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Our Newton, MA real estate website provides a wealth of information for home buyers and home sellers. Below, you will find information on the history and culture of Newton as well as links to more detailed information such as demographics and schools. You may view a virtual tour, search homes for sale, and access information on different types of properties such as condos, farms, foreclosures, and vacation homes. This website will give you everything you need to buy or sell a home in Newton, MA.
Virtual Homes is a full-service residential real estate company dedicated to providing a wealth of real estate and local community information to home buyers and home sellers. Our agents are ready to assist you with all of your real estate needs.
Newton MA Community Profile & History
Newton, Massachusetts is known as the Garden City. It lies within the Boston Basin, a tiny structure of the Appalachian Mountain Range. The city is bounded on three sides by the Charles River and is a diverse community comprised of 14 villages, each with a unique character: Auburndale, Chestnut Hill, Four Corners, Newton Centre, Newton Highlands, Lower Falls, Upper Falls, Newtonville, Nonantum, Oak Hill, Thompsonville and Waban.
Originally settled as part of "Newetowne" - now Cambridge - in 1630, the community was first incorporated as a separate town in 1688, and as a city in 1873. The considerable water power of the Upper and Lower Falls provided ample opportunity for the construction of mills, and by the early 1800s the community boasted a small industrial base. While further industrial development was limited, the city emerged as one of the nation's first commuter suburbs after the arrival of the Boston and Worcester Railroad in 1834. Wealthy merchants and businessmen soon built large homes and estates atop the city's hills, some of which survive today. By the middle decades of the 20th century, the city boasted a considerable economic base of its own, and many residents no longer commute to Boston, instead working within the city or surrounding suburban communities. Major employers include Boston College, located partially within the village of Chestnut Hill; Mount Ida College, a four-year liberal arts school; and Newton-Wellesley Hospital.
Situated at the heart of New England, the city remains a highly desirable place to live and work due to its proximity to Boston, nearness to various highway and public transportation systems, attractive neighborhoods and high property values, well maintained parks, bicycle and fitness trails, golf courses, a public pool and lake. The city boasts myriad arts and cultural organizations and activities, including a Symphony Orchestra, resident theatre groups and an Arts in the Parks Program. Popular historic and recreational sites include Crystal Lake, which features a town beach and two small parks; the Jackson Homestead, a stop on the Underground Railroad now housing a museum; Echo Bridge, a 19th century masonry arch bridge with views of the Charles River and Hemlock Gorge; Heartbreak Hill, a particularly challenging stretch of the Boston Marathon, which passes through the city each April; and several private golf courses, including Woodland Country Club, Charles River Country Club, and Brae Burn Country Club. The community has been designated 1 of 3 cities nationwide to participate in a pilot tree bank, planting 6,800 seedlings. In 1993, it was one of just 5 cities of over 50,000 to receive the U.S. conference of Mayors' Livability Award.
Newton Massachusetts Community Information
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Different financing alternatives are available depending on whether you are purchasing a single family, condo, multi-family, or investment property. Understanding the pros and cons of each may help you decide which option is the best for you. Speak to our buyer agent professionals and mortgage partners to understand and evaluate your options.
Newton, MA Real Estate Market Statistics
The following information was extracted from the state-wide MLS system and its accuracy is not guranteed.
Newton Single Family Home Sales Trends:
| Year Days on Market #Sold Average Price Lowest Price Median Price Highest Price |
2006 115 578 $921308 $335500 $750000 $13301027 |
2007 99 617 $936321 $281000 $777000 $3570000 |
2008 75 499 $904638 $275000 $755000 $3575000 |
2009 78 511 $842061 $180000 $710000 $3475000 |
2010 76 518 $882812 $183000 $744150 $6500000 |
Average Selling Price of Single Family Homes in Newton
| 2006 |  $921308 | |
| 2007 | $936321 | |
| 2008 | $904638 | |
| 2009 | $842061 | |
| 2010 | $882812 |
Newton Condominum Sales Trends:
| Year Days on Market #Sold Average Price Lowest Price Median Price Highest Price |
2006 106 278 $526829 $163000 $475000 $1900000 |
2007 133 293 $543484 $199000 $455000 $1790000 |
2008 96 259 $502313 $156000 $438998 $1517500 |
2009 102 240 $472181 $97000 $423750 $1329000 |
2010 125 261 $464525 $250 $401500 $1400000 |
Average Selling Price of Condominiums in Newton
| 2006 | $526829 | |
| 2007 | $543484 | |
| 2008 | $502313 | |
| 2009 | $472181 | |
| 2010 | $464525 |
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Newton MA Foreclosures and Bank Owned Real Estate
Newton MA bank owned foreclosures describe property the lender obtains after an unsuccessful foreclosure auction. The lender usually sells the real estate by direct sale or market their inventory through a Realtor. Buyers often benefit by purchasing Newton MA foreclosures as the lender's interest is to dispose of the asset quickly and aggressively price them to reflect market conditions.
The foreclosure process begins when the homeowner defaults on their mortgage. The first step is to obtain the right to sell at auction. This process will take a minimum of 75 days with substantial delays possible if the homeowner uses the law to their benefit. To view current bank owned and short sale listings go to Newton MA foreclosures.
Newton MA Short Sales - Buying at Pre-Foreclosure
There are cases where a Newton MA homeowner will attempt to sell their home before the bank starts the foreclosure process. The homeowner is either already behind on their mortgage payments or will not be able to sell for a price that the net proceeds and additional resources would cover the balance owed on their mortgage. This is commonly referred to as a short-sale and requires the lender's approval. Obtaining approval can be a long and difficult process. Additionally, there is no assurance that the lender will accept any offer presented.
If the Newton homeowner has entered the HAFA program (Home Affordable Foreclosure Alternative) offered by the government, the process is streamlined and offers the lender, homeowner and potential buyer additional incentives. Home buyers have a better chance of purchasing the property if a Seller is participating in this program.
Massachusetts Foreclosure Law
In Massachusetts, non-judicial foreclosure is the most common method; judicial foreclosure is rarely used in MA. Lenders usually have a power of sale clause and must abide by stringent notice requirements. If a homeowner files for bankruptcy, the court can overturn the foreclosure sale if sold for less than market value. For this reason, MA lenders proceed very carefully in foreclosing on a property, Review Massachusetts Foreclosure law for government legislation about MA foreclosures.
Buying Newton MA Homes at Foreclosure Auction
For most potential buyers, purchasing at a foreclosure auction is a "risky" undertaking and, in most cases, buying from the lender after the auction is a better option. As a result, not many Newton MA foreclosure auctions end with the sale of the property. The title reverts back to the financial institution holding the lien. The property is now "bank owned" and is often referred to as REO (real estate owned).
Newton Bank Owned or Foreclosed Real Estate
After a bank (lender, financial institution) forecloses on the property (after an unsuccessful auction), they mitigate items owed by the prior borrower, such as homeowner association fees. The lender also tries to get the IRS to remove any tax liens against the property. If the property is occupied, the lender will make arrangements for the owner or tenant to vacate by eviction or with financial incentives. The property is cleaned and minor repairs are made to the property. The lender wants to make it more attractive to potential buyers and maximize the value.
Banks want to sell foreclosed property quickly because they don't want to tie up their money in capital reserves. Additionally, managing a foreclosed property may see further reductions in value and is a "headache". Lenders that have significant REO inventory often have a separate department to manage their inventory.
In most cases, the lender will list their foreclosures with real estate agents who market and manage the property. Buyers have the opportunity to view, investigate and inspect the property prior to final agreement to purchase. Some lenders will negotiate repairs and concessions, but in most cases their preference is to sell "as is" at a "discounted price". The Newton MA MLS will provide you with direct access to all current listings.
State and Federal requirements regarding property disclosure must be followed by lenders. They usually state that they have no knowledge of the property and can make no representations as they have never occupied the property. Banks may or may not provide owner financing on their REOs but in most cases, this would apply only to property that was in very bad condition. A buyer is likely to obtain a better value for properties that need substantial repairs.
Buyers with accepted contracts have the option to conduct full home inspections even though the property is being sold "as is". If major unknown material defects are found, the lender usually will negotiate to either a substantially lower price or make the repair. Generally, negotiating with a lender is an easier process than negotiating with a homeowner. Lenders are typically unemotional about the process and are interested in making a "good business" decision for their stockholders. If a buyer is unreasonable in negotiating the lender will move on to the next potential buyer. A Newton MA bank owned property isn't always the best value for a consumer. It's an old myth that "foreclosures" are a bargain.
Negotiating a Contract for a Newton Foreclosure Property
Before submitting an offer, have your agent contact the listing agent and ask typical questions you would ask of any seller and some additional ones such as: Are there any inspection reports? Has the lender agreed to any repairs not completed? Is there a special "as is" form? How long does it take the bank to accept an offer? How is the offer negotiated?
The negotiating process can be very frustrating for buyers as the typical timelines do not apply and understand that lenders do not work on weekends. Your offer must be accompanied by your credit approval as a lender will not negotiate with a buyer who is not qualified. Do not expect lenders to "give away" property as they understand what the property should sell for in the marketplace. As mentioned earlier, properties that need substantial structural and mechanical repairs will be negotiated aggressively There are fewer buyers qualified to buy these properties so lenders will offer greater discounts.
Virtual Homes real estate agents will provide you with a list of Newton MA foreclosures and bank owned real estate for sale. In addition, we can represent you as a Buyer's agent and represent your interests in the property search, research, negotiations, home inspection and closing of the transaction.