As of January 28, 2009 there are approximately 52 bank owned properties in the 08260 zip code which cover Wildwood, North Wildwood, West Wildwod, Wildwood Crest , and Anglesea. The number that are in preforeclosure or in default is roughly 830 according to " RealtyTrac" .
As a buyer this mean there are very good buying opportunites as they are selling for 30%-40% less than the peak market prices of Fall 2005. The trend we have noticed as that when a bank owned property is listed it generaly does not stay on the market all that long. In some case there have been multiple offers, some cash, going higher than asking and closing in less than 30 days.
As a seller this brings about a challenge because these properties are pulling down the comparable sales which hurt anyone selling currently. It makes it more crucial to have your property in as good a condition as you possibly can and be realistic with the asking price.
The foreclosure market is always a fickle one in that fantastic buys aren't always what you would prefer to buy. After weighing out the values though most buyers of discount property will look past some of their wants for the low price.
For any assistance in navigating the Short sale, foreclosure market in the Wildwood, Wildwood Crest , or North Wildwood market please call or send an e-mail.
Thank you,
David J Green
RE/MAX at The Shore
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