Millis Condos
Millis is a small, scenic town in Norfolk County. It is about 19 miles away from downtown Boston, and it has a population size of about 7,900. The largest roadways that run through the town are Route 109 and Route 115. The town was incorporated in 1885, and it was part of Dedham before branching off . The town was established by a railroad entrepreneur, who ultimately turned the town into a major railway center for the state. Several railroads still service the town, including the MBTA and branches of the Bay Colony Railroad. Rail transportation is still a primary form of public transportation, and it is one of the main draws of living here for people who need to get to Boston.
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Both the residential and commercial markets in Millis are promising, and good deals can still be found for homes, buildings, and land. The average sales price for a townhouse in early 2018 was $235,599. Since 2017, nearly all homes listed for a sale have had asking prices in the range of $200,000 to $400,000. A few places have been advertised with an asking price below $200,000 through the spring of 2018, and fewer have had an asking price of $600,000 or more. Sale price also determines the amount of time that homes typically spend on the market. Homes priced at $200,000 or less have comprised about 44% of the market between the spring seasons of 2017 and 2018. They have stayed on the market for an average time of 102 days, which is the most out of homes in any price range. Homes in the price bracket of $200k to $400k have comprised about 33% of the market. They typically stay on the market for a period of 77 days before selling. Roughly 22.5% of the 2017-2018 market is made of up homes with a sale price in the range of $600k to $800k. Homes in this price range stay on sale for a period of about 52 days. Between 2017 and 2018, the rate of new listings has been highest in June and February, but May has been a close third. Most sales took place in May and November. Total sales volume was highest in November of 2017, when home sales hit a peak of around $1.14 million. Sales were about $2,000 less in May, which trailed November by a hair for the most successful sales month. Between 2017 and 2018 average property listing prices have been largely the same, with median prices sometimes rising marginally above the average listing price.
Across all homes, the average home value was $411,200 in the spring months of 2018. This was a 5.9% increase in home value from the previous year. Home values are expected to increase by 3.4% by the spring of 2019. About 13.3 homes out of every 10,000 are foreclosed yearly, which is more than the rate of 1.6 homes foreclosed annually in the United States. Just under 1.5% of homeowners in this town report having delinquent mortgage payments, which is a fraction below the rate of 1.6% of mortgage delinquencies nationwide. About 4.5% of homeowners in this town are underwater on their mortgage payments. In comparison, the rate of homeowners underwater on mortgage payments is just above 6% in the Greater Boston area. The market is financially stable, with a financial health score of 5.3 out of 10. There are about 4.5% of homes in the town with a negative equity, which is less than half the rate of homes with a negative equity across the country.
Buying a townhouse here makes sense for those who aren't ready for the full commitment of home ownership but still want their own place to live. Buying a townhouse differs from buying a home in many ways, primarily due to the fact that with a townhouse you will be dealing with a homeowner's association. The association's management comes with a requisite fee, which all owners in the building or development must pay. If you are new to the area, researching the location and neighborhoods is key, and ideally you will want to see them in person. After selecting a home of interest, you can move onto to creating and finalizing a sales contract with the owner.
Selling a home also has steps to follow. As with buying a townhouse, selling your unit is different from selling a traditional single-family home. You'll be subject to some rules set by the governing housing association, and you should make the prospective buyer aware of the association's fees and requirements. There will be plenty of paperwork to complete, which you may want to hire a lawyer or a financial professional to help finish. Your place will also need to be inspected before you can sell it, and having a show-worthy property will also be beneficial when it comes to staging the property for photos and listing it for sale. Since these homes have distinct selling points, advantages, and challenges that make them different from owning a home, it's best to work with an agent who is familiar with townhouse sales.
Whether you are moving into the area or moving out, our office is here to help you complete a successful home sale or purchase. Contact our office today to get started!
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