Worcester named “Hot Spot” in Massachusetts real estate market

As many real estate professionals may already know, Worcester has become a “hot spot” for Massachusetts real estate. According to a study ranking Massachusetts residential real estate transactions, Worcester was rated in the top ten in the state for having a great housing market. It is a unique situation, according to the CEO of Worcester Apartment Rental Agency, that is probably only seen in a few select cities around the country.

Due to a combination of dynamics, Worcester housing sales numbers were up almost 50 percent from this period last year. High rent and low property values may be partially credited with the top ten ranking, say local real estate agents. The study looked at the number of homes sold along with the average selling price. The study found that single family homes were responsible for a 73 percent of the increase over last year’s figures. Condominium sales accounted for 31 percent of the increase with an almost 10 percent increase in multi-family homes.

The average price of a single family home in Worcester was about $170,000. Some of the city’s colleges, employers and family-friendly activities were also considered an asset in the study when considering where to purchase a home. One realtor said the mild winter weather along with an increase in buyer confidence lead to the increase in sales and he expects the trend to continue.

And the Worcester area is also a prime location for first-time home buyers. With the increase in rental rates and the low purchase prices being offered along with the current low interest rates finding a bargain is easier than ever. However, navigating the market can be a bit tricky for first-time buyers who want to take advantage of the buyer’s market and current government incentives offered. Consider consulting with a residential real estate attorney who knows all the ins and outs of the process, including financing, short-sales processes and title issues.

Source: GoLocal Worcester, “Worcester Named a Hot Spot for Real Estate,” Ashley Klann, June 19, 2012