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Our Andover, MA real estate website provides a wealth of information for home buyers and home sellers. Below, you will find information on the history and culture of Andover as well as links to more detailed information such as demographics and schools. You may view a virtual tour, search homes for sale, and access information on different types of properties such as condos, farms, foreclosures, and vacation homes. This website will give you everything you need to buy or sell a home in Andover, MA.
Virtual Homes is a full-service residential real estate company dedicated to providing a wealth of real estate and local community information to home buyers and home sellers. Our agents are ready to assist you with all of your real estate needs.
Andover MA Community Profile & History
Andover, Massachusetts is located in Essex County, the most northerly county in the eastern part of Massachusetts. From the early days of the town, manufacturing was a major concern. The town's first powder mill was established in 1775; the manufacture of paper began in 1789; and in the early nineteenth century, woolen mills, a major New England industry of the era, were constructed. While many early businesses have since moved elsewhere, the town continues to attract major industry.
In recent decades, Andover has emerged as a highly affluent community with a strong economic base. Conveniently located near the intersection of two major highways, the town is well within commuting distance of Boston, and just a short drive away from the Massachusetts seashore and the White Mountains of New Hampshire. An accessible location and great potential for growth have attracted many professionals to the town over the years.
The community's real estate market has historically been strong and resistant to economic downturns. Municipal government remains commitment to stability and excellence in services along with maintenance of the highly regarded public school system. The town also offers top-quality private schooling opportunities at Phillips Academy and the Pike School. A thriving suburban community and an industrial leader in its own right, Andover offers an abundance of economic and cultural resources for professionals, families and businesses alike.
Andover Massachusetts Community Information
Andover Community Demographics and Local Resources
Request a Market Analysis on a Home in Andover
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Andover MA Real Estate Information
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Different financing alternatives are available depending on whether you are purchasing a single family, condo, multi-family, or investment property. Understanding the pros and cons of each may help you decide which option is the best for you. Speak to our buyer agent professionals and mortgage partners to understand and evaluate your options.
Andover, MA Real Estate Market Statistics
The following information was extracted from the state-wide MLS system and its accuracy is not guranteed.
Andover Single Family Home Sales Trends:
| Year Days on Market #Sold Average Price Lowest Price Median Price Highest Price |
2006 129 291 $635950 $201000 $548000 $2888195 |
2007 116 310 $604982 $150000 $549950 $2988063 |
2008 116 247 $583165 $150000 $529900 $1816958 |
2009 109 251 $571516 $170000 $525000 $2800000 |
2010 103 284 $582477 $525 $521500 $2000000 |
Average Selling Price of Single Family Homes in Andover
| 2006 |  $635950 | |
| 2007 | $604982 | |
| 2008 | $583165 | |
| 2009 | $571516 | |
| 2010 | $582477 |
Andover Condominum Sales Trends:
| Year Days on Market #Sold Average Price Lowest Price Median Price Highest Price |
2006 108 126 $287156 $75001 $234000 $1150000 |
2007 113 105 $286194 $85000 $251000 $930000 |
2008 119 67 $282080 $73000 $200000 $830000 |
2009 121 73 $277664 $61000 $189900 $1035000 |
2010 134 64 $271480 $75000 $235000 $925000 |
Average Selling Price of Condominiums in Andover
| 2006 | $287156 | |
| 2007 | $286194 | |
| 2008 | $282080 | |
| 2009 | $277664 | |
| 2010 | $271480 |
Andover MA Blog Postings
Andover MA Homes for Sale - Your Guide to Home Ownership
Purchasing a home can be a very stressful and complicated process especially if you are a first time buyer. It is advisable to utilize the services of real estate related professionals who can offer client level services to assist you in purchasing Andover Massachusetts homes for sale. Buyers often interview lenders, Realtors, attorneys, home inspectors, accountants and financial advisors.
Financing a Andover Home Purchase
Most home buyers will finance the purchase of their home and there are various first-time home buyer financing programs offered by state agencies, local banks and national lenders. A common source for mortgage funding is the FHA (Federal Housing Administration). The major benefits of their programs include low down payment options (can be gifted by a family member), flexible qualifying, assumable mortgages, and rehab financing. Other government insured loan options include the VA (Veteran's Administration) and the USDA (United States Department of Agriculture - Rural Home Loans). In Massachusetts, a not-for-profit agency, MASSHousing provide special financing programs that provide mortgages for certain properties that other lenders may not consider.
Conventional financing, which typically requires a minimum of a 10% down payment, is readily available through a variety of mortgage lenders. Evaluate all your options and experienced loan officers will recommend programs that meet your specific needs. At the present time, interest rates for home mortgages are at historically low levels with fixed rates in the 4% range.
Your qualifications as a buyer is one of the most important elements in the negotiating process with a homeowner. If you are negotiating contingent upon mortgage approval, you must present evidence that your are qualified to meet that contingency from a reputable lender so that the Seller will accept your offer. The Seller does not want to take their home off the market unless there are reasonable assurances that the financing contingency can be met. If your home search takes a period of time, make sure your credit approval has been updated to reflect current mortgage underwriting standards for terms and rates. Sellers may accept a lower offer if your contract and financing demonstrate your strength as a buyer.
Primary Reasons to Consider Purchasing a Home
The major benefits of Andover MA home ownership include solving your housing need and the tax benefits provided through the government. In many cases, especially for first time home buyers, you may own a property for less than it costs to rent it. Mortgage interest and property taxes are deductible expenses and your tax adviser can compute the actual costs of owning your property. Interest rates are at historic lows and there is a wide variety of property inventory at very affordable prices. Recent declines in property values offer exceptional values.
In many cases, home ownership provides you with a quality of life that you may not find in a rental. Various factors apply such as privacy, location, housing styles, space, amenities, fewer restrictions and rules to comply with. In addition, owning a home may be a good return on your investment provided that you are not forced to sell in a difficult market. A home of your own also provides you with stability in the community where school systems, recreational facilities and services are important to your lifestyle.
The Andover MA Home Search
Consumers in Massachusetts have the option of hiring a real estate agent to represent them in buyer agency and this is disclosed in a mandatory disclosure form required by state law. The agent has a fiduciary responsibility to represent the buyer's interests instead of the seller's. You should interview two or three agents to determine their qualifications before signing an agency contract.
Your real estate agent can assist you in searching for a property listed in the MA MLS and homes sold by their owners (FSBO). You will find that short sales, Andover foreclosures and bank owned property are listed in the MLS. Go to Andover MA homes for sale for a map based search of all Massachusetts MLS listings.
Home Inspection
Once you have found the Andover property and successfully negotiated a purchase and sales agreement, you should consider contracting for a home inspection. This process will give you more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at the property to evaluate the physical condition structure, construction, and mechanical systems; identify items that need to be repaired or replaced; and estimate the remaining useful life of the major systems, equipment, structure, and finishes.
Title and Closing
Your contract with the Seller stipulates that you will receive clear title to the property. Your attorney or Title Company will perform this service for a fee which is considered part of your closing costs. Schedule a final walk-thru inspection of the property prior to signing the closing papers. Once the closing is complete buyers can now occupy their new home.
Virtual Homes real estate agents will provide you with buyer agency services in finding the perfect Andover MA homes for sale.