Massachusetts Home Buyer Guide

Competitive Spring Massachusetts Real Estate Market Requires Home Buyers to Plan Home Search

If you're presently in the market to buy a home, you already know that you're not alone. If you're planning on starting your home search now, you should be aware that the Massachusetts real estate market has dramatically turned around.

Who knows how long it will last, but home buyers are currently experiencing multiple offer situations and homes selling for more than list price. Of course, that's the situation for nice homes that are properly priced. The homes for sale that need extensive work are what is keeping downward pressure on home prices.

The following is a press real release from the not-for-profit Massachusetts Association of Buyer Agents about preparing for buying a home.

FOR IMMEDIATE RELEASE                 

COMING UP WITH A PLAN, LINING UP FINANCING KEY TO BUYING A HOME IN COMPETITIVE SPRING MARKET

‘As Market Shifts and Inventory Tightens, Importance of Working with a Savvy Agent Increases,’
 says President of Massachusetts Association of Buyer Agents

Boston, MA – May 1, 2012 – Real estate agents today will tell you there’s change in the air and they’re not just referring to the warm weather we’ve recently enjoyed.  The once-moribund housing market has come back to life – in fact, it’s been so good over the past couple months that some are now talking about 2012 being a turnaround year.  Already there’s concern about a shortage of homes for sale. 

According to Sam Schneiderman, president of the Massachusetts Association of Buyer Agents (MABA), buyer demand is up about five times over what it was last year at this time and is putting pressure on inventory.  “We knew there was pent-up demand out there and starting in January the buyers came out – and the buyers are buying.  Unfortunately, there aren’t a lot of quality homes out there.”

As a result, Schneiderman says MABA’s buyer agents are reporting bidding wars over the good properties on the market.  He cites the recent experience of one Cambridgeport, MA seller.  “They listed the house, put the ‘For Sale’ sign up and held Saturday and Sunday open houses.  More than 100 prospective buyers went through the home.  Fifteen made offers.  The house sold in days – at significantly more than asking price.”

In short, says Schneiderman, MABA buyer agents are seeing increased competition this spring for homes their clients want to buy – and multiple offers for properly priced, presented, and marketed properties.

As the inventory of homes for sale tightens and this scenario repeats itself, the importance of working with a savvy agent increases, says Schneiderman.  “Serious buyers have to have a plan.  They need to be focused and ready to buy when the house of their dreams appears.  The right buyer’s agent can give you the edge you need in a competitive market.”

Finding an agent who will take the time to understand the nuances of your particular situation and map out a plan with you is key, says Schneiderman.  A good buyer’s agent will start by asking you some questions.  What do you want to do?  What are your commitments?  What are your objectives?  Why do you want to buy?  Are you willing to buy a fixer-upper?  That way, says Schneiderman, they’ll be able to pinpoint the kind of home, neighborhood, and price point that’s right for you and ensure you get the most for your money. 

The next step is getting pre-approved for financing.  “With limited inventory, properties are moving fast, so pre-approval is critical,” says Schneiderman.  “Work with a bank, mortgage broker, or ‘hybrid’ lender – whatever makes the most sense for your situation – but get pre-approved.  And, by the way, make sure that they show you what your total monthly payment will be, including estimated taxes and insurance.”  Again, says Schneiderman, a good agent should be able to help you with this process.

When it comes to financing, look for a lender who’s reliable – meaning, they must be able to close the loan – competitive, and honest, says Schneiderman.  His own preference is for a number of local lenders that offer both personal service and a variety of products.  “Just make sure you don’t get boxed in by an agent who only works with one or two lenders and can’t provide a wide range of options.  You’ll likely get financing but it may not be optimized for your situation.” 
“For example, says Schneiderman, if you’re only going to be in the house for 7 to 10 years, you may not need a typical 30-year fixed mortgage.  With rates so low, everyone thinks why not go with a 30-year fixed rate?  The problem is there’s no significant amortization until the seventh year, so you won’t start building any equity until you’re about to move.  That means that you’ll owe about what you paid for the property.  For most folks – especially young people – that just doesn’t make sense.”  On the other hand, says Schneiderman, if you’re planning on staying in the home for 30 years, lock in that 30-year fixed rate mortgage. 
From finding the right agent to finding the right house to getting the right loan, it’s all about choosing – and choosing wisely, says Schneiderman.  Good buyer’s agents – like MABA agents, he’s quick to add – are committed to helping you make the right choices.  “Having a plan in this market and being confident you have someone working for your interests and your interests only can make a big difference,” says Schneiderman.  “We’re committed to the client and not the transaction – that’s an important distinction.”  For more information on MABA and MABA buyer’s agents, go to www.massbuyersagent.org. 

About the Massachusetts Association of Buyer Agents (MABA)

Founded in 1990, the Massachusetts Association of Buyer Agents (MABA) is a non-profit organization of select real estate agents dedicated to the highest ethical standards of buyer agency.  Less than one percent of the buyer agents in the state qualify for MABA membership.  MABA agents advocate for buyers at each step of the process – from initial negotiations through closings – when purchasing a home or condominium.  With their comprehensive knowledge, member agents are a critical resource to first-time buyers, those moving into the state through relocation, and repeat buyers seeking to streamline the purchase process.  When working with home buyers, MABA agents’ allegiance is to the buyer only and their transaction – never to the seller, the seller’s agent or the listing brokerage company.  For additional information on MABA and a free list of MABA buyer’s agents, go to www.massbuyeragents.org.

U.S. Mortgage Interest Rates Decline to Near Record Lows

Buying a home is starting to become a no-brainer for a lot of people. With home prices down as much as 40 percent in some areas of Massachusetts over the last five or six years, mortgage interest rates still at historic lows and rents rapidly going up, it's cheaper to buy a home than to rent for many people.

First-time home buyer programs help too.

The average rate on the 30-year fixed mortgage in the U.S. dropped near its all-time this week, making home-buying and refinancing a bargain for those who can qualify, USA Today reported April 12, 2012.

Mortgage buyer Freddie Mac reported that the rate on the 30-year loan fell to 3.88 percent from 3.98 percent. That's just above the rate of 3.87 percent reached in February, the lowest since long-term mortgages began in the 1950s.

The 15-year mortgage, a popular option for refinancing, plunged to a fresh low of 3.11 percent from 3.21 percent last week. The previous record low of 3.13 percent was reached last month.

Find a mortgage professional

NAR: Houses More Affordable Then In Last 40 Years

The affordability of housing is at a record high in the United States, rising to levels unseen since the National Association of Realtors’ Housing Affordability Index started keeping record in 1970, the National Association of Realtors reported March 6, 2012.

In January, the NAR Housing Affordability Index rose to 206.1. The number represents the relationship between median home prices, median family income and average mortgage interest rates. The higher the number the more affordable homes are to the median household.

A score of 100 represents the point in which a median-income household can qualify for the purchase of a median-priced existing single family home. The score of 206.1 found in January means that a typical family has more than double the income needed to purchase a median-priced home. This is the first time the housing affordability index has broken the 200 mark.

The 2012 Housing Affordability Index should remain at record-high levels over the course of 2012, with little change in home prices and interest rates expected this year.

Massachusetts Buyer Agent Group 'Cautions' Consumers Regarding the Purchase of Short Sale Homes

A mini controversy erupted last week when the Massachusetts Association of Buyer Agents (MABA) issued a press release that cautioned home buyers about the potential pitfalls of purchasing short sale properties, which are homes that are being marketed at a price that is below the mortgage balance owed.

In a short sale, sellers must receive approval from their lender in order to proceed with a short sale. Simply put, the seller is asking a lender to forgive the balance of the loan, and, in case you haven't heard, there isn't anything short about a short sale. Lenders are not in any hurry to forgive the balance of the loan, but lenders do in many cases. Nearly all short sales involve homeowners behind on their mortgage.

I should disclose that I have been on the MABA Board of Directors since 2010, and I can tell you the nonprofit organization is made up of men and women who really care about protecting home buyers from making real estate mistakes they'll regret in the future and getting those home buyers the best deal possible.

The press release resulted in an article in Banker & Tradesman that had a headline, which read "Buyers’ Agents Caution: Stay Away From Short Sales, If You Can." The article quoted MABA president Sam Schneiderman, and it led to many angry comments on the B&T Web site from individuals making money from short sales. That article led to a post on Attorney Richard Vetstein's real estate law blog titled, "Why Is The Massachusetts Association of Buyers Agents Scaring Short Sale Buyers?" Even Boston.com's Boston Real Estate Now blog reported on the brouhaha in a post titled, "Why is Sam and MABA so down on short sales?"

There are a few important points that should be made about this war of words. First, the MABA press release, which is printed in its entirety below, doesn't urge consumers to stay away from short sales. It urges consumers to use caution and to work with qualified professionals who understand the short sale process and potential pitfalls. That sounds like pretty solid advice to me.

Second, short sales are a hassle for buyers because they are unpredictable. From my perspective as an exclusive buyer agent, it isn't a whole lot more work than any other transaction. The agreement just potentially takes a long time to close. I have made offers on many short sales over the past several years for clients and some have proceeded to closing and others have not. Some deals take a couple of months to get lender approval and other short sales take six to 12 months for short sale approval. The lender may choose to not approve the short sale. Most of the short sales that I've worked on that didn't make it to closing involved buyers that just got tired of waiting for lender approval. The experience of the listing agent plays a large role in whether short sale transactions proceed smoothly. Of course, as a buyer, you have no control over who the seller hires to list his or her home. 

The third point I want to make is that buyers of short sales really should have an attorney experienced with short sales draft the offer. The standard form offer used by most real estate professionals, in my opinion, is not adequate to use for a short sale offer. In many cases, the lender will want a purchase and sale agreement signed before it will consider approving the short sale. 

Well, here is the press release in question. As you'll see, it really wasn't that controversial, but the subsequent dust up was fun to observe none the less.

 

ASSOCIATION OF MASS BUYER’S AGENTS CAUTIONS CONSUMERS ABOUT SHORT SALES

‘Despite All the Activity in the Short Sale Market, Many Never Close,’ says MABA President

Boston, MA – February 6, 2012 – Short sales, for some time now touted as a way for sellers to get out of homes that are “underwater” and for buyers to get that dream house at a bargain price, may not be delivering on either count.  Despite all the activity in the short sale market here in Massachusetts, many of these transactions never close, says Sam Schneiderman, president of the Massachusetts Association of Buyer Agents.

If you’re not familiar with how short sales work, here’s a brief rundown.  The short sale is an option for a homeowner who may be facing foreclosure – or is simply looking to move or divest of a property.  The bottom line is the seller can’t get enough money for the property to pay off the mortgage balance in full.  The process can become quite complex as the mortgage holders are under no obligation to accept any offers by prospective buyers.  The homeowner must convince the lender or lenders to accept less than the total amount due.  Some will, some won’t – depends on the lender, the property involved, market conditions, and the seller’s financial position.

Schneiderman, who has been in the real estate business for the past 28 years, has been tracking short sales for MABA and says the figures don’t lie.  “I found that depending on the community, 30 to 50 percent of these deals never closed,” he says.  “There’s this excitement, this fantasy about short sales, because they appear to be good deals, but the reality is quite different and consumers need to beware of the challenges and difficulties associated with these transactions.”

According to Schneiderman, many buyers who pursue short sales have little or no idea what they’re getting into.  They don’t understand the process or know what questions to ask – who is the lender or are there multiple lenders, are there other liens on the property, how are offers to be submitted/reviewed, etc. – and vastly underestimate how long a successful (yes, some go through) short sale can take.  It could be six months or more.

If you’re inclined to pursue a short sale, teaming up with a qualified buyer’s agent who has a thorough knowledge of the short sale experience is essential, says Schneiderman.  “First off, they’ll know the fair market value of the property, and they’ll know what questions to ask up front, and what documents to request and review.  And while it doesn’t guarantee that the short sale will work out for you, at least you’ll know what you’re getting into and with the right agent – one who is both committed and loyal to you – your interests will be protected.”

Here are some key questions that Schneiderman and MABA recommend asking buyer’s agents before making the decision to work with them on a short sale or other real estate transaction; additional tips and resources can be found on the organization’s website at www.massbuyersagent.org. 

• What specific training and designations do you have as a buyer’s agent? 
• How long have you worked as an agent and how long have you worked on the buyer’s side?
• What types of properties and transactions are you most knowledgeable about?
• Do you show For Sale by Owner (FSBO), short sales, and foreclosed properties?
• How will working with you give me a competitive advantage when I make an offer?

About the Massachusetts Association of Buyer Agents (MABA)
Founded in 1990, the Massachusetts Association of Buyer Agents (MABA) is a non-profit organization of select real estate agents dedicated to the highest ethical standards of buyer agency.  They advocate for buyers at each step of the process – from initial negotiations through closings – when purchasing a home or condominium.  With their comprehensive knowledge, member agents are a critical resource to first-time buyers, those moving into the state through relocation, and repeat buyers seeking to streamline the purchase process.  When working with home buyers, MABA agents’ allegiance is to the buyer only and their transaction – never to the seller, the seller’s agent or the listing brokerage company.  For additional information on MABA and a free list of MABA buyer’s agents, go to www.massbuyeragents.org.

Five Quick Tips After You Move In To Your New Home

There is more to moving into your new home than just unpacking

So you moved into your new home. Packed boxes sit on your floors and furniture has yet to find its proper place. While unpacking and arranging the rooms within your new home are typically the focus of the move-in process, there are several other equally as important tasks that should be carried out before you settle in.

Change the locks
Although you were given the keys to your home at closing, there is no telling how many copies are out there. The past owners likely gave keys to family and possibly to friends or a neighbor. Changing locks is relatively easy and not very expensive.

Re-program the garage door opener
Same as changing your locks, you never know if there is another garage door opener out there. Most garage door openers have reset buttons that will change the code used to open your door. If you do not have the original manual with instructions, give the manufacturer a call for help or download the manual from the Internet. If there is a keypad mounted by the door, make sure to also change that password.

Install new batteries in smoke and carbon monoxide detectors
In Massachusetts, the local fire department has tested on behalf of the seller the smoke and carbon monoxide detectors in your home before the closing; however, it doesn't hurt to replace the batteries.

Change the furnace filter
Many furnace manufacturers recommend filters being replaced once a month during the heating season. Not all heating systems have filters, but those that do should be replace per manufacturer's instructions. While some of the high-end filters don’t require so much attention, it is still a good idea to check the filter each month, and it is always a good idea to change the filter when moving into a new place. Who knows how long it’s been since the past owners changed the filter. A good home inspecter probably showed you how to change the filter, or as least located it for you, during the home inspection. 

Replace the toilet seats
Maybe you won’t be bothered by using the current toilet seat, but most people prefer to purchase new ones.  Enough said.

NAR Revises Down 2007-11 Home Sales Data

In what can only be described as a shocking announcement, the National Association of Realtors (NAR) reported last month that it overstated about 3.5 million home sales in the United States from 2007 through last month.

NAR revised down its sales from 2007 through October 2011 more than 14 percent, from 24.8 million to nearly 21.3 million. The trade group said that among the reasons/excuses for the lower figures were changes in the way the Census Bureau collects data, population shifts and some sales being counted twice.

The sharp revisions could cast doubt (or further doubt depending on your opinion) on future sales numbers from NAR.

NAR said it trusts its new figures, which were checked by government agencies and CoreLogic, the California-based real estate data firm that first opposed issues with NAR's numbers earlier this year. The new figures show that sales fell in three of the past four years since the national housing market began to drop in 2006. Declining prices and record-low mortgage rates haven't been enough to boost sales.

The NAR numbers are important to economists and large corporations interested in the national economy; however, NAR housing numbers are not very relevant to an individual home buyer. An exclusive buyer agent can provide market data for specific cities and towns and even neighborhoods. That specific data is much more relevant.

Already High Massachusetts Closing Costs on the Rise

Already one of the costliest states in the country in terms of closing costs, average Massachusetts closing costs are on the rise, the Worcester Business Journal reported August 29, 2011. 

According to a report by Bankrate.com, a national financial advice Web site, Massachusetts closing costs have risen about 5.4 percent since last year. Although lower than the National closing costs increase of 8.8 percent, Massachusetts is the 15th most costly state in terms of closing costs in the country.

“Last year the average cost to close on a $200,000 mortgage with a 20-percent down payment in Massachusetts was $4,025. This year, that figure was $4,244, including $1,594 for loan origination and $2,650 for title and closing fees,” reported the Worcester Business Journal.

The increase in closing costs may have something to do with the rising number of foreclosed and distressed properties on the market.  Distressed property closings take more time and legal paperwork, and thus more money than a typical closing may require.

It isn’t just legal fees that are on the rise, we could also see costs of appraisals increase in the near future.

Appraisal costs may be on the rise starting this month, as new federal law requires appraisers to use a more detailed form, known as the Uniform Appraisal Dataset, for any home mortgages sold on the secondary market to organizations like Fannie Mae and Freddie Mac. With the new form being more labor intensive and taking up more of an appraiser’s time, it would be no surprise to see costs for appraisals to increase.

Prospective home buyers should closely consider closing costs when deciding on which lender to use because such costs impact the overall cost to of borrowing. Real estate buyer agents and real estate lawyers can help home buyers evaluate potential lenders.

Receive a referral to a competent mortgage professional.

$5,000 Grants For First-time Military Buyers

Active duty personnel, veterans, retired members of the military, and employees of the U.S. Department of Defense and the Department of Homeland Security are eligible to apply for up to $5,000 in down-payment and closing-cost assistance in the purchase of a first home.
 
The national nonprofit Pentagon Federal Credit Union Foundation is offering the assistance through its Dream Makers program and says the grants can be applied to a mortgage from any financial institution.

You're eligible for a Dream Makers grant if:

1. You're Military (Active Duty, Reserve, National Guard or Veteran), a Department of Defense employee or a Department of Homeland Security employee.
2. You're a first-time home buyer, or you have not owned a home for the last three years, or you have lost your home through divorce or disaster.
3. The gross household income, including allowances, that you use to qualify for your mortgage loan is:
   - A maximum of $55,000 per year, or
   - A maximum of 80% of your community’s median income based on your family size

Should My Buyer Agent Provide Showing Feedback?

Recently there was a blog post on ActiveRain, an on-line hangout for real estate professionals, from a real estate agent who basically was complaining that other agents were not providing him feedback for his listings after showing the property. The writer suggested that agents who didn't leave feedback lacked professionalism.

I could not disagree more.

If my client is interested in a home, I don't provide feedback. Why would I tell a listing agent anything about what my client is thinking and possibly compromise that buyer's negotiating position? My obligation as an exclusive buyer agent is to my client, and my client only. Period.

Even if my buyer isn't interested, I am only going to provide very general feedback, i.e., the layout didn't work for the buyers. If my buyer shows any interest, then I generally do not provide feedback, unless I think it might actually help with a future negotiation.

Some other real estate agents commented on the post about cooperation between agents, and suggested that is a reason to provide feedback. Although, I think we all should act professionally towards each other and be courteous, I have a fiduciary responsibility to do what is best for my buyer, and I just don't see how providing feedback to a listing agent helps my buyer who may want to make an offer.

My only goal is to get my client the best price and terms possible.

Amended Massachusetts Law Changes Homestead Declaration Protections For Homeowners

The Commonwealth of Massachusetts provides homeowners with a “homestead” to protect the possession and enjoyment of the owner and his/her/their family against the claims of certain creditors by preventing the property from execution and forced sale, as long as such person occupies or intends to occupy such property as his or her principal place of residence.

In December 2010, Massachusetts updated Massachusetts General Law, chapter 188, §§ 1-10, originally enacted in 1851, giving homeowners expanded protection and also clarifying several ambiguities in the previous homestead law.

Under the amended Massachusetts Homestead law (Estate of Homestead):

• Massachusetts homeowners will receive automatic $125,000 protection against debt collectors (if they hold that much equity in their home) without having to do anything.
• Homeowners can elect to file a homestead declaration with the Registry of Deeds, which will give homeowners up to $500,000 in equity protection from non-exempt creditors.  Homestead forms, or homestead deeds, are filed at the Registry of Deeds in the county in which the residence is located. The filing fee ranges from $35-$100.
• For married couples, both spouses will now have to sign the form.  If a single person declares a homestead and subsequently gets married, the Homestead automatically protects the new spouse.
• Homesteads now pass on to the surviving spouse and children who live in the home.  The protections also remain for transfers between relatives.
• There is new protection for homeowners who receive insurance proceeds from fire or other damages.
• There has always been confusion whether a homeowner had to re-file a homestead after a refinance.  The new law clarifies this issue – homeowners do NOT have to re-file a homestead after a refinance.  Under the new law, Homesteads are automatically subordinate to mortgages, and lenders are specifically prohibited from having borrowers waive or release a homestead.
• Homesteads are now available for single families, condominiums, coops, manufactured homes and now for 2-4 unit homes; and also for homes that are held in a trust for estate planning or other reasons.
• Closing attorneys in mortgage transactions must now provide borrowers with a notice of availability of a homestead.
• There is no need to re-do/re-file an existing homestead under the new law.

What a homestead exemption does is protect the property against attachment, levy on execution or a court-ordered forced sale to satisfy payment of a debt.

Under the statute, there are exclusions from the homestead protection, including:  (1) federal, state and local tax assessments, claims and liens; (2) existing liens recorded prior to the creation of the Massachusetts homestead; (3) existing recorded mortgage(s); (4) spousal or child support court orders; (4) whenever the buildings or land on which the property exists are otherwise attached or transferred; and (5) upon a court order to enforce a judgment based upon fraud, mistake, duress, undue influence or lack of capacity.

It is strongly advised that consusmers consult a licensed attorney for assistance in recording a declaration of homestead.

Agents Failed to Disclose Whose Side They're On

Earlier this month , a state investigation found that only 6 percent of Massachusetts real estate licensees properly disclosed to consumers whose interests they represent.

The Division of Professional Licensure, the state’s regulatory agency responsible for assuring regulatory compliance and the integrity of the licensing process, had individuals pose as consumers and visit 200 real estate offices around the Commonwealth.  In only 12 instances, or 6 percent of the time, the real estate licensees disclosed whose interests they represented.

Yet another reason to shop for a home with an exclusive buyer agent.

In order to protect consumers, state regulation requires real estate agents to disclose who they are representing (the buyer or the seller) when discussing a specific property.  Agents from over 40 cities and towns who failed to comply with these rules during the investigation will be receiving warning letters that threaten the termination of their license, if the unlawful practices continue.

“Adhering to these regulations is a simple task, but a very important one for real-estate brokers to follow,” said Barbara Anthony, the Undersecretary of the Office of Consumer Affairs and Business Regulation. “This disclosure is a fundamental piece of a transparent relationship between a broker and a homebuyer.”

It also is important for consumers to do their homework before starting the home-buying process. Simply deciding one day to start going to see open houses isn't a very good home-buying strategy.

A Credit Score Check Up Before House Hunting

A article published September 8, 2010 by RISMedia discussed checking your credit score and taking steps to improve it before starting your home search.

In the current lending environment, a credit score is crucial to getting the best financing terms and conditions.

The article suggests working on your credit about six months before starting to look for a home.

Read the entire article about credit scores.

More Time For Tax Credit For Military Families

Military families seeking to buy a home can count on a little tax help.

The Homebuyers Tax Credit which provides eligible buyers with a tax credit of $8,000 for first-time buyers and $6,500 for repeat home buyers ended on April 30, 2010 for civilians; however, active duty military or those on extended overseas duty have until on or before April 30, 2011 to have a binding sales contract in place. The bill also exempts qualified service members on official extended duty from tax credit recapture rules.

It's the least the government can do for these servicemen and servicewomen who sacrifice so much.

The Worker, Homeownership, and Business Assistance Act of 2009 provides a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence and a tax credit of up to $6500 for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The tax credit is available for eligible purchasers who have a binding sales contract in place by April 30, 2010, and close by June 30, 2010.

Realizing that members of the military, the Foreign Service and Intelligence Community have unique circumstances the bill has special provisions for this group:

• Tax credit extended for one year for military personnel serving outside the United States for at least 90 days during the period beginning December 31, 2008 and ending May 1, 2010.
• Eliminates the 36-month recapture requirement for military personnel, including members of the Foreign Service and intelligence community, forced to sell or move from a tax credit home as a result of an official extended duty of service.

Visit IRS.gov for more information on qualifying and claiming the tax credit.

Grants Available For Haverhill, MA Foreclosure Homes

First-time home buyers in Haverhill, MA may be eligible for grant money to make repairs to foreclosed homes, as a result of a partnership announced between MassHousing, the City of Haverhill and Haverhill Bank announced April 15, 2010.

For more information, check out the post on MassForeclosed.com.

MassForeclosed.com also provides free foreclosure home listings for Massachusetts.

Massachusetts Residents Get Tax Filing Extension

Massachusetts residents hardest by March's severe weather will have a little more time to file their taxes this year.

The Massachusetts Department of Revenue announced Wednesday that residents of seven counties in eastern and central Massachusetts will have until midnight on May 11 to file their state income tax returns.

The announcement follows a similar announcement by the Internal Revenue Service setting the same May 11 deadline for federal tax returns.

The seven counties where residents will receive the extension are Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk and Worcester.

The federal government has declared the seven counties major disaster areas, freeing up federal aid to residents and households for damages caused severe storms and flooding that began March 12, 2010.