Buying Wilmington Foreclosures can be an Expensive Proposition
Lots of people are currently facing the malice of foreclosure in all parts of America. There are lots of reasons behind the increase in foreclosures and one of them is the devaluation of homes in different states. Although there is a decrease in the rate of foreclosures in North Carolina but some of the cities are still facing problems and Wilmington is one of those cities. But, one thing is for sure that there are lots of opportunities for investors to earn money by investing in Wilmington foreclosures.
The most important reason behind investing in Wilmington real estate market is about the fact that home prices in here are still on the higher side. What it means is that if you buy foreclosed homes in this area, you are surely going to earn some profit in future.
It is however significant to mention that prices of homes in different areas can be extremely high. Although these are the areas which will really help you to earn more profit but you must be wiling to spend more money. For instance, if you will explore the range of Wilmington foreclosures in Wingpointe PL or Oleander Dr, you must expect a reasonable price. The price of a single family home with four beds and three baths may be up to $365,000. This estimated price is for a home of 2,268 square feet. The price in Oleander Dr for a home of 2,283 Sq.ft may be around $400,000.
Now, if you will opt for a home in areas like Island Bridge Way or Artifact Ct, you may have to spend a lot of money. For instance, a home in Island Bridge Way with four beds and three baths may cost you around $1,103,700. This price is for a single family home of 3,664 SqFt.
Although investing in these aforementioned areas will help you to earn more profit but it is advisable to check some other popular zip codes for foreclosed properties. For instance, you can check 28405, 28411, 28412, 28409 and 28403 to clinch a better deal. The average price for homes in these zip codes is somewhere between $257,879 and $495,281.
So, it is quite clear that you must be willing to spend a lot of money to find a better home in this area. Though prices for Wilmington foreclosures are quite high but one thing is for sure that these prices will be much lower than the new homes.