slides: Central Mass. Homes That Slashed Their Prices

Tuesday, May 08, 2012

GoLocal News Team

The real estate market in Worcester County is enjoying a comeback, but there are still deals for house hunters. 150 homes in Worcester that are on the market currently have reduced their prices. GoLocalWorcester gives you a look at some of the properties that have slashed theit prices in order to make a sale.

According to the Warren Group 2,350 single-family homes in Massachusetts sold in February, which represented the highest February total in five years.
Sales have risen in seven of the past eight months.

Central Massachusetts is also enjoying a stronger real estate market. The Warren Group's statistics show single-family sales rose 16 percent year-over-year for January and February across the state.
In Worcester County, the increase was 28 percent.

Patricia Murray of Coldwell Banker is representing the owners of 87 Vassar Street in Worcester. They have reduced their asking price from $198,500 to $159,700.

Motivated sellers

Murray said, “We didn’t get offers so we reduced the price. Price changes are based on the motivation of the seller.”

Inventory across the Bay State has been relatively low. Murray said, “For the most part, people are not moving unless there’s a specific reason like a new job. If it is just to increase their home because they have more kids, they are not moving.”

Murray said the last few weeks activity has really started to pick up. Buyers have been entering into bidding wars and have been purchasing homes above the asking price. Murray also said the market is currently flooded with not just first time home buyers, but a range of clients.

Pricing your home to sell

David Stead is a real estate agent with RE/MAX Advantage said the market is very active. Stead said, “Things are more balanced. Inventory is lower. People are competing for homes and driving up the prices. I just put three homes on the market this week and already have two offers.”

Stead did caution sellers from pricing their homes too high if they really want to move it. He said, “Sellers try to push the envelope from the beginning of the process and then they have to reduce their price and it is on the market for longer.”

When a deal falls through

Barbara Rybicki of Coldwell Banker Residential Brokerage is presenting clients who’s home went under agreement and then the buyers couldn’t get financing.

Rybicki said, “Fortunately it is not often, but when it happens it is a nightmare for both the owner and buyer. It is very emotional.

Rybicki said she represents clients in the Metro West section of the state and there seems to be less room for negotiation right now. Rybicki said, “However, the moment we go to Worcester county we are seeing a longer period time to sell and more room to negotiate.”