Norfolk County real estate market is heating up
Continuing a trend seen in recent months, the William P. O’Donnell Deed Register reported a significant increase in deed registrations and mortgage loans in Norfolk County in June.
The registry noted that a noticeable increase in real estate sales and loan transactions occurred during the month.
“Specifically, during the month of June, Norfolk County real estate sales, both residential and commercial, totaled 2,222, a healthy 46% year-over-year increase from 2020 to 2021” , O’Donnell said. â€œThe Norfolk County real estate market continues to be strong. There were 17,977 documents registered in the Norfolk County Deeds Register in June, a 14% increase from the document volume for June of last year. The average selling price, again including residential and commercial sales, increased 13% from 2020 to $ 896,372.58. The low inventory of properties for sale keeps real estate prices on the rise. The low interest rates help buyers pay for the home prices of these properties. It is nice to see that the real estate market has been strong and stable.
Although there has been a significant increase in funds for mortgages, the number of registered mortgages has declined from the previous year’s numbers. There were 3,997 registered mortgages during the month, which is a decrease of 5% from 2020. The total amount of money borrowed for mortgages nationwide exceeded $ 2 billion, or an increase of 75% compared to June 2020.
â€œWhile some of the mortgages are due to purchases and sales of real estate, a large number of individuals and families are taking advantage of historically low interest rates by refinancing existing mortgages,â€ O’Donnell said. â€œPeople have different motivations for refinancing. Some refinance to reduce their monthly payments, others to reduce their debt by a few years while still others use the money to pay for home renovations and other capital expenses.
â€œThere has been a strong demand for housing, single-family housing in particular, coupled with a limited supply of available housing and historically low interest rates that could prompt buyers to take steps to secure housing. Credit activity was on the rise. The growth in numbers observed in 2020 will continue in 2021. “
A moratorium on seizures in effect during the 2020 pandemic was lifted on October 17, 2020. This moratorium was in place due to the COVID-19 pandemic. The Norfolk County Registry of Deeds is keeping a close watch on the foreclosure market.
â€œIn June 2021, four foreclosure deeds were registered as a result of the ongoing foreclosure process in Norfolk County,â€ O’Donnell said. â€œAdditionally, there have been 15 foreclosure mortgage notices, the first step in the foreclosure process, recorded here in Norfolk County. A foreclosure registration has a huge impact on those who are foreclosed. In June 2020, there was no notice of mortgage foreclosure and six deeds of foreclosure. While it is great to see the number of foreclosures decline, it is disturbing to see foreclosure notices have increased so much. We will continue to monitor these numbers. “
Additionally, in recent years, the Norfolk County Registry of Deeds has partnered with the Quincy Community Action Programs, 617-479-8181, ext. 376, and NeighborWorks Housing Solutions, 508-587-0950, to help anyone having difficulty paying their mortgage. Another option for homeowners is to contact the Massachusetts Attorney General’s Consumer Defense and Response Division at 617-727-8400.
â€œIf you’re having trouble paying your monthly mortgage, please consider contacting one of these nonprofit agencies for help and advice,â€ O’Donnell said.
Property registrations by home and condominium owners continue to increase this year in the Norfolk County Deeds Register in June. There was a 42% increase in farm registrations in June 2021 compared to June 2020.
â€œHomestead provides limited protection against the forced sale of an individual’s primary residence to settle unsecured debt up to $ 500,000,â€ O’Donnell said. â€œIt’s great to see people protecting the greatest asset of most of us, our homes. I urge anyone who has not used this important consumer protection tool to consider doing so. Please visit the Registry website at http://norfolkdeeds.org for more information on the protection of family properties.
â€œMany small businesses and specific sectors of our economy, such as restaurants and hospitality, have been negatively affected by the COVID-19 pandemic. One sector that has continued to thrive during the pandemic is the real estate market, particularly the residential market. Many factors have kept the Norfolk County real estate market viable. The registry of acts was operational every working day during the pandemic. The register of acts remains open to companies. Come. As the company begins to reopen, restrictions are lifted and COVID-19 emergency orders expire, the Norfolk County Registry of Deeds is open to the public for business. The drop box located outside the main entrance to the registry building will continue to be used by members of the public who may not be comfortable entering the registry building for the time being. Land documents are recorded electronically for many of our institutional users. We also receive documents in person, by regular mail, Federal Express and from those placed in our drop box located just outside our main entrance at 649 High St., Dedham, MA.
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The Norfolk County Deeds Register is located at 649 High St., Dedham. The registry is a resource for homeowners, title examiners, mortgage lenders, municipalities and others who need secure, accurate, and accessible land registry information. All search information on land registers can be found on the registry website, http://norfolkdeeds.org. Residents requiring assistance can contact the Deeds Registry Customer Service Center by phone at 781-461-6101, or by email at [email protected]