Buying and Selling a home in the Greater Boston Area

Avenue 3 Weekly: Pending Sales & Rent or Buy in Medford MA

Posted by Avenue 3 Real Estate on Fri, Feb 17, 2012

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FEBRUARY 14, 2012
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Week In Review

 

 

MA Real Estate, Pending Sales, Buying a home in MA

 

Rent or Buy in Medford MA - You be the Judge 

 

This week we are highlighting Medford MA in our rent versus buy breakdown.

 

Whether you rent or buy a home does depend in large part on how long you anticipate staying in one area.  If you think you will be moving in less than a few years, it may make sense to rent. Otherwise, this rent versus buy analysis for Medford may help you decide.

A quick look at Craigslist and boston.com showed rentals for 2 bedroom apartments in Medford MA coming in at $1,800 and higher. Let’s work with the low figure of $1,800/month.  To rent, you would need $5,400 for the first, last and security or $7,200 for first, last, security and fee. 

65 Palmer Street, Medford MA

65 Palmer Street, Medford, MA

Multiple Listing Service for Medford MA shows a recent 2012 closing: Cape style 7 room single family on Palmer Street, closed for $304,000 in early February.   A 5% down payment would be $15,200 with a mortgage of $288,800, based on a 4% interest rate and real estate taxes the monthly cost would be $1,639.

Search for recent Medford closings:  Avenue 3 Sold Properties Search

Total monthly costs for the single family purchase $1,639 compared to the $1,800+ for the apartment. 

Moral of the story, be sure you look at your own situation, investigate the numbers and understand which alternative is right for you!

Look for more active listings in Medford at: Avenue 3 Property Search


 

 

And here are the pending sales for Medford and the other communities we track ...

 

  pending sales

  

town last week previous week
Arlington 7 8
3 2
 Cambridge 12 11
Concord 4 0
 Lexington 4 7
Lincoln 1
Medford 8 10
Somerville 9 8
 Waltham 17  9
Watertown 2 2
 Winchester 4 4
BOSTON 101  115

 

Source:  MLSPIN

Download Free Home Buying Kit

home buying kitFind tips on buying a home by downloading our very informative Better Buyer Kit and begin your real estate search here: Avenue 3 Real Estate

 

 

 

 

   

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Topics: homes for sale, Medford MA, Property Search, pending sales, buying a home, housing trends

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