Lexington Foreclosures

The Pros of Buying a Foreclosed Property in Lexington, MA

One of the towns in Middlesex County in Massachusetts is Lexington, which is a part of the Greater Boston area. Currently, it is known as the sixth wealthiest city in the entire United States country. This town has a historical significance, particularly during the Revolutionary War. Today, it is still recognized as one of the best places to go to if you would like to see several parks, monuments, and buildings from the Revolutionary and Colonial eras.

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Winchester, Arlington, Bedford, and Burlington are just some of the areas that this town borders. It is, therefore, more expansive than the other municipalities that it surrounds. Most of the town is made of land, and less than one percent is water.

It is the home of the Revolutionary Monument, which is the oldest standing memorial of the war. It also has other landmarks, including the Old Belfry, the Old Burying Ground, and the Buckman Tavern. There are libraries, museums, parks, retail shopping, and art galleries in the town center. It is an excellent place for families and everyone who wants to live in Massachusetts.

Real Estate Details

This town may not be the ideal area for you if you are looking to purchase an affordable property. The home values here average at least $975K, which is why it is difficult to buy an inexpensive home, mainly because it is a sellers’ market. Additionally, the home values have increased almost three percent compared to last year. It is predicted that these numbers will rise even more – up to three percent – next year.

The median list price here is $508 per square foot, which is so much higher than the Boston Metro, which only has $276.

Advantages of Buying a Short Sale, Bank-Owned, or a Foreclosed Property

While the prices of the homes here may not be affordable, there are at least three homes in foreclosure for every 10,000 properties in this area. It is larger than the US value, which is only 1.6 per 10,000. About 0.4% of the homeowners in this area have a problem paying for their mortgage, and two percent are underwater on their mortgage.

Nevertheless, as a homebuyer, you can take this opportunity to buy a property in this town. The good news is that you do not have to be capable of purchasing the homes here based on the median list price or their current values. It is because you can turn to distressed properties that are on the market with reduced rates.

Although purchasing a home undergoing a foreclosure process means that you will be able to buy it at a lower rate than usual, you should still carefully budget your money. You may also need the right team of real estate professionals, along with the mental resolve to complete the whole purchase process. With that said, buying a foreclosed property is not as hard as other people think, especially with the knowledge and a good agent behind you.

The primary reason why you may want to look for foreclosure in this town is the potential to get a great deal out of the current homes here. The properties in this area are expensive, so they can be difficult to afford, especially if you want a cheaper house.

If you plan to purchase a property on a short sale or one that is owned by a lender, you may even get a discount, aside from the low asking price. The reason behind this case is mostly not because the property has some problems or needs repair, but because the seller does not want to hold on to the house. Therefore, he or she may be willing to offer a discount to get rid of it.

In a wealthy town like Lexington, you have the chance to purchase a foreclosed home in every price range, including starter houses, condos, and even luxury mansions. There are several desirable neighborhoods in the area where you can buy the property you are looking for, whether it is small, medium, or large.

Although the homes here can be expensive, even if they are foreclosed or being short sold, most are still in good condition. Therefore, upgrades and repairs may not be even necessary. All you need to do is to be prepared to look and have your finances ready so that you will not have to compete with the other buyers in the area.

Another good thing about these distressed homes is that they are financially advantageous. The price is below the market rate, and the value of the home will most likely appreciate in the coming years. Therefore, these properties can give you an advantage if you are planning to sell them when the time comes.

A recently sold foreclosed property in Lowell Street was bought for $1.33 million. The home had six bedrooms and five and a half baths in a 4,290 square foot area. If this property’s owner was not in trouble and he or she decided to sell it, it would have had an asking price of at least $2.17 million. You can already see just how much savings you can get out of similar homes in this town. With good decision-making and the right information, you can genuinely receive some financial gains out of these properties.

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