Chelmsford Foreclosures

Chelmsford, MA Foreclosure Details

Over the past few years, Chelmsford home prices have been on the rise. In fact, the properties increased in value, including in sales with an average of $35,500 over the past year. According to statistics, the median home value for the first few months of 2018 in this area is $409,215, which is a 3.6% increase compared to 2017.

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It is expected that the prices will continue to increase with the possibility of reaching three percent more in average home values over the next few months this year. Compared to the current average of the Boston Metro, this town has a lower median list price of $241 per square foot. The Boston Metro has $268, which means that buyers may have better luck at finding affordable homes in this town than in Boston.

The prices of homes are generally less than $400K. It may seem that this place is much friendlier to buyers, but sellers will also find that the real estate market is pleasant. For those searching for lower than average prices for homes in this town, one of the best options is to find a home in foreclosure. For every 10K properties in this town, there are almost 12 foreclosed homes.

What to Know about Short Sale Properties in This Town

The real estate market in this area remains healthy despite more than six percent of homes that have negative equity. Precisely one percent of properties are delinquent on the mortgage, which is lower than the national average of 1.6%.

With some homeowners finding it challenging to pay their debts, they put their properties on a short sale in hopes to afford their loans. This town offers options for potential buyers and investors who are searching for a house or even a condo or apartment that has a lower price than the regular rate.

It is indeed an excellent opportunity to save on purchasing a property. For instance, this particular unit at 360 Littleton Road with two beds and two baths in a 930-square foot living space would typically ask for over $640K. However, since it was on a short sale, it was in the market for less than $160K with a price of $169 per square foot.

This particular home even had some amenities, including central air, wall to wall carpeting, and appliances like range, washer, refrigerator, and more.

Information on Bank Owned Properties

If you cannot find a home that a homeowner is short selling, you may want to try properties that are bank owned. Often though, they have a higher list price than the short sale homes. However, they still offer significant savings for a potential owner. For instance, this property at Reid Road, which is a single-family residence with three beds and two baths only asked for a little over $402,500. It has a total size of 1,056 square feet and has been in bank ownership since October last year.

For those who still find it difficult to locate low-priced homes in this town, they may want to look at auctions held by the banks. They will normally save at least 10% of the original price of the home.

In North Road, a single-family home with five beds and two baths in a 1,430-square foot space will traditionally ask for at least $610K. However, since this property was on a foreclosure sale, it was sold to its new owner for only $314K. The opening bid was around $143K.

Chelmsford is a Middlesex County town in Massachusetts and is bordered by two rivers, Concord and Merrimack. The area has many historical places, including the Fiske House, Middlesex Canal, and the Oliver Hutchins House. It also has some popular activities for families, especially young children all year round. The town also has adequate shopping centers, restaurants, and other hotspots.

Transportation is also not a problem here since it has a desirable location right at the intersection of key US highways, namely Route 3 and I-495. You will also find the state routes in this town, including 3A, 129, and 110.

It has several neighborhoods with North Road, Old Westford Road, Drum Hill Road, and Graniteville Road as the places with the most expensive homes since 2000.

Westlands, Billerica Road, and Mill Road, as well as the town center, are also among the neighborhoods that many would want to live in but they cannot afford the expensive properties here. However, with short sale and bank-owned homes, potential homebuyers and investors can easily purchase houses in the mentioned neighborhoods.

The town has more foreclosed homes than most of the surrounding areas, which is why numerous buyers flock here to search for a house. There are a few ways to purchase this type of properties, including contacting the seller personally or visiting the bank. You can also go straight to a lender that is offering delinquent properties, or you can participate in auctions.

Be aware that auctions can take months before a sale progresses. The same goes for short sale properties. If you are not in a hurry to purchase and live in the home, these foreclosed houses may be worth your time.

Additionally, some of them are not in an ideal condition, which means that you may have to spend more money on repairs than purchasing a home that is not bank-owned or on a short sale. Nevertheless, these properties indeed provide a way to save and own a home in this town.

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