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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 $20,000 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.

With foreclosures and using a VA home loan, you also have to be careful. The VA will not let you fix any items before closing that need to be taken care of. You must wait till after closing. In saying this, if you think you are going to find a foreclosure that is in need of major repair, and the VA will approve it, think again. The VA makes sure that your house is sufficient to write a mortgage loan on it. If they feel that the house will be falling down shortly after closing, then they will not approve the home for a VA loan.

Take a look below at the LOCAL foreclosure from earlier this year 2013:

Active right now, we have 173 properties on the foreclosure market.  These homes range in price betweeen $12,900 - $639,900.  In the year 2012, 234 foreclosures were sold with a median listing price of $109,950 only to have an average sold price of $134,548.  You can see that the banks do go a little below the list price in our market, but not drastically like other areas of the country.

In comparison, our local market sold 3,013 homes last year that WERE NOT foreclosures.  You can see that foreclosures do not dominate our market, they are however more common today than they were a couple years ago.

Currently, we have 173 foreclosures for sale and 2,864 homes for sale that are not foreclosures ranging in price from $15,900 - $1,990,000.  

Search Local Foreclosures For Sale -

Jacksonville, Midway Park & Maysville

Sneads Ferry, Holly Ridge & Hampstead

Richlands, Beulaville & Maple Hill

Hubert & Swansboro

OR

Foreclosures In Carteret County, NC

 

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