Nearly every day, I get emails from buyers looking for foreclosures here in the mountains of Murphy, North Carolina. With all the national news stories about a huge volume of foreclosed homes for sale and a tsunami of bank-owned properties ready to flood the market, people expect to find dozens of homes in every price range just waiting for a lowball offer.
So when I did my local market report for July, I took the time to do some research into foreclosures as well. To my surprise, I found that out of 814 homes for sale on our MLS in Cherokee County, there are only 15 foreclosures. I know of 2 others that are available.
But 17 homes out of 814 comes to a grand total of only 2% of the total inventory in our area!
In fact, in the last 12 months there have only been 60 foreclosures sold out of 309 homes. That makes up less than 20% of our entire volume of homes sold since August of 2009.
Of the 17 foreclosures, 3 are listed at $700,00 or more and include large tracts of vacant land along with the house. One has over 100 acres.
Foreclosures available in Murphy, North Carolina as of August 8, 2010:
- Under $100,000 - 4
- $101,000 - $200,000 - 7
- $201,000 - $300,000 - 2
- Over $301,000 - 4
Looking for a vacation home bargain in Murphy, North Carolina?
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