The Real Deal with Foreclosures in Wilmington NC
We're enjoying a pretty hot real estate market here in Wilmington NC. In fact, home sales in May were up 18% over the previous May, and Days on Market are down by 9% over the last year. There are many cases of multiple offers and sales over list price.
Even the bank-owned homes are selling at numbers many of us thought we wouldn't see. Know why? Because the banks have finally gotten smart about a few things. Very few are being listed at "As Is" prices. Banks are doing major repairs and cosmetic work to the homes they're putting on the market in order to compete with the homes in the area.
Translation: The "steals" you could get last year are fewer and far between. If you're looking at a home in a neighborhood with a median sales price of $400,000., don't assume that just because the listing is a bank-owned property, you can get it for half its value. The banks are working with top agents in our area and are taking their professional advice to heart. Replacing roofs, updating appliances, installing new carpet, painting and doing landscaping are the norm. This is NOT the foreclosure of yesterday!
By the time a foreclosure actually goes on the market, it has been evaluated by at least 2 area REALTORS® who are required to provide in-depth statistics and pricing recommendations based on current market valuations. The bank has had professional repairs and upgrades performed and the home is comparable to a non-foreclosure in condition and price.
Yes, there are good deals to be had. In fact, I have an awesome buy listed right now. But if all you can think of is "stealing" the property, you're at risk of losing the home of your dreams due to unrealistic expectations.