Foreclosures In The Local Real Estate Market

For Sale - Foreclosures

Have you heard the saying, “real estate is local?”  This saying is VERY true.  It means that each market is different.  I hear a lot of people coming in from California, Illinois, etc say this – “well, that is not how things are where I came from.”  You are very correct!  Things are not the same in the Jacksonville, NC market as they are in Boise, Idaho or San Diego, California.  Things are even different from Wilmington, NC to Jacksonville, NC and they are just 45 minutes from each other!

Real Estate is local. Each market has its own set of factors that weigh how the market reacts and responds.  Did you know that Jacksonville, NC didn’t see anything close to the impact that the rest of the nation saw when the market went upside down?  Don’t get me wrong, there are certain areas of our county that saw an impact, however, these were minute compared to what the rest of the nation has suffered.

When you see national statistics on foreclosures, and you see astounding numbers such as 40% of homes are being foreclosed on, please remember that those numbers are not LOCAL.  Where you see on the news or read in the newspaper that the nation has a dramatic number of foreclosures, then you automatically assume it would be in your best interest to make an offer $30,000 under the list price.  However, if you do that in our market, be prepared to not even hear back from the seller.

Home buyers want to get the best deal, and I understand and agree with that.  Unfortunately, in our market, going in with an offer more than $10,000 under the list price will probably do nothing but hurt your chances of getting your dream home.  I am here to try to negotiate the best deal for you, and try to add as much incentive into your offer for you as possible.  However, I am also here to warn you against what may not be in your best interests as well.

Take a look below at the LOCAL foreclosure from 2011:

Active right now, we have 101 properties on the foreclosure market.  These homes range in price betweeen $27,900 – $649,000.  In the year 2011, 265 foreclosures were sold with a median listing price of $141,622 only to have an average sales price of $133,438.  You can see that the banks do not go to much below the list price in our area.

In comparison, our local market sold 3,010 homes last year that WERE NOT foreclosures.  You can see that foreclosures do not dominate our market.

Currently, we have 101 foreclosures for sale and 2,664 homes for sale that are not foreclosures ranging in price from $19,000 – $1,500,000.  Call me today to take advantage of the all time low interest rates for home mortgage loans.  910-545-2689.  I hope to hear from you today!!

Search Local Foreclosures For Sale –

Jacksonville, NC

Sneads Ferry, NC

Richlands, NC

Hubert, NC

 

 

About Rebecca Quick

I'm a full-time Realtor - an experienced professional focused on helping clients realize their real estate goals. Emphasizing the value of each of my clients, my goal is to ensure that all transactions are always completed as smoothly and efficiently as possible.

Foreclosures - Deals

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