Are there any foreclosures in Chatham NJ?

Are there any foreclosures in Chatham NJ?

With all the media attention on foreclosures, it is no wonder that buyers everywhere are looking for foreclosure properties to finally get them into a house for a steal!  Obviously, we all, (myself included) want to pay the least we can.  Sometimes that means a "distressed" property.  Sometimes not really...

What does that mean? 

Well, once upon a time (1993) I did a little research ... I checked the stats of average sales prices for about 25 towns in New Jersey.  I did it to help me choose stable communities in which to work.  In other words, I looked at average sales prices for about 10 years and noticed that some towns had prices that went up and down with every hiccup in the economy.  Their average prices looked like a roller coaster, when you graphed them out.  Others looked like kids' rides ... slightly milder ups but with tiny down periods. 

Look, I like a thrill as much as the next person, but I'd rather save that for my trip to Great Adventure!  When it comes to owning real estate and making a solid living selling real estate, I choose a stable, reliable marketplace where prices remain stable even in a down economy.  As a homeowner, this is just as important.  That is why I chose to primarily sell homes in the towns Chatham, Summit, Millburn, Short Hills and why I also choose to live here.

It has payed off.  While we have millions of homes in foreclosure all over the nation, I am happy to say that we don't have any foreclosure homes in Chatham at the moment.  Yes, there have been a few, but very, very few ... count' em on one hand. 

So what does that mean to you, a buyer looking for a deal on a home for sale in Chatham?

It means that you should be looking for a motivated seller who has priced right - it's easy to tell.  Look for the best house compared to other homes for sale in the same price range.   Review the comps for the area, review prior recent sales and homes currently under contract.  If it sounds too good to be true ... it usually is.  Chatham home prices have softened in the last few years but they have not crashed, which is good for you as a buyer.  That means your investment is probably safer than most other towns.  In fact, prices are actually on their way back up!

You may ask why.  Here are a few good reasons for stability of homes vlaues in Chatham, Summit, Millburn and Short Hills:

• top notch schools
• NJ Transit Midtown Direct - a sweet and easy commute to NY
• vibrant and active downtown villages
• friendly neighbors and lovely traditional houses on tree-lined streets
  
• lots of activities for families, YMCA's, great libraries, farmers' markets, festivals and street fairs

Based on the average home price for Chatham NJ, sourced from the Garden State MLS (deemed accurate but subject to errors and omissions), indicates that prices are on their way back up.  It also shows a steady increase in the ealy part of the decade and only a slight decrease in recent years, before starting to go back up.  *Note: the under contract bar shows list price average, sales price is not available until after closing.

If you're looking for a good deal on a home for sale in Chatham - don't wait for a foreclosure, there may not be any!   Contact me or search the MLS to Find A Home in the Chatham area that meets your needs - in one of the most desirable areas in the country!