Danvers Foreclosures

Danvers, MA and Its Foreclosure Data

The town of Danvers is in Essex County and is situated on the river with the same name. Initially, though, this place was recognized as the Salem Village where the Salem witch trials were held. Aside from the historical happening, this town is also known for its state hospital that carries its name as well as the Liberty Tree Mall.

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The river surrounds the whole town in which it starts close to the southeastern corner of the area. It is connected to different other bodies of water, including the Crane, Porter, and Waters Rivers. The town is about 17 miles north of the city center of Boston, which is almost halfway between the state border of New Hampshire and Boston.

The town is also enclosed by other areas, including Beverly, Peabody, and Middleton. Both Route 128 and I-95 pass through the town, which is east of Peabody junction. Several MBTA buses pass through here between Beverly and Peabody. The town does not have a commuter rail service although the MBTA Commuter Rail passes through Beverly and Salem.

When it comes to the town’s real estate, the neighborhoods that have the most expensive homes include Burley’s Corner, Hathorne Hill, Danversport, and Tapleyville. The town center, High Street, and Purchase Street also have their home prices appreciating for almost 20 years now.

The median home value in this area is $456,127 with single-family homes and apartments mostly making up the real estate properties in town. The monthly rental rate averages $1,808 per month, although more than 67% of the people here have their own homes. The real estate numbers in this town are quite favorable, especially to homebuyers. The housing costs may be a little high, but they do not compare to the prices of the other communities in Massachusetts.

With a median sales price that goes over $420K, the homes in this town are estimated to be worth $243 per square foot. The area can easily be accessed by car, but many of the residents also use public transportation. Some people visit certain places by foot, which makes the place quite walkable.

Short Sale Properties in Town

The market is hot for both the buyers and the sellers, although the latter seems to be enjoying more benefits. The home values are up at least three percent since last year, and it is estimated that they will continue rising at least four percent more within the next year.

For homebuyers, the median list price per square foot is attractive, especially since the Boston Metro has an average of $268. However, those who are searching for more ways to enjoy much lower prices on homes can turn to short sale properties. Such homes are a result of a homeowner not being able to pay for his mortgage, which is the first step toward the foreclosing process.

In this town, about 2.6 properties are foreclosed for every 10K, and this number is higher than the national average of 1.6. The percentage of delinquent mortgages in this area is 1.2%, which means quite many homeowners are underwater on their mortgages. What this statement says is that these people owe more than the total value of their home. For this reason, they look for ways to pay their debts and one of them is through a short sale.

If you are targeting a short sale in this town, you should always be alert because they do not last long on the market. You should be updated to know which neighborhoods have homes that the owner is short selling. For instance, a house in Donegal with four bedrooms in a 2,452 square foot property had an asking price of $290K, which was at least 14% off its original cost.

The property was on a short sale when the owner missed some payments. To avoid going through the foreclosing procedure, he sold the property to a new owner.

Bank-Owned Real Estate

Aside from short sale properties, there are also bank-owned houses in the town, including one at Vista Drive, which only asked for $309,900. It was at least $74k less than the original value of the home. The property had three beds and two baths and it was purchased in an auction.

Another home that was listed and found a new owner had an asking price of $652,500 or $426 per square foot. It has two beds and two baths with square footage of 1,530. The property is situated in a good neighborhood where the pricing usually is higher than $500 on average.

Some properties are in initial default, which is known as pre-foreclosure. It means that the owner has missed one or more payments and he is now considered delinquent. Most of the time, the homeowner can choose to avoid a full foreclosure by selling the property at an attractive price.

Danvers is a nautical town with parts that are somewhat historic and are touching bodies of water. Locals and visitors will enjoy the scenery and some waterfront activities. Whether you want to purchase a home that is on a short sale or one that is bank-owned, it is essential to know the history of the property.

Nevertheless, most of the homes in this area are well-taken care of, and some have even been upgraded. You can talk to a real estate agent to make sure that you are at an advantage over the bargained prices.

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