Housing Market around Sterling and Lancaster Massachusetts

Asked by Joe Manigat, Massachusetts (relocating from overseas) Fri Jan 4, 2008

I’m relocating to Central Massachusetts with children. Based on data on the MA DOE website, it appears both the Wachusetts and Nashoba Regional School Districts are very good. Does anyone know how the market is around Sterling, Bolton, Lancaster and the surrounding area? As a rule of thumb, should we offer 10 to 20% lower than the asking price?

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Ann Marie Be…, Agent, Sterling, MA
Tue Jan 8, 2008
Hello,
The markets in Sterling, Bolton, Lancaster and surrounding area are great! Especially great for buyers! As you know, the schools in the area are top notch, the communities are great! Most of the towns have excellent commuter access such as Sterling which has I-190 which you can reach in minutes, rte 140, rte 62 and access to route 2, 495 and many others in less than 15 minutes! As far as buying a home there is no better time than now. The rates have just been lowered and the prices have been consistently lowering over the last year! With low home price and low rates there wont be a better time to buy. As far as offering price, I could go through all the statistics but in laymen’s terms, each house is different and depending on if it is priced correctly or not a buyers agent will sit down with you, evaluate the homes you look and show you in black and white what the reasonable offering price would be. As you well know some sellers are much more motivated than others right now and that also is a contributing factor to what they will accept as a bid for their home. Either way feel free to contact me or research any community info you would like on my website!

Happy New Year
Ann Marie
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Gerry Bourge…, Agent, Leominster, MA
Fri Jan 4, 2008
Hello Joe,

The Central Mass area is a great area to live. Here is one of the first affordable areas within a reasonable commute to major employment areas. Many of the towns have a rural flair but are not too far from anything (shopping, employment, entertainment, etc.) either.

Specifically, you will find Bolton to be pricier than Sterling or Lancaster (for a similar house). Sterling and Lancaster will be more similarly priced.

There is no 'rule of thumb' really. We are seeing average sale to list price ratios anywhere from 98% to 95% on average (contact me and I can break it down by specific price range if you wish). In this area, the buyers appear to be waiting for the sellers to list their property 'At Market' and it will sell. It is highly unlikely that you will see 10% off of list price, let alone 20%. (The sale to original price ratio in this area is around 90% however it is much higher for properties that are recent to the market as the sellers are much more realistic with pricing).

Actually, I just finished compiling some year-end statistics and am seeing that the number of 'Single Family' sales are actually UP over last year in many of the more desired towns in this area. Basically, a good house that is competitively priced will sell. The 'junk' (for lack of a better descrption) is just sitting.

There are other towns that you may want to consider as well depending on your desired commute time and/or desired price range. Harvard, Lunenburg and Westminster come to mind.

I do service all of these towns so feel free to contact me if you would like more specific details on the market or the area.
Web Reference:  http://www.REALTYMAN.com
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