Massachusetts Home Mortgage Tips: Getting Cash to Purchase a Second Home
The median price for a single-family home in Massachusetts dropped 6.1 percent in August and Massachusetts home sales is down 21.6% from last year, says the Massachusetts Association of Realtors. The median price for a condominium fell 3.3% in August and sales dropped 18.5%. The drop is the fifth straight monthly decline. "Things are not over in terms of the price declines," said David Iaia, a senior principal for Global Insight, a Lexington economics consulting firm.
The real estate market is slowing across the country, although not as dramatically as in Massachusetts according to The National Association of Realtors. In Massachusetts, which usually ranks among the top 10 in home price appreciation, the market has sagged so much that it now ranks 48 out of the 50 states.
"There is more inventory on the market longer than in most recent history," says Maggie Tomkiewicz of M. MacDonald Associates of South Dartmouth, a former president of the statewide Realtors group. An end to the decline is not in sight, according to a New York economist. "The market has lost some steam simply because many buyers are waiting to see if prices will go lower," David Wluka, president of the Massachusetts Association of Realtors, said in a statement. "Until supply and demand are in better balance, we will continue to see modest price corrections."
With Massachusetts declining home values, rising inventory and recently declining interest rates, now may be the time to look into Boston home loans, Cambridge home loans and mortgage loans through other parts of Massachusetts. Or, get a home equity line of credit (HELOC) or cash out second mortgage for your second home purchase or to get cash out for buying investment property.
Getting a home equity loan on your primary residence is easiest for getting the cash you need for the down payment. And remember, you can take up to a 100% tax deduction on the interest you pay on your 2nd mortgage loan. Cash out can be your investing tool of choice for a second home or investment property. The slump won't last forever, so it's best to move while Massachusetts home prices and interest rates are low.
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