The number of homes sold in Massachusetts rose more than 11% in January, and the median price of a home has risen more than 9% to $285,000, according to the Warren Group, which tracks real estate trends in the Bay State. They noted that the number of home sales has risen for four straight months.
It may be a little too early to say that the market has recovered but it suggests people are more motivated to buy homes than they have been for the last couple of years. One big reason is the $8,000 federal first-time homebuyer tax credit. As of right now, to claim the credit you'll need to have a Purchase and Sale Agreement ("P&S") in place by April 30, 2010 and close the loan by June 30, 2010.
Don't forget to check out the details on MassHousing's tax credit loan program. It will help you get access to the tax credit funds before you buy your home. You can use it to help with the down payment or the closing costs.