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Our Newburyport, 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 Newburyport 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 Newburyport, 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.
Newburyport MA Community Profile & History
Newburyport, Massachusetts has a population of more than 16,000, which continues to grow each year as people are attracted to this historic seaside town. A short drive from both the New Hampshire border and the state capital of Boston, it is among the most beautiful towns in Massachusetts, with a bounty of ocean views and scenic architecture dating from as early as the 17th century.
Originally settled as part of "Newberry Plantation" in 1635, the community was incorporated separately under its present name in 1764. Situated at the mouth of the Merrimack River, the community prospered as a shipbuilding, manufacturing and maritime trade center, gaining city status in 1851. While the thriving downtown was in danger of being razed to make way for new retail establishments in the 1970s, local efforts halted the new plans and instead precipitated the community's emergence as a major historic destination on the North Shore. Many of the houses in the area date from 19th century, while the original downtown, recently restored to its colonial-era splendor, has been named a National Historic Landmark. Once a major port on the Atlantic Ocean, Newburyport was the birthplace of the United States Coast Guard.
The first community in the state of Massachusetts to complete a master plan, Newburyport now boasts a strong tourist industry. The public school system is small, but more than adequate for the size of the town. There are also several private schools in the area. Students in the community have excellent opportunities to continue their education beyond high school at one of the many nearby colleges and universities.
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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.
Newburyport, MA Real Estate Market Statistics
The following information was extracted from the state-wide MLS system and its accuracy is not guranteed.
Newburyport Single Family Home Sales Trends:
| Year Days on Market #Sold Average Price Lowest Price Median Price Highest Price |
2006 125 191 $542924 $265000 $464000 $1600000 |
2007 141 170 $540929 $205000 $456050 $2548000 |
2008 148 144 $522799 $215000 $452000 $1610000 |
2009 117 124 $437231 $144000 $400000 $1575000 |
2010 126 149 $463951 $1400 $425000 $1245000 |
Average Selling Price of Single Family Homes in Newburyport
| 2006 |  $542924 | |
| 2007 | $540929 | |
| 2008 | $522799 | |
| 2009 | $437231 | |
| 2010 | $463951 |
Newburyport Condominum Sales Trends:
| Year Days on Market #Sold Average Price Lowest Price Median Price Highest Price |
2006 101 170 $348719 $100000 $321000 $890000 |
2007 135 146 $333770 $98000 $319950 $1500000 |
2008 140 116 $322252 $90000 $305000 $817500 |
2009 106 88 $325816 $93600 $292500 $750000 |
2010 154 101 $339594 $75000 $322500 $1125000 |
Average Selling Price of Condominiums in Newburyport
| 2006 | $348719 | |
| 2007 | $333770 | |
| 2008 | $322252 | |
| 2009 | $325816 | |
| 2010 | $339594 |
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Newburyport MA Short Sales - Pre-foreclosure Values
As a home buyer looking for value in the purchase of real estate a short sale may be your best option. Buying a Newburyport Massachusetts short sale is a difficult and often a frustrating process. To achieve your goal, hire experienced professionals that understand all aspects of the transaction. Expert advice can be provided by real estate agents, attorneys, mortgage brokers, bankers and home inspectors.
What is a Short Sale?
Homeowners in financial distress should consider various options, including a short sale, prior to foreclosure. This process may be the best option to preserve their credit and limit their debt exposure. In MA, the laws governing foreclosures provide incentives for lenders to work with homeowners that have financial hardships. The foreclosure process takes time and money and may prove to be more costly to the lender. In April of 2010, the government enacted legislation under the HAFA (Home Affordable Alternatives Program)which provided homeowners and lenders with a streamlined process and incentives to negotiate short sales.
The first step in the process is to negotiate a contract with the homeowner that must be approved by the lender. If the contract is not acceptable to the lender then the Seller may not have sufficient time to sell to another party and avoid foreclosure. The following tips will increase your chances of negotiating a successful Newburyport MA short sale.
Are You a Qualified Buyer?
Providing creditable evidence that you can purchase the property is absolutely necessary. The Seller is not likely to accept your offer without a valid credit approval as the lender will not grant approval. Obtain a credit approval from a reputable lender or if a cash buyer provide proof of funds. The approval must not contain conditions such as selling an existing property as this is an issue for the lender. If you are a strong motivated buyer with flexibility in your closing date, you will have greater success in negotiating Newburyport short sales.
Indentifying Potential Newburyport Listings
Sellers selling short typically have a time-line they must meet to avoid foreclosure. If they have not connected with their lender(s) and started the process, it may not be possible to close before foreclosure. Your real estate agent can identify properties that you may consider. To preview properties currently available go to Newburyport MA homes for sale. Additional information our agents will obtain includes:
Is the seller's short sale package prepared for submission to the lender? How many liens are on the property? If more than one, what are they? Is there a plan to obtain releases from all the lien-holders?
Don't take yourself out of the market for a property that has no chance of closing. Consider all properties for sale including Newburyport MA short sales and foreclosures.
Offer and Acceptance by the Seller
The first step is to negotiate a contract with the Seller and you will be competing against other contracts. Some real estate agents market the property substantially below market value to entice buyers. Others price the property at the bottom of fair market value. The terms and conditions of your offer can be as important as the offered price. Sellers and lenders prefer offers with fewer contingencies.
Your Deposit - Sellers will not be likely to accept your offer with a low deposit. A buyer that has little to lose can easily pursue another property and "walk away". To demonstrate good faith offer the Seller a strong deposit.
Home Inspection - be prepared to invest the time and money in the home inspection prior to lender approval. A seller can't take the risk of conducting the inspection after lender approval. The buyer can easily "walk" from the home inspection and lenders normally will not approve them.
Flexible Closing Date - once the lender approves the offer, they may require a "quick" closing. You must be prepared to comply if you want to consummate the sale.
Subsequent Offers -As a rule, real estate agents must present all offers. A contract with a higher sales price may have a better chance of being approved by the lender. The lender will give the homeowner direction as to submitting additional offers. Also, be prepared to lock your interest rate thru closing so that your mortgage commitment will be valid.
Lender Approval
Lenders will do their "due diligence" to substantiate the value of the property and have no set formula to determine an acceptable price. However, Freddie Mac (one of the largest secondary market lenders) has a target sales price of 88% of one or more broker price opinions (BOP). Have realistic expectations of the approval process as it may take between 30-180 days and market conditions can change. If the lender and the Seller are participating in the HAFA program, these timelines will be streamlined for a quicker response. In fact, the Lender may have approved a listing price for the property.
Virtual Homes Real Estate agents can assist you with Newburyport Massachusetts short sales, foreclosures and MLS listings currently on the market. Please call us at 800-856-2479.
Newburyport MA Homes for Sale
Purchasing a home can be a very stressful and complicated process especially if you are a first time buyer. Enlisting the services of qualified real estate and related professionals will provide you with the necessary information and advice to make sound decisions in buying Newburyport Massachusetts homes for sale. These professionals include lenders, Realtors, attorneys, home inspectors, accountants and financial advisors.
This Newburyport MA real estate site provides information to evaluate the community, take a virtual tour and obtain demographics, school, relocation, home buying and selling guides.
Newburyport Home Mortgage Financing
Most home buyers will obtain a mortgage to purchase their home and there are various first-time home buyer financing programs offered by state agencies, local banks and national lenders. Many home buyers utilize FHA (Federal Housing Administration) mortgage options which provide greater flexibility in qualifying with lower down payments and credit scores. 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.
Once you have chosen a property and submit an offer, the Seller will review the terms and conditions and evaluate your qualifications as a homebuyer. 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 contract. 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 negotiate the price if your contract and financing demonstrate your strength as a buyer.
The Benefits of Homeownership
The two primary benefits of homeownership are the government tax deductions and solving your housing needs. In many cases, especially for first time homebuyers, you may own a property for less than it costs to rent it. Consult with your tax accountant to understand the true cost of owning a home as mortgage interest and property taxes are deductible costs. Historically low interest rates and a wide variety of affordable inventory make this a great time to buy. Declining values over the past three years provide exceptional price offerings.
In many cases, homeownership 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.
Finding Your Newburyport MA Home
Consumers in Massachusetts have the option of contracting with 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 Newburyport MA MLS and homes sold by their owners (FSBO). You will find that short sales, Newburyport foreclosures and bank owned property are listed in the MLS. To preview properties in a mapped based search visit Newburyport MA homes for sale.
Home Inspection
Once you have found the Newburyport 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
Title companies or attorneys will research the title to make sure both the lender and the buyer is protected and has clear title to the property. Prior to the actual closing, most buyers schedule a final walk-through with their agent to inspect the property. Once the closing is complete buyers can now occupy their new home.
To assist you in finding a Newburyport MA home for sale, please contact a Virtual Homes Real Estate agent.