Buying Foreclosed Homes & MA Home Insurance
If you are in the market to purchase a new home, now is the time. Foreclosures are making home prices fall even lower. According to NBC news, one in five home sales in the third quarter of 2011 were foreclosure-related properties and sold for about 34 percent less than non-foreclosure home sales. Of course, this hurts those of you who are trying to sell since these foreclosure-related sales are bringing the market value down. Home buyers use the distressed sales to benchmark their bidding prices. This causes sellers to have to settle for less. This past December, price cuts were at their highest point in a year. Since banks do not want to maintain the home from the foreclosure, they are much more willing to cut prices. The average discount for bank-owned properties was 42 percent during the third quarter of 2011. For properties in the stages of foreclosure, the average discount was 24 percent.
Whether you’re buying or selling, you’ll still want to talk to a Massachusetts insurance agent. If you’re selling your home, you’ll want to make sure your policy is cancelled and a new policy is built for your new home. If you’re buying a home, you’ll want to make sure your new home is covered where it should be. Massachusetts insurance agents at Encharter Insurance can advise you towards the coverage you need on your home, and also look out for ways to save you money! You’re already saving on your new home, why not save on your Massachusetts Home Insurance policy too!
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