Outer Banks Real Estate: January 2012

Tuesday, January 31, 2012

4 Ways to Score Big when Buying Your Home!

Don’t be caught on the sidelines…you’re trophy beach house is only a play away! NFL players prepare an entire season for the one chance to make it to the Super Bowl. Right now is your chance to "get in the game!" The next few months will be the best selling season of the year.

It's the Super Bowl of Real Estate!

According to statistics over the last 4 years, March, April and May see a 30% spike in sales compared to the previous 5 months. This is the best time for buyers to get in on their beach dream. You’ll have half of the year’s expenses with ALL of the season’s income! Talk about a great way to start ownership.

In addition to the normal spike in sales, we're also currently experiencing the lowest level of residential home inventory on the Outer Banks since before 2006! That means more buyers and fewer homes to choose from. You don’t want to be stuck with the picked over, left behind properties.

To get in on the action, make sure you’re in winning condition with the following ideas:

1. Don’t get benched by not having a solid pre-qualification letter from your lender. If it’s a good home at a great price, there’s a chance for multiple offers. Strengthen your position by having this in place.

2. You’re allowed to work with your agent under a verbal agreement. This is good until BEFORE you write an offer. Then by law, it has to be put in writing. Go ahead and get this document done once you’re comfortable with your agent. That way, your offer isn’t delayed over this technicality.

3. Have your agent review with you the Offer To Purchase and Contract. There have been many changes to it in the last 12 months and really favors the buyer! Go ahead and decide on some of the terms ahead of time so if you’re in a crunch to get an offer presented on a great house, you’re not delayed on details that can be decided easily ahead of time.

4. Get your trip to the area planned out. Even if you have to move it to another date, having a plan keeps the process moving in the right direction. Plus, if you end up offering on a house before your visit, the seller will be comforted by knowing you’re coming sooner than later.

If you'd like more information about the area’s “Best Buys”, contact me and I'll get a report to you within 24 hours.

Monday, January 30, 2012

Best Buys on the Outer Banks!!!

MLS#73279 - Oceanfront 5 bedroom home with a 12% return in the 4 wheel drive area $499,000!

MLS#73274 - Elegant home in Martin's Point 1 lot from the sound for $399,000!

MLS#73235 - Excellent views, great rental income and 1 lot from the ocean in Kitty Hawk $479,000!

MLS#72534 - Beautifully updated and only 2 lots off the ocean with great views! $509,000

MLS#70117 - Cute home right in the middle of the town of Duck! Walk left to the beach or right to the shops. $434,900!

MLS#72441 - Great home on a nice hill with lots of privacy in Southern Shores. $329,500

Wednesday, January 25, 2012

New Video!! 580 Ocean Trail in Corolla, NC

Hard to find very private natural setting with mature live oaks, deer, wild birds and your own swimming pool with a spacious sunning deck can be yours withthis very well-maintained home on a large lot. The top floor has a master bedroom with its own private deck, a large living area with woodburning fireplace,full bath, easy flow open kitchen and a dining area leading to a screened-in porch overlooking the Currituck Club golf course. The wraparound decks oneach level include a rooftop observation deck with panoramic views from the ocean to the sound. The middle floor has a second master bedroom with fullbath, three other bedrooms and a second full bath. On the ground floor, for the teens there's a tv/game room. Custom-built extra storage space, porchswings, covered parking, outside shower and ground floor entrance complete the convenience offered with this fantastic home just a short walk to the beach.

Tuesday, January 24, 2012

Best Buys on the Outer Banks!!!

MLS#73232 – Check out this home high on a dune in Duck for only $319,000!

MLS#73221 – Great corner lot for this nice Corolla home $425,000!

MLS#73216 – Awesome bright and cheery home in Four Seasons with a 9% CAP rate $739,000!

MLS#73167 – Great Kitty Hawk home with a private pool, centrally located for $380,000!

MLS#73213 – This is a real beauty in Nags Head Westside for only $319,000!

MLS#73199 – Canlafront with a great floorplan in Southern Shores $419,900!

Mid-Currituck Bridge Update

Whether you oppose the bridge or can't wait to drive over it, the latest news is we're one step closer to seeing it come to fruition. The final environmental impact study was completed and confirmed the bridge as the preferred alternative. A final decision of record has to be made and they're projected to start construction sometime later this year.

I personally think we'll see more delays, especially once we get to budget discussions. So the big question becomes "will the value of my home increase?" In a good economic climate, absolutely it will. However, I wouldn't bank on any increases just yet. There are several economic factors in today's market that the bridge will have NO IMPACT on. For example:

1. There is currently 19 to 24 months of active inventory on the market in Duck and Corolla.
2. Lending restrictions are much tighter causing a lot of folks problems with qualifying.
3. The 25% to 35% down payment needed. For most Jumbo loans (over $417,000) 35% down is the requirement. Now picture 35% down on a home that in 2017 costs 20% more to buy!
4. Consumer confidence needed to make a half a million dollar (on average) discretionary purchase.

What you can expect in 5 years are some very happy weekly guests NOT stuck in traffic. We should certainly see an increase in rents if nothing else!

To read more about this, click on my Facebook for the full article from Outer Banks Voice.

Monday, January 23, 2012

New Listing! 1126 Persimmon Street -- .98 gross rents !!!!

Thursday, January 19, 2012

New Listing! 765 Myrtle Court Corolla, NC

2012 Predictions for the Outer Banks

Tuesday, January 17, 2012

New Listing! 765 Myrtle Court Corolla, NC

Monday, January 16, 2012

This Outer Banks Investment Property has $800 Positive Cash Flow!

Best Buys on the Outer Banks!!!

MLS#73120 – Great beach house in Whalehead for only $399,000!

MLS#73119 – 7 Bedroom home with nearly 10% return only a few lots from the ocean for $565,000!

MLS#73133 – Duck Foreclosure! Very cute 4 bedroom home in Duck with a pool for only $330,000

MLS#73110 – Duck Short Sale! Only $299,000 for a home right in the heart of Duck Village!

MLS#73101 – Custom Built Cape Cod in Martin’s Point only $495,000!

MLS#73141 – 10 Bedroom rental machine with a 10% return. Oceanfront in Nags Head for $1,095,000!

Friday, January 13, 2012

Top 10 Outer Banks Real Estate Market Predictions

Happy New Year! We’ve had a really exciting time recently on the Outer Banks. So many great things are happening and yet in some ways there’s still some struggle. This year I wanted to share with you some predictions I’ve made about our market for 2012. Let’s see how many you agree with, disagree with, share your own predictions or just follow along. At the end of the year it will be fun to take a look back and see what we got right! Here goes…

· The Mid-Currituck County Bridge project completion date will be postponed…again! If you’ve been around the Outer Banks any length of time, I’m sure you’ll agree this prediction really needs no further explanation.

· 2012 will see an increase in the number of sales over last year by 15%. In 2010 we saw our first signs of hope when number of sales closed at 25% more than 2009. In 2011 we kept pace, closing out the year at less than 1% difference. I believe 2012 will go up due to increasing confidence and the unbelievable deals offered here.

· 2012 will prove to be the best time to buy in 2 generations! If you’re on the fence and waiting for the perfect moment to buy that beach home, it’s here! There are so many properties that have excellent rental returns, we have the lowest interest rates and prices unseen since 2000! You’ll be saying “shoulda, coulda, woulda” if you wait to invest.

· Interest rates will rise mid-year. As consumer confidence builds and nationally the housing market continues to see good news rates will rise as that goes hand in hand with greater housing demand.

· Building starts on the Outer Banks will go up. Lot sales have taken the greatest hit in value. We’re starting to see lot sales go up in double digits! People are realizing with today’s extremely low lot prices, they can build for about the same as buying an existing house. For several buyers this year that will be an appealing option!

· 2012 will be another record year for rentals. If you rely on that income, good news…you’ll get it this year. As airline fees continue to go up and the Outer Banks becomes an even more popular wedding destination we should be packed to the brim for about 20 weeks this year.

· There will be a small drop in the number of Bank Owned homes for sale. We have had a steady inventory of distressed homes at around 14% each month. In addition we closed out 2011 with an average of 36% of closed sales each month being a distress sale. That dropped 2% from 2010. While distress inventory isn’t going to go away anytime soon, we see no evidence that it will rise and more evidence we could see a percentage or two drop for the second year in a row!

· Home values will drop another 5% to 7%. The median home sales price dropped 6% in 2011. With inventory levels out of control and still a good number of distress sales, sadly we aren’t out of the woods just yet. Continue to plan on another 6 to 7 years before home prices will be measurably higher than they are today.

· Your Dare or Currituck County Tax Assessment will be re-adjusted in the next 12 months and you’ll probably see a 25% to 30% drop in the Tax Assessment. Now, don’t get too excited yet. Once that happens you’ll see the battle begin to raise that Tax Rate so that your actual tax bill doesn’t change too much. The budget hasn’t changed that drastically that the County can give you a 25% drop in your property taxes. Now, considering taxes here for a million dollar property are around $4500, that’s really not much to complain about!

My last prediction is that for my personal business, this will be my best year ever! I have so much enthusiasm about this market I can hardly control myself. I know there will be tough conversations with several sellers this year and tough negotiations with buyers as well. All in all, I feel it’s a great time to be an American and I love watching our country fight to get back to an economy we can all enjoy again!