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 Union County sold at a reduced price?
When looking solely at the median sales price, Union County foreclosures are sold 47% 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 Union County was $286,250; while the median sales price of a foreclosure in Union County was $150,000; a 47.6% reduction or $136,250 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 Union County or anywhere in Northern New Jersey, search online at www.alpharealtygroupnj.com .