Ilona Matteson brings a wealth of experience and knowledge to the sales team at Beach Realty & Construction. As a former sales manager for Beach Realty and a former coach for the nationally acclaimed Mike Ferry Organization, Ilona knows the real estate business inside and out. In 2004, she was selected for the annual 30 Under 30 feature for Realtor Magazine and was also a licensed instructor employed by the North Carolina Academy of Real Estate. Ilona has a thorough understanding of market conditions and works diligently for her clients.
In our effort to give you the most up to date real estate information from all parts of the country, please join us in welcoming Ilona Matteson, “Your Outer Banks Real Estate Resource“.
How is housing affordability in your city?
I work and live in a resort market. Pricing here has dropped roughly 30 – 35% from its peak in 2005. The pricing correction in connection with today’s vacation rental ability make buying a beach home extremely affordable. We are seeing homes coming very close to paying for the majority of the annual expenses, which we haven’t experienced since 2001 or 2002.
What’s going on with down payments – are buyers having to make bigger down payments nowadays? And how does that affect the housing market?
Because most of our home sales are a second home or investment, a 20% down payment is required. That has not changed. However, what has changed is the actual dollar amount. Keep in mind, in 2005 putting 20% down on $535,000 (median sales price) was a lot more money to come up with than 20% down on $315,000 (today’s median price.) So once again, buying a beach home has become so much more affordable for people.
How can the homeowner know if this is a good time to refinance?
It’s really going to depend on how long you’ve owned the home and how much equity you have in it at today’s value. If you’re refinancing a second home or an investment, the bank will want the homeowner to have a large vested interest (20% to 30%) so it may require cash down for some.
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