The Wilmington NC real estate market usually slows down considerably in the winter months. So far, we have seen a slight decrease in website traffic and emails from potential buyers, we are only slightly slower than we were in July of this year. The low interest rates are bringing buyers who were 2-3 years out, into town ready to buy. There is still a large surplus of properties on the market, but that will probably be the case for years to come.
Foreclosures are still driving the market prices, but on the positive side, for the most part, they are being priced accordingly and are being sold relatively quickly, so there’s plenty of life in Wilmington NC Real Estate.
We have had several clients in the past week miss out on a home that is a foreclosure because they were not quick enough with an offer. We are discouraging low ball offers on foreclosures since they are being priced to sell. We are also recommending sellers to leave their homes off the market for a while unless they absolutely have to sell.
We are expecting things to slow down once the Holidays are among us. After Valentine’s Day, we still see a slight increase in activity. It is usually around May or June when most of our out of town buyers will be coming into town to see what is available. We are sure that 2011 will be a better year overall compared to 2010.
To get even more market data and stats you may also want to check out Data Quick.