Worcester Market

[Andrew Beaver]

Hello All, I'd like some advice on the Worcester Ma market. From what I've seen on the market, Worcester has reasonable purchase prices, really solid rental rates, and close proximity to universities which is always a plus. I'm not too familiar with the good/bad areas in Worcester just yet but will be doing some "walking/driving for dollars" on the next month or two. I understand Worcester has its rough parts but overall there are some decent neighborhoods. Is there something that I'm missing about this city? I feel I could find a good owner occupy property with tenants playing a significant amount of mortgage/expenses... Any thoughts good/bad about the Worcester market? Thanks in advance for any input

[Steve Bracero]

@Andrew Beaver

Yes, I agree it takes alot of time to learn the area.. I also use craiglist and padmapper, rentometer to determine what the property will rent for in the area.. This will quickly give me the 1% test to see if the property is worth looking into. 

@Joshua Poitras 

Currently on the MLS I am finding that deals are very hard to come by.. and the homes in great locations are typically going very close or above asking price- they will also be off the market in a week or 2. I am not sure how long it will typically take to find a deal on the MLS- I have been looking for about 3+ months and seen about 15 properties, offered on 3 with decline and no negotiation. I may put down more earnest money in the future but feel my next step is learning how to create better offers-