"We've been saying for months that there's never been a better time to buy a beach property in southeastern NC, and we mean it”. Home prices and mortgage interest rates are still very low and inventories very high, which means the banks are still willing to negotiate great deals on some truly exceptional beach foreclosures and short sales here in our local beach communities. We've already seen a huge increase in interest from prospective buyers who are looking to take advantage of some of the deals available before the summer returns.
Is our long national foreclosure nightmare ending? The number of foreclosure notices filed in February dropped 14% compared with a month earlier and 27% compared with a year earlier, according to RealtyTrac. That was the biggest year-over-year decline the company has ever recorded. Looking at our local inventory in New Hanover County here are some statistics on foreclosures according to Trulia.
There are currently 3,084 resale and new homes in Wilmington as well as 291 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. On Carolina Beach there are currently 424 resale and new homes in Carolina Beach including 48 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. There are currently 152 resale and new homes in Kure Beach including 10 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. Ending with Wrightsville Beach there are currently 198 resale and new homes, including 5 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
If you’ve ever considered owning a home on the NC coast but have been putting it off - now is definitely the time. With the current state of the economy, now is a perfect time to buy homes, or property. Thanks to low interest rates, and the increase in foreclosures, you can score a really good deal. Another benefit of buying foreclosures is that you could try to fix it up, and then resell it for a nice profit. Basically, it could be a great investment. For the right buyer, foreclosures are an excellent opportunity to buy a house at a lower than market-value price. So as we move into spring and summer the time to buy here at the coast is now whether you choose a foreclosure or not this is still a buyer’s market.