Columbia Foreclosures: Do Buyers Save Money?

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 Columbia sold at a reduced price?

When looking at the median sales price, Columbia foreclosures are sold 36% less than the average non-distressed home (not a foreclosure or short sale.) According by RealtyTrac, the nation’s largest foreclosure reporting firm, in September of 2013 for the Columbia zip code of 21045 the median sale price of a non-distressed home was $310,000; while the median sales price of an Columbia foreclosure was $199,146; a 33% reduction or $110,854.

While quite a reduction, it’s less of a discount than the entire state of Maryland (38.5%) but more than Howard County as a whole (29.5%.) In contrast, for the Columbia zip codes of 21044 and 21046, the foreclosure discount was 15%.

To find foreclosures listed for sale in Columbia and throughout Maryland or any home listed for sale in any Maryland county, visit http://www.marylandproperties4sale.com/Howard/ .