North Carolina has always been considered as one of the better places for affordable housing. But, if you are interested in living in North Carolina and that’s too without spending a lot of money in buying a home, you must consider the option of Wilmington foreclosures.
It is crucial to mention that if you are an investor, you must make sure that you have enough knowledge of the market. When you will research more about foreclosure homes in North Carolina, you will find a decrease in the rate of foreclosure listings in January. In fact, there was a 10% decrease in the foreclosure listing in January. But, it doesn’t qualify to the fact that you can not find Wilmington foreclosures to invest in. You must however take special care at the time of investing your money as researching is the key to success here.
When it comes to real estate, you have to spend some time in analyzing the recent market trends. One of the important things to consider is about the median price for which this graph is taken from Trulia.com.
This graph makes it pretty clear that the median price of a home in Wilmington has always been in a good direction. Though you can see some ups and downs on some occasions, especially around the last quarter of 2007 and the first quarter of 2008, but price has always been pretty consistent in this part of the world.
It is however important to mention that price from Dec 08 to Feb 09 was around $195,000, which was decrease in price as compared to the same period in last year. This estimated price was based on the sales of 445 homes. Precisely, the decrease in the median price for the aforementioned period was 0.3%.
Now, it is quite evident that there was a decrease in the median price in the early quarter of 2009 but you have to take the number of sales into account to get to some conclusion. Following graph, which is also available at Trulia.com, shows the trend for the number of sales from 2005 till 2009.
Now, just by having a casual look at this graph you can understand that there is not much of a change in the number of sales from 2005 to 2009. But, the first quarter of 2009 was not really impressive in terms of number of sales. This was the time when median price was also coming down and the decrease in home sales was around 21 % as compared to the previous year.
So, before investing in Wilmington foreclosures, you must take your time to check all market trends as that’s the only way to invest your money in the right way.
Follow us:
Written by Alex Rolim.
