Cm27, Home Buyer in Haddonfield, NJ

I'm in the process of buying a house in Haddon Twp/Oaklyn area. I see forclosers in the area, should I worry?

Asked by Cm27, Haddonfield, NJ Mon Mar 24, 2008

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3
Yes. Unfortunately, numerous foreclosures, like, in a neighborhood
where you are trying-to buy a home: DOES impact the value
of your home-- sadly, as-in DEPRECIATION. Sources to read:
RealtyTrac, City-Data, as well as Trulia. Do your CMA before you buy!
Web Reference: http://www.CNNMoney.com
0 votes Thank Flag Link Tue Mar 25, 2008
Hi Cm27,

Unfortunately, we are seeing foreclosures and short sales in every neighborhood. I specialize in homes in Burlington and Camden counties and we have homes at the high end of the market where our sellers are experiencing difficulty in paying the mortgage. I think the biggest problems were the adjustable mortgages and then we had inexperienced so called "investors" who thought they were going to make a fortune. Unfortunately, they bought at the height of the market and then overimproved the property.

Although real estate is an investment and we all hope for appreciation, it is also your home with tax deductions. You are buying at an excellent time with good inventory and fantastic mortgage rates. Unlike five years ago, you should be able to take your time to find the right property and then possibly negotiate the price.

Good luck,
Rosanne Gentile]
Broker - Sales Associate
Weichert, Realtors - Moorestown
856 235-1950 x 140
609 680-8490 cell
0 votes Thank Flag Link Tue Mar 25, 2008
Hi CM27. Unfortunately, foreclosures are everywhere. The numbers are very high throughout the area. I would not let it influence your decision on a spot to settle. These people are not able to afford ballooning mortgage payments..not criminals. They houses will with either go for sale and be purchased by a lucky buyer, investor (who will LIKELY fix them up and resell or rent them out), or will become bank owned and sold to investors also. That is my take on it. It is everywhere, sadly enough. Hope all goes well and you enjoy your new home. I am local in Collingswood and love the area. Haddon Twp and Oaklyn are stones throws away. The areas surrounding your potential purchase area are good ones. Well kept and nice neighborhoods. Take care and good luck
0 votes Thank Flag Link Tue Mar 25, 2008
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