The Wilmington NC foreclosure rate has nearly doubled in the Cape Fear area in the past year according to a research firm. Coldwell Banker Sea Coast listings comprise of 25% foreclosures, which is up 20% over last year. And, short sales up 10%, perhaps a sign of homeowners in despair. But, there is a bright side to the story, the Wilmington area has fared better than the rest of the nation through this financial crisis.

In Brunswick County, residential lots account for 70% of the foreclosures, due to high speculation of investors in the good times.

What does this all mean to you? Well, if you have a Wilmington NC  home  for sale now, you are competing with all these foreclosures and short sales on the market. The prices are being driven down by this impact. The buyers today are primarily looking at foreclosures and short sales. So, you as a seller have to be very competitive with your price.

If you are in a short sale situation and need assistance, please feel free to contact me at kaybaker@ec.rr.com. We are specialists in the short sale process and know how to get your home sold before foreclosure.

And, if you are looking to take advantage of these great prices, please log onto my website at www.cbbaker.com or contact me and we will send you a detailed list of short sales and foreclosures on the market NOW.