.

The study also found that the number of home buyers in Massachusetts who bought a foreclosure home increased to 10 percent of all homebuyers, an increase of 7 percent from the 2008 percentage, but at the same level as the nationwide average.

The median annual income of home buyers in the Bay State climbed up to $94,800, a significant jump from the $88,100 median in 2007 and much higher than the nationwide median income of $73,100. Based on civil status, 59 percent of home buyers were married couples, 12 percent were unmarried partners, 14 percent were single men and 15 percent were single women.

A higher percentage of buyers with immigrant origins was reported as 13 percent of homebuyers in Massachusetts disclosed they were born in other countries, compared to the nationwide share of 9 percent.

Additionally, most recent sellers of listed homes and houses for sale by owner reduced their asking price by 6 percent while 23 percent offered incentives to entice buyers.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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