Located in Bristol County, Taunton, MA was once known as the "Silver City" because it was the center of the Silver Industry in the 19th Century, producing fine silver products sold worldwide through several companies like Reed & Barton, which still exists today.
Taunton has since the same downturn that most of Massachusetts has seen in these tough economic times. The first half of 2007 saw 158 Single Family House Sold Listings that had an average list price $298,921 and an average sale price of $289,512. The first half of 2008 where there were 137 Sold Listings with an List of $280,054 and an average sale of just $268,596.
The third quarter of 2007 had 86 Sold Single Family Listings with an average list price of $295,828 and an average sale of $285,472. In stark contrast to the 79 Sold Listings in the third quarter of 2008 that had an average list of $255,186 and an average sale of $244,641.
This information is based on the MLS sales records for the mentioned time periods for single family homes that sold. If you are a homeowner who has bought in the last few years this news is not easy to hear. It does however present opportunities for buyers in the First Time Buyer Market, due to the interest rates sagging below 6% and the home prices dropping so significantly.
In addition, There is a new tax "credit" that was passed on a temporary basis that allows for up to $7500 tax credit /interest free loan for any first time buyer for any qualified purchase between April 9, 2008 and June 30, 2009, which can be beneficial in helping couples transition into homeownership.
The stars are aligning for buyers in a way we haven't seen for awhile. If you'd like to capitalize on this opportunity or have questions regarding the new tax credit, please feel free to call the Ray-the-Realtor Team at 508-922-1961.
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