If you’re already living in the Cape Fear region, you know that Brunswick County is exploding. It’s the fastest-growing county in the state and the seventh fastest-growing county in the entire nation.
If you don’t live in the Cape Fear region, let me give you a sense of our geography. Brunswick County is located just to the west of Wilmington. If you’ve seen a picture of downtown Wilmington, you’ll notice the Cape Fear Memorial Bridge spanning the river. Brunswick County is on the other side of that bridge.
The county is massive. It measures more than 1,050 square miles—larger than any other county in North Carolina. Driving from the bridge to the town of Calabash in southern Brunswick County (just north of the state line) will take you more than an hour. The size, in large part, is the main reason for the growth. Unlike New Hanover, there is a ton of empty land in Brunswick County just waiting for developers to start constructing new communities.
It seems like every month, we hear news of another neighborhood being approved by some town’s planning board. Oftentimes, those subdivisions are planned communities that will include several thousand homes. In just the last two years, nearly 14,000 new construction homes have hit the market in Brunswick County, with thousands more scheduled to hit the market within the next 12 months.
“A lot of buyers want something new; it makes them feel that the home is truly their own,” said Scott Saxton of Just For Buyers Realty. “They look at Brunswick County because a lot of these new and future communities will be amenity-rich neighborhoods, with golf courses, pickleball courts, walking trails, and kayak launches. To paraphrase the old movie line, ‘They have built it, and the buyers are coming.’”
But all those new communities have created a problem for people in Brunswick County who are trying to sell their older homes in pre-existing neighborhoods.
As of this writing, there are 798 pre-existing homes on the market throughout Brunswick County. The average one of those listings has been waiting for a buyer for 95 days. Consequently, the sellers are dropping their prices. On the first day a pre-existing home is listed, the average price is $372,247. But many of those 800 homes have seen drastic price reductions, and now the average listed price has fallen to $349,245. That’s a decrease of 6.2%.
By comparison, the average pre-existing home in New Hanover County has only been on the market for 68 days, with the average price reduction falling only 2.6%.
But is a pre-existing home right for you? At JFB, here are some tips we tell all of our clients who are considering buying something a little older:
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- Home Inspection
Why it matters: A thorough inspection can reveal hidden issues such as foundation problems, outdated electrical systems, or plumbing leaks. It’s essential to have a professional inspector assess the property to avoid costly surprises. - Check for Renovations and Upgrades
Why it matters: If the home has been recently renovated or upgraded, make sure to verify the quality of work. Some upgrades may have been done DIY-style and could pose long-term issues if not properly executed. - Age of Major Systems
Why it matters: Consider the age of major systems like the HVAC, roof, plumbing, and electrical. Older systems may require replacement soon, which can be expensive. Ask for maintenance records to gauge how much life is left in these components. - Potential for Future Repairs
Why it matters: Older homes often come with wear and tear that will need attention in the future. Be prepared for the possibility of repairs and maintenance over time, and factor these costs into your budget.
- Home Inspection
While new construction may have its appeal, pre-existing homes often come with unique character and charm, not to mention established neighborhoods and mature landscaping. If you’re open to the idea of purchasing an older home, you could end up with a property that has been well-loved, well-maintained, and perhaps priced more competitively than a new build. In Brunswick County’s fast-growing market, there’s plenty of room for both new and pre-existing homes, and with the right guidance, you can find the perfect fit for your needs and lifestyle.