Tuesday, May 24, 2011

10 Fun Facts for Outer Banks Real Estate!

I was thinking this morning about the uniqueness of the Outer Banks real estate market and the fact we have so many out of town homeowners.  It’s one thing to know what’s going on in your neighborhood and community where you live…it’s also important to stay on top of what’s happening where your beach home investment is.  

It’s very easy to have some misconceptions about what’s REALLY happening if you’re not reading or talking to the right sources.  So here’s a quick list of some fun FACTS that can keep you in the loop on what the real estate trends are for this special place we all call “home” or “second home.”
  1. Active residential property listings are down 16% from April 2010.  This means your home will have less competition on the market right now!
  2. Distressed Listing Inventory is only 14% of our market.  There are not a lot of foreclosed homes to choose from.  However, new foreclosure filings are coming in each week.  We’ll likely be dealing with them another 2 to 3 years.
  3. Nearly 40% of all sales each month are a distress sale.  So what is out there, is definitely selling.
  4.  The average time frame to get a foreclosed home on the market once the bank owns it is 10 months.  That’s going to cause a lag in cleaning up that inventory so we can recover fully.
  5. The most popular price range for residential homes is $300,000 to $399,000. 
  6. So far this year 532 properties have sold on the Outer Banks.  Last year the same time period had only 476 sold properties.  That’s an 11% increase!
  7. Foreclosed homes aren’t always the best buy.  Regular home sales are forced to be priced competitively and typically come with furniture, appliances, better condition, rental income and some home inspection repairs. 
  8. Not all buyers make low ball offers.  If your home is priced competitively it will sell within 1% to 2% of the asking price.  You don’t need a huge gap for negotiation.  The best priced homes get fast buyer attention and good offers.
  9. Understand that pricing your home to today’s market value is not the same as “giving it away.”  If you want to give it away, there are plenty of people who will take it.  If you want to sell it, you will have to price it for TODAY’S market.
  10. The recovery of our market and values is within sight…however, it won’t be fast.  Waiting it out means at least 7 years if not more to see values higher than they are today.  For more detailed information on this time frame, feel free to contact me.  I have a report ready.
The bottom line is the Outer Banks real estate market is alive.  We are selling and we are happy.  Find a positive agent who will clue you into reality AND at the same time show you how it CAN be done.  Stay away from the gloom and doom tellers.  Be sure the information you trust is reliable and fact based vs opinion.

Thursday, May 19, 2011

Serenity Now!

How would you like to own a piece of history?  Take a look at this beautiful Soundfront homesite located in the gated community of Martin’s Point. 

The entire subdivision is 335 acres, 2.5 miles long and under a half a mile wide at the widest point.  There are however 5 MILES of shoreline surrounding this unique location.
Imagine unlimited watersports, sunsets, waterfowl, and much more right from your own backyard.  Take advantage of this wonderful opportunity to own a soundfront homesite for only $459,000.  The homesites on either side have already been developed leaving no surprises for you later.  

This community has a rich history which can be found at  http://martinspointhoa.com/  

For more information about this amazing opportunity contact me today.

Land, Residential 
2048 Martins Point Road
Southern Shores, NC 27949
Area: Martins Point
Subdivision: Martin's Point Section 1
Listing Price: $459,000
MLS#: 69873
Lot Square Footage: 0
Listing Date: 03/15/2011
Waterfront Location: Soundfront
Ocean/Sound Loc: N/A