WW411 - Week of February 1

Local Market Statistics

There are currently 4549 Single-family homes for sale in New Hanover, Pender and Brunswick Counties. In the last 6 months (8/1/09-1/30/10), 1964 homes have sold. These numbers indicate that if NO other homes are listed for sale that there is approximately 14 months worth of inventory. During the last week (1/24/10-1/30/10): • 154 Homes were listed FOR SALE • 91 Homes went UNDER CONTRACT • 91 Homes SOLD These numbers show that homes are selling; buyers simply have more choices and are picking the most aggressively priced homes in the best condition. Due to the number of homes for sale, many buyers are overlooking the handy-man specials and homes that need a little TLC and opting for well priced homes that are move-in ready. Please note all of these statistics are based on single-family residential homes for sale in New Hanover, Pender and Brunswick Counties.

Area Happenings

February 5th: Toddler Time @ The Wilmington Children’s Museum February 5th -7th: Wilmington Chocolate Festival February 6th: Private Lives Pippa Lee @ Thalian Hall February 10th: “Kid”Cademy @ Cameron Art Museum

Bank Owned Properties

With the growing number of foreclosures on the market, many buyers are interested in purchasing bank owned property. Here are a few of the things you need to know/do when purchasing bank owned property:
• Get a home inspection. The bank owned property may actually cost you MORE than a conventional listing. Many homeowners that have lost their property have not done the general maintenance and necessary repairs to the property. In addition some homeowners damage the property.
• Work with an experienced real estate broker. Negotiating and working with the bank can be complicated. Banks will make some concessions, however you need to know what to ask for and how.
• Mortgages may be hard to secure on bank owned properties. Aside from damaging the property many homeowners may take necessary items from the house, such as kitchen sinks, toilets even the heating and cooling unit. Many lenders will not finance a home without these items. Working with a lender familiar with foreclosure sales will be very beneficial.
• Slow down and really access the house and situation, make sure that is in YOUR best interest to purchase the property.

FREE EMAIL ALERTS OF NEW BANK-OWNED PROPERTIES.