If you are wondering what is going on in the Fayetteville, North Carolina foreclosure market, there are approximately 329 homes in some state of foreclosure. The average price per square foot for a home in Fayetteville NC is $85, which represents an increase of 10.4% compared to last year during the period January 11, through March 11. The median sales price for Fayetteville homes during the period Jan 11 to Mar 11, 2011 was $141,500 and that was based on 400 home sales per Trulia.com. The average listing price during the week ending April 20, 2011 was $186,862 and that was an increase of 0.1%, or $254, compared to the week before. The most popular neighborhoods in Fayetteville right now are Westover and Terry Sanford, with average list prices of $111,229 and $289,330, respectively.
Now that you have a market overview of the Fayetteville real estate market, there is no excuse not to invest in a foreclosed home or pre-foreclosure property. Nearby neighborhoods are also offering good investment opportunities. For instance, homes are selling in Eastover with a median sales price of $146,500, Wade with a median sales price of $198,000, Hope Mills with a median sales price of $137,000, Stedman with a median sales price of $98,000, Spring Lake with a median sales price of $195,500 and Linden with a median sales price of $177,050.
Finding Your Foreclosure Bargains
There is a lot of information to sift through. You may want to work with a local Realtor to help you find REO’s and look for auction properties on your own since Realtors don’t attend auctions. A local Realtor can help you find pre-foreclosure short sales and REO’s by checking their MLS system. This will save you a lot of time and you can narrow the homes down by your criteria, neighborhoods, price, etc. REO’s are always listed with local Realtor so you have to make an offer through them anyways, you might as well work with a Realtor. The bank pays their commission. You will need cash if you are purchasing short sales or auction properties. You can obtain finance your REO. However if there are multiple offers, it is recommended that you pay cash because the bank usually takes the highest cash offer.
Buying bulk real estate is not a bad idea either. Some investors have been teaming up and buying bulk defaulted properties or notes on defaulted mortgages from local banks. That is also another investment strategy that works well with foreclosure homes.
Before you invest in any Fayetteville, North Carolina property, y you should decide how you are planning on using the properly and have an exit strategy. Rental properties are in high demand in the area right now so you might want to think about rehabbing your foreclosure and then rent it out for awhile. Right now is the best time to invest in foreclosures with so many properties available in all neighborhoods and prices ranges. Fayetteville offers investors and buyers good investment opportunities, you should take advantage now.