Somerset Foreclosures: Do Buyers Save Money?

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 Somerset County sold at a reduced price?

When looking solely at the median sales price, Somerset County foreclosures are sold 45% 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 Somerset County was $375,000; while the median sales price of a foreclosure in Somerset County was $207,100; a 44.8% reduction or $167,900 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 Somerset County or anywhere in Northern New Jersey, search online at www.alpharealtygroupnj.com .