Through the conserted efforts of the City Manager of Worcester, Michael O'Brien, and the Worcester Regional Association of Realtors, there will be many more homes sold in Worcester. The BUY WORCESTER NOW Program means that Realtors trained in the program will be able to post their Worcester listings onto a new BuyWorcesterNow.com site.
The Worcester properties will be eligible for special mortgage rates 1/4 to 1/2% lower than conventional financing, because many Worcester lenders have provided $75,000,000 in funds for the program. They will also qualify for special down payment programs, possibly through their company and the state, or through the American Dream Program.
Buyers will also save substantial costs for closing because the attorneys will be discounting their fees and title work. The merchants in Worcester are also providing incentives and rebates when the Worcester buyers move into their homes.
Contact your Realtor today to find out about this exciting program and take advantage of this amazing opportunity. Funds are limited. The Evergreen Realty Team was in the first training program for this great program, and we will be happy to answer any of your questions. We are excited about the success of this program.
The annual sales trends for the Wachusett Region demonstrate some interesting dichotomy. Generally speaking, the sales volume (the number of homes sold) reached a peak in 2004 and declined from there in most towns. The median prices peaked in 2005 and adjusted from there. The sales volume decline has been between 30% to 40%, and the entire county has experienced a 30% decline.
The numbers below demonstrate how each town in the area has experienced the decline in number of sales and median price changes.
ANNUAL SALES TRENDS FOR SINGLE FAMILY HOMES
Town
Sales 2004
Sales 2005
Sales 2006
Sales 2007
Median Price 2004
Median Price 2005
Median price 2006
Medium Price 2007
Berlin
39
31
27
35
$380,000
$395,000
$460,000
$349,900
Bolton
94
93
71
67
$507,500
$557,000
$582,400
$480,000
Boylston
67
45
50
41
$369,900
$363,800
$475,000
$378,000
Clinton
100
115
100
76
$234,500
$266,500
$250,000
$250,000
Harvard
86
85
49
55
$585,000
$596,000
$595,000
$528,000
Holden
294
267
251
191
$267,700
$289,900
$276,000
$277,500
Lancaster
99
69
56
68
$295,000
$325,000
$275,000
$268,000
Leominster
439
394
282
308
$240,000
$258,000
$257,500
$244,900
Lunenburg
175
168
124
104
$269,900
$294,500
$258,900
$244,900
Paxton
85
76
66
43
$295,000
$316,500
$280,750
$316,293
Princeton
45
48
30
41
$300,000
$377,500
$357,450
$273,500
Rutland
86
98
102
67
$259,450
$282,000
$284,125
$275,000
Sterling
108
96
80
65
$306,250
$319,500
$339,396
$325,000
W. Boylston
94
89
71
73
$289,000
$310,000
$260,000
$262,000
Westminster
110
108
92
82
$258,000
$280,000
$268,950
$252,500
Worcester
1485
1438
1303
1092
$220,000
$241,000
$231,000
$210,000
Worcester
9569
8886
7607
6604
$241,000
$269,900
$253,000
$240,000
County
Have we reached the bottom of the market correction? The economic trends for 2008 should verify this and other economic trends would indicate that this is a good time to buy. With interest rates drifting higher, any further price correction could be lost with the higher interest rates.
The credit crunch and accompanying foreclosures are a very real concern for our region. There are five banks which are working with the Federal Reserve Bank of Boston to provide relief to homeowners. The five banks are Citizens Bank, Sovereign Bank, TD Bank North, Webster Bank, and Bank of America.
You can get complete information and an education about this program at http://www.mortgagerelieffund.com/ The banks are working on an outreach program to borrowers to offer a solution to their mortgage wows before it becomes a serious problem. The program is directed at homeowners who have some equity in their homes and currently have kept up their payments, but who face some difficulty when their rate increases.
The banks are offering an opportuinity to refinance their high-rate loans into a more conservative product before the threat of foreclosure becomes a reality. They plan to be creative in finding solutions for borrowers and relieving the threatening financial worries.
The banks expect to incorporate Federal Housing Administration (FHA) insurance and beneficial aspects of state programs, which often include flexible underwriting and eligibility guidelines.
FHA, a branch of the U.S. Department of Housing and Urban Development (HUD), insures mortgage loans against default. FHA insured mortgages allow for a low down-payment - and the 3 percent minimum down-payment can come from family members, as a gift, or from charities. Sound competitive rates can be a great opportunity for homeowners to stabilize their mortgage expenditures.
Contact one of the banks and review the information at the web site for assistance. As always, our team stands ready to assist you in any way.
The amount of inventory has been increasing, but the number of homes that sold in 2007 is close to the 2006 rate in the Wachusett Region. The mortgage meltdown and accompanying credit crunch have caused the media to forecast "doom and gloom" at every turn. They believe it will sell more papers to write the bad news stories. If fact, the banks and government are working to support a reasonable recovery for the mortgage foreclosure problem. Good news--there should be changes in how loan officers and mortgage brokers take your most private information and hold them financially accountable to choose the right mortgage product for buyers.
Other factors in the ecomony, including the positive employment picture and robust stock market, will support the housing recovery. The year 2008 is expected to produce better growth and a positive housing picture. In the meantime, if buyers are planning to buy a home for the longer term, this is a very good time to buy a home. There is a great number of houses to choose from and interest rates are still very attractive.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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