I'm also not in that big of a hurry to buy. There are actually several properties in both cities (medford/somerville) that I've been monitoring waiting for them to drop to a price where I'll be comfortable with the monthly mortgage payment and feel like I'm getting a good price for the property (around 380k when the rate was 4.75% for 30 years).
Even made an offer on one of the place in Somerville (admittedly at that point it was around 15% under what they were asking) a few months ago. Ironically, they rejected the offer without countering and now they've lowered the price to almost what my offer was (and I may have even accepted had they countered with it a few months ago), but now the rates seem to have gone to 5.6+% which means to get the same monthly payment, I'll have to wait for them to go even lower before I resubmit my offer (though by that time, the rate might be even higher...what a cat and mouse game).
Thanks for your question. No, Medford doesn't have a residential exemption.
To see what the taxes are for each house, look underneath the Home Facts table about the house on Trulia and you'll see a button that says "View More Details". If you click on that, it will take you to more information about the property and you should be able to see the taxes there. This is the easy way.
If you don' t mind a bit of math and you know the house's assessed value, another way to determine the taxes is to divide the assessed value by 1000 and then multiply the answer by $10.08 (Medford's residential tax rate).
Damian: You are absolutely right. A home is much more than crunching numbers. But I know what I want in a home and I know how much I want to pay. The right home can come along but it's stupid for me to overpay. Plus there's no one right home. There are many homes with their advantages and disadvantages. I know what I want and I also know what will make me happy. A good amount of it is paying the price I want to pay. If I lose a place because someone out bid me, I will not lose sleep over --another one will come along.
What you suggest is that buying a home is about emotion and to me it's not. As soon as you let your emotion get the best of you, you will wind up paying way more than you would had it been a straight logical decision. So I use my emotion to figure out what place I like and then let my logical side take over from there. And my logical side is telling me not to overpay at this uncertain market point.
Overpriced is a subjective term. You may think something is not overpriced and I may think it is. I may be wrong, but I'm in no rush to be right and jump into buying.
I am pre-approved and have over a 25% down payment saved for the price range I'm looking at. If I find the right hope at the right price, I would be wiling to move today.
But my opinion of what the right price is will clearly not match yours Damian. For example 215 Harvard Ave Townhouse like condos would have to drop to ~$300k for me to say they are priced right (mostly because of the darn pillars in every room that make the rooms virtually impossible to use efficiently. Or the Amaranth Condos...the last few units left would have to be around $400k for me to think they are priced right. Mostly because their location is much worse for me than 215 Harvard and I didn't think they were particularly well lit when I saw them. Though I don't know if there are any units left at Amaranth since I think one of the two last ones sold for 460 which in my opinion is as I said 60k more than I'd be willing to pay for it.
Since I have a positive savings rate and a sizeable down payment, higher interest rates are actually better for me. For every point the rate increases, prices would have to go down 10% to have the same monthly payment. If that happens, I'd actually be paying less than with low interest rates b/c of my savings/positive cash flow. I know that analysis is basic but I don't really want to debate all of the variables that go into it.
I am a first time buyer, but I'm not worried about the credit expiring. To me, if the credit is the only reason people are buying, they are doing it for the wrong reasons and if that is the case, after the credit is gone, there will be nothing stimulating new purchases and prices will resume their fall.
Hope this finds you well,
Rates might be really low, but there's nothing really left on the market that I like and those that I do like are way overpriced.
Good luck with your search!
Have a great day,