The answer to that question is a resounding YES, according to Trulia, a residential real estate and data trending group. The group recently compiled data that examined homes for sale and homes for rent in the top 100 metro areas considered the largest in the country, including Worcester, Massachusetts. The data came from its database for listings in the months of June, July and August of this year. In every single market buying a home was less expensive than renting one, and by a big margin. It also stayed that way over a seven year period.
Residential real estate transactions can be a complex maze of rules, regulations and paperwork. Any number of things can go wrong from title declarations to land use and zoning issues when it comes to commercial real estate. And there are always price negotiations and inspections to deal with. But what went wrong for two men is they claim they were discriminated against by the Worcester Roman Catholic Diocese because they are gay. The two men were in negotiations with the Diocese over the purchase of a Northbridge mansion that sits on 26 acres and they intend to sue the Diocese for housing discrimination in the matter.
As many Worcester families already know, the foreclosure crisis has hit our area particularly hard. Now a national group called the Neighborhoods Assistance Corporation of America is trying to bring a little relief to the Worcester area by working with local residents to pair them with banks to find a solution to their mortgage issues. Having face to face contact with a lender can make all the difference, said the director of communications for NACA. Having the decision maker right there in front of the homeowner really opens up the communications and makes the lender see the person behind the numbers in the file.
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.
According to a recent review of United States Census Bureau data, the central Massachusetts area in and around greater Worcester has seen an increase in building and development activity, showing that many of these communities are bouncing back from a listless economy. New residential real estate is springing up all over for affordable housing, multi-family dwellings and single family homes and with it brings much optimism for the housing market in these areas.
A new Unified Code Enforcement Task Force consisting of fire, police, public works, building and health agents are pulling together to create a team approach for cleaning up the Framingham community. The group will focus on conducting field inspections and enforcing bylaws. The goal is to improve the quality of life and decrease fear and disorder in its neighborhoods. The assistant district attorney's office and Framingham District Court are also on board. Their first order of business? A walking tour of downtown.
With mortgage rates near 60-year lows, first-time Massachusetts homebuyers might be wondering if now is the right time to buy. Although the residential real estate market is not exactly booming and prices are somewhat depressed, these low interest rates and the improving economy point to the possibility of an increase in residential real estate transactions this spring.