Wilmington, NC — One of the hottest markets in the U.S.

Homebuying Advice from River Bluffs, A Planned Community in Wilmington, NC

You wake up and walk over to the general store for a cup of freshly roasted coffee and a chat with neighbors, followed by a walk on the half-mile riverwalk on the Northeast Cape Fear River in the morning. Next, you decide to take your boat down the river to the historic city of Wilmington for lunch. Life in River Bluffs in the ever-popular Wilmington, NC, is what many people dream of living. So many, in fact, that River Bluffs struggles to maintain inventory due to increased demand.

According to John Lennon, River Bluffs’ Director of Operations, "What we see are that people are acquiring their homesite, choosing a builder from our approved builder list, then building a custom home that they like.

“The reality is that we are seeing a seller's market. That does not mean that it is not a good time to buy. It just means that buyers need to spend time educating themselves before they come down and spend time going through communities. They need to arrive at the community in decision-making mode. For example, several times this year, a couple has come down and made two to three visits, then decides on a homesite, but then they go back home to think about it some more. And, the homesite ends up getting sold before they make their final decision."

From January through July of 2021, River Bluffs has doubled the number of sales they had in 2020, and that was a record-setting year. The entry price for a cottage home in River Bluffs is now $380,000, while the average single-family home under construction is $684,000. During the past year, there has been an 8% price increase for homes. The builders have had several price increases due to industry supply constraints.

John says, "We will have people come in, and the husband will say, 'That was $X last year, and now it's $Y.' But then the wife will say, 'Yes, dear, but we sold our house for $150,000 more than we thought.' What's happening in your corner of the world, it's happening everywhere else."

He says that, traditionally, on average, people visit three times before purchasing. First, they choose the community, then what kind of house and decide on a builder, then decide on the homesite.

John cautions that in today's market; it's important to visit ready to purchase. "If you decide to come to visit, and you decide that a community is right for you, buy your homesite. We don't take it off the market until we get a check and a contract. Set appointments in advance of your visit to set aside the time to make sure this is the community for you. If you decide this is the community for you, come back on a Friday night and talk with the people in the community; many of these folks have been through what you are going through. If you think you want to spend three days visiting, plan on spending five to seven days.

"There are some who still come here and are still searching for the area where they want to live. The disadvantage is that the market is passing them by."