By James Wedgeworth on February 4th, 2010
At the Beaufort County bank foreclosure sale on Monday there were approximately 150 properties that were foreclosed on – some in Beaufort, some in Bluffton and some on Hilton Head Island.
We went through a 15-year time period where we had no foreclosures on Hilton Head. There is an old saying that says “a rising tide lifts all boats” and when people’s property values are going up 10%-25% per year there are not going to be any foreclosures because they can sell the property at any time they want.
When the reverse of that happens, people who purchased in 2004, 2005 and 2006 are left in trouble and due to financial difficulties, some lose their home to foreclosure.
In a slow real estate market, buyers are always looking for the best deals out there and they are often interested in foreclosures. This would have a negative effect on someone who is not a foreclosure because you have to deal with these properties.
Many times people think that foreclosures don’t have any effect on their property value. Buyers don’t look at it that way. A buyer is looking for the best deal available – whether it is a foreclosure or not. It is important to realize that any and every seller has to compete with foreclosures.
There are some great deals out there. If you as a buyer, are interested in getting a list of the foreclosures please let me know. We can set you up so that you will be notified of new foreclosures – it is fast, easy and harmless.
Click here to view my Hilton Head and Bluffton foreclosure properties.
By James Wedgeworth on January 5th, 2010
What are your goals for 2010? If you don’t own a piece of property in paradise – you should. If you want to upgrade to a nicer piece of property, better location or a larger home – you should do so now.
I have named 2010 “the year of the buyer”.
Why? It is such a great year to buy real estate on Hilton Head. There are so many good properties out there at unbelievable prices. I feel like a kid in a candy store.
I encourage all my clients to analyze their situations – buy now and be happy later.
By James Wedgeworth on December 30th, 2009
People always ask me what a bank will take on a foreclosure. Unfortunately I do not know because every bank is different. One of the agents in my office ran some numbers yesterday and he shared these numbers with me.
We have had 16 homes sell on Hilton Head Island that were foreclosure homes. These homes sold for 94.9% of list price and were on the market for an average of 66 days.
He ran the same statistics for the year. During 2009, we had 50 homes on Hilton Head Island that were foreclosure homes. These homes sold for 95.6% of list price and were on the market for an average of 69 days.
Several of the homes actually sold for more than they were listed for because banks usually put such an attractive list price on them that sometimes people will get in a bidding battle.
Are foreclosures the best buys? A lot of times they are. It depends on the price, the motivation of the bank and how long they have held the property.
Click here to view Hilton Head Island foreclosures or click here to learn all the steps in how to buy a foreclosure on Hilton Head Island.
By James Wedgeworth on December 23rd, 2009
Of course nobody knows for sure if we’ve been through the worst yet but there are some interesting statistics that I recently heard. I was on a webinar the other night where one of the top foreclosure experts was going over some statistics. She had actually been monitoring sales in the 4 worst markets in the country: California, Nevada, Arizona and Florida. California sales have been up for 15 months in a row, Nevada’s have been up 14 months in a row, Arizona’s have been up 15 months in a row, and Florida’s have been up 14 months in a row. These are the four worst real estate markets so it’s good to see even the bad market sales are increasing. I think that’s an indication that now might be the time to consider to look for that vacation home on Hilton Head. I don’t want all my clients to be sitting around four years down the road saying they wish they had bought in 2010.
There are some great deals available. If you go to our website JamesWedgeworth.com we have a foreclosure section where you can see some of the best deals.
Also, if you’re interested in a foreclosure property please type your interest in and we’ll call you. Some of the best deals are sold even before they are on the market.
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