Many potential homebuyers will consider buying a foreclosed home because conventional wisdom says they will be able to purchase a home at a discount. Yet are foreclosures in Morris County sold at a reduced price?
When looking solely at the median sales price, Morris County foreclosures are sold 34% less than the average non-distressed home (not a foreclosure or short sale.) According to RealtyTrac, the nation’s largest foreclosure reporting firm, in November of 2013 the median sale price of a non-distressed home in Morris County was $389,500; while the median sales price of a foreclosure in Morris County was $255,000; a 34.5% reduction or $134,500 savings. The state of New Jersey overall had a 36.4% reduction in sales price or a $100,000 savings.
If you’re searching for a home or foreclosure to purchase in Morris County or anywhere in Northern New Jersey, search online at www.alpharealtygroupnj.com .