Foreclosures have been a popular part of the real estate market not only in Murphy NC, but also across the United States. In many markets, both foreclosures and short sales have made a large portion of the total sales over the past 4-6 years. We’ve been fortunate in Murphy in the fact that they largely made less than 20% of the total marketplace. However, as time continues to march on, the question becomes, “is an end coming to the foreclosures in Murphy NC?”
Over this past year, we’ve noticed a decline in quality foreclosures. And by that, I mean homes that most folks would want to buy. Homes that are in good shape and repairable. Now, we are beginning to see a higher margin of “junk.” Not only that, we are seeing less inventory of both quality and junk.
Ultimately, this can become a good thing for both buyers and sellers. For sellers, the reason is obvious. They have less competition and that yields them a better pool of interested buyers. For buyers, it can provide them with more quality home choices. As sellers being to realize they are competing with fewer foreclosures, they will list and sell their homes instead of continuing to wait as many have chosen to do.
Not only is this a positive step in the market for buyer and sellers, it is a positive step for the economy as a whole. As the foreclosures are sold and the market shifts more toward a traditional marketplace, confidence will grow. Spending will increase. And ultimately, that will strengthen the national economy.
When will the supply of foreclosures dwindle? Great question. I can’t tell exact, however I do know that it is not in the too distant future. We’re seeing the available and pending inventory drop daily. If you’re looking to buy a foreclosure, I suggest you act quickly before the supply is gone. Join our weekly Foreclosure Update that gives you all the foreclosures available for sale – including land and houses.
The market has, and always will continue to change. It’s an amazing process and we’re watching history before our eyes. The folks who are buying real estate now are the ones who are going to look back and realize how incredible of an opportunity it was. Record low interest rates. Prices that are lower than a decade prior. Homes that are cheaper to purchase than build. It’s an incredible time and hopefully you’ll be able to look back and not only make a great investment, but enjoy the mountains of Murphy, North Carolina at the same time.
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