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 Burke and Fairfax County sold at a reduced price?
When looking at the median sales price, Burke foreclosures are sold 10% less than the average non-distressed home (not a foreclosure or short sale.) According to RealtyTrac, the nation’s largest foreclosure reporting firm, in September of 2013 the median sale price of a non-distressed home in Burke was $395,000; while the median sales price of a foreclosure in Burke was $353,837; a 10.4% reduction or $41,163 savings. Fairfax County overall had a 22.3% reduction or a $103,500 savings.
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