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Housing slump affects premium home sales in Worcester

The changes in the economy can significantly influence the housing market and when residents are willing to sell their homes. The Massachusetts housing crisis is impacting all of Worcester's homeowners, including its wealthier residents.

Residential real estate sales of high priced area homes have fallen as well as the sales of more modest residences. This has caused the owners of modest homes to hold on to their properties longer than they have wanted. Though homes offered for a million dollars or more make up a small percentage of the residential real estate inventory in the area, the fact that they remain on the market for a long time suggests that even people interested in purchasing high-end residential property are wary of current economic conditions.

For interested buyers, however, the current residential real estate situation in Worcester offers some interesting residential property opportunities. While residential property experts suggest that the lack of competition for high-end homes may be resulting in favorable buying conditions for purchasers, others offer that improvements in lower-end residential property sales may bolster interest in more expensive housing options.

While many factors, such as the quality of local schools or recent crime rates may influence whether a buyer is willing to purchase a home in a particular subdivision or city, how well the residential property fits the buyer's needs is often a major factor. Many of the high-end homes currently on the market in Worcester offer unique amenities that some buyers may find impractical for their comfort.

For individuals who are interested in purchasing a home in the area, it may be worth visiting some of Worcester's high-end residential properties to learn more about what is available at various price points. Once a buyer has decided upon a home for purchase, that buyer will enter negotiations with the seller and the seller's representatives to finalize the terms of the sale.

While buyers may attempt to navigate the home buying process on their own, real estate specialists and real estate lawyers are highly trained professionals in the area of residential real estate sales and can assist in the detailed process of buying a home.

Source: Worcester Telegram, "High-end home sales lag in Worcester County," Brian Lee, March 24, 2013

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