The Real Deal with Foreclosures in Wilmington NC

By
Real Estate Agent with BlueCoast Realty Corporation

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.804 Garrison Ct. Wilmington NC 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.

221 Jamaica Drive Wilmington NC

 

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.  

 

 

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When you're ready to buy or sell a home in Wilmington, Wrightsville Beach, Carolina Beach or Kure Beach NC, give me a call.  Lets work together to achieve your goals!

Tish Lloyd, REALTOR®

Broker

NC Real Estate Lic. 269076

Realty World Cape Fear

1119-A Military Cutoff Road

Wilmington NC 28405

910.547.1446


 
  

 
 
 
 
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Comments (12)

Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA
Tish: Your knowledge of the Wilmington NC market beams through in this post...consumers looking to buy or sell real estate in this city, or the surrounding areas, would be wise to call you for representation.
Jun 10, 2013 09:47 PM
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

Thank you, Anita!  That's high praise coming from you and I'll be smiling about it all day!

Jun 10, 2013 09:50 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Tish,

Great information on the real deals in Foreclosures in Wilmington, NC. Realistic expectations is the key in the market place today..times have changed!

Jun 10, 2013 09:53 PM
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

Thanks, Dorie

Jun 10, 2013 10:00 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

That age old story.....unrealistic expectations.  Applies to a lot of things, not just a "dream home".  Good stuff Tish.

Jun 10, 2013 10:21 PM
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

Ain't that the truth, Roger!

Jun 10, 2013 10:44 PM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

I often wondered why they didn't do those types of thing all along! It was crazy not to!

Jun 10, 2013 11:46 PM
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

It really was, Joni.  So glad to see they've stepped up their game!

Jun 11, 2013 12:00 AM
Liz and Bill Spear
RE/MAX Alliance 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Alliance Cincinnati & Dayton suburbs

Tish, We're seeing more and more of the same in our area.  Foreclosures with new carpet, fresh paint, and some other cosmetic fixes.  Expecting 50 cents on the dollar of value by the buyer is a losing proposition, it's just not going to happen.

Jun 11, 2013 02:38 AM
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

BLiz ~ Glad to hear the banks in your area are stepping up their game.  It really is a win/win for them, the buyers and the community.  Wish they'd been doing this all along.

Jun 11, 2013 04:27 AM
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

Tish, we are seeing nicely updated properties in our areas when being sold as a foreclosure also. Thanks for a good post. It sounds like Real Estate is doing well in your area as well as ours.

Jun 11, 2013 09:58 AM
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Tish Lloyd is an expert broker serving the Wrightsville Beach NC area - contact her for all your real estate needs (910) 256-3528. Keep up the good work! Wilmington sounds pleasant.

Jun 12, 2013 12:28 AM