Saturday, March 31, 2012
Friday, March 30, 2012
Thursday, March 29, 2012
Wednesday, March 28, 2012
Tuesday, March 27, 2012
This Week's Best Buys on the Outer Banks!
MLS#74107 - Semi Oceanfront in Ocean Sands backing up to open space creating forever views! 5 bedrooms for only $525,000!
MLS#74198 - Oceanfront condo in Duck for only $249,000!
MLS#74143 - Large Soundfront home in Baycliff! Only $374,900!
MLS#74160 - Semi Oceanfront classic Beach Box with lots of potential! $345,000
MLS#74141 - Oceanfront BANK OWNED home in Villages at Nags Head for only $849,000!
MLS#74157 - Semi Oceanfront BANK OWNED home in Southern Shores! $799,900Monday, March 26, 2012
Ocean Front Lot on Southern Shore Beaches
This could really be YOU sitting on your oceanfront deck on the beautiful Southern Shores beaches. Forever sunrises, beach fun and family memories await you on this extra large and private homesite. Enjoy the comfort of knowing you'll have the open space to the south of the home and enough room on this 28,000 sq.ft. lot for your Beach Dream Home!
Sunday, March 25, 2012
Saturday, March 24, 2012
Friday, March 23, 2012
Thursday, March 22, 2012
Tuesday, March 20, 2012
Monday, March 19, 2012
This week's Best Buys on the Outer Banks!!
74079 – Great location to the beach, great rental income, cute house! $639,900
74022 – Beautiful custom home in a wonderful location in Corolla Village. $655,000
73987 – Short Sale in Kitty Hawk. Renovated in 2007, short walk to the beach on a great street! $425,000
74043 – Excellent buy in Southern Shores! Un-crowded beaches only a short walk away for $565,000
72833 – This one has it all! Private pool, great views, 5 bedrooms, game room and a short walk to the beach for only $390,000!!!!
60290 – Cute Semi-Oceanfront in South Nags Head for only $349,900!
Friday, March 16, 2012
How is your home in Duck affected by the recent spike in sales?
So how does all of this affect the property value of your home? Sales activity is good and that’s definitely a positive. However, the houses priced “best” are the ones selling. Even here in Duck we have an oversupply of homes for sale. Keep in mind when I write sales have doubled, that means more specifically that in January and February of 2011 there were a total of 10 Residential Home Sales in Duck. So far for January and February of 2012 there have been 19. Considering we have a total of 143 homes/condos active on the market we are still experiencing a 7.5 month supply of homes for sale. This is also considering we haven’t hit the peak for new listings in the spring yet. April is by far the biggest new listing month of the year.
- In the last 30 days, 8% of active inventory had a price reduction
- In the last 30 days, 26 new listings came on the market (7 more came on than sold)
- 97 homes have sold since January 2011
- 20 of those homes sold and closed within 100 days
- Average days on market is 316 for those homes
- Average list price is $720,000
- Average sale price is $656,000
- 21 of those sales were distressed (short sale or bank owned)
- That’s only 22% of sales in the last 14 months were distressed
- 78% of sales were not!
- Only 3 homes listed active right now are a distress sale
- Clearly it’s not the distress sales causing most of our headache, it’s the oversupply of homes for sale! The basic principle of supply and demand.
- A “normal” market has between 3 and 6 months of inventory, Duck is at 7.5 before the surge in listings next month·
The moral of the story here is that buyers are ready to buy. They have a lot of homes to choose from and are quickly buying the homes they perceive as the best value. Listing high means pricing yourself out of the market. If you want to sell, price it right and it will happen. If you want to buy, there’s never been a better time!
I hope you enjoyed this quick report! If I can answer any other questions for you please don’t hesitate to contact me. Also feel free to subscribe to this blog for future articles of interest.
Thursday, March 15, 2012
Wednesday, March 14, 2012
Breaking News from the Outer Banks!
Hello from the beautiful, sunny and warm (78 degrees) Outer Banks! There are few noteworthy items to mention this month.
2. You'll notice a change in the speed limit on parts of 158 in Kill Devil Hills and Nags Head this season. The Town petitioned the State to lower the 50 mph limit to 35 mph. A compromise was reached and approved to lower it in certain high traffic locations to 45 mph. You might need a few extra minutes to reach your destination so plan ahead and take your time this summer!
3. There's a massive campaign to fight the new legislation requiring paid permits for driving off road on Hatteras Island! For links to the articles click the link to my Facebook page on the right to read more about it and join in!
4. We're not expecting any news on the Mid-Currituck Bridge until sometime in the 2nd quarter. I would guess around June.
Stay tuned for more updates!!
Tuesday, March 13, 2012
How NOT to set the listing price of your home.
Do a search on ActiveRain and you’ll find hundreds of blogs in different locations with advice on how to come up with your listing price for your market. I searched how NOT to set the price and found nothing. So here are a few ideas on what NOT to do when you decide to sell your Outer Banks home in today’s market.
•Tax Assessment - Don’t confuse your county tax assessment with market value. Your tax assessment is for the purpose of assessing a tax amount to you for the purpose of revenue to the county. It doesn’t in any way suggest that’s what a buyer is willing to pay or a seller is willing to sell for. Most importantly the assessment on your home right now is 8 years old! On the Outer Banks they only re-assess every 8 years. Because it’s 8 years old, it also doesn’t take into consideration any improvements that have been done since the last assessment.
•Old Appraisal - Appraisals are only good for the day they are written. What? Yes, that’s correct. Considering that anything and everything could change tomorrow, an appraisal can only be valid for one day. If you have a year old appraisal and want to base your price on some reflection of that, you’ll find yourself the highest bidder of your home! Congratulations, you don’t have to move.
•Old Sales in the area – All agents have heard it… “Well my neighbor sold last year for $30,000 more.” Well, sadly, in a declining market that’s what happens. There are so many factors affecting the value of your home today, relying on what sold several months to a year ago will cost you many months of additional mortgage payments on this home!
•Recent Improvements – We’ve also all heard… “Well I have a new roof, HVAC and carpet. I want to ask $extra to cover those costs.” The fact that you’ve done these “maintenance” items is great. It shows you’ve taken care of the home. The problem is all houses need a roof, HVAC and carpet. In a market flooded with inventory asking more for items the buyer expects to be there AND expects in good condition is a losing strategy. What you can ask more for are upgrades. Changing vinyl to tile or carpet to hard wood, or laminate to granite are all upgrades. However, the best way to create value in a market full of homes for sale is to have MORE for LESS. That’s how you stand out above the crowd!
•Basing the price on your needs – We would all love to get the seller the most money possible. That’s part of our job. However, we can only sell the home for the true market value. Just because you NEED to get $50,000 at closing doesn’t mean it’s going to happen. You have to consider all the current factors in your marketplace and if those point to a lower price, you needing that money will not cause a buyer to pay it if the value isn’t there. You may need to adjust your plans based on what’s realistically going to come out of the sale of your home.
•Stuck on 2005 value – It was a good time…a very good time back then. However, all good things must come to an end. Sure, we’ll see prices like that again, but just as that cycle was OVER 15 YEARS in the making, so shall be the next. It’s been 7 years since 2005! It’s time to put those prices to bed. If you don’t need to sell any time soon, great, DON’T. However, if you do need to sell, forget 2005, it’s history. It will be a very long time before prices rise to that level again. Let’s get adjusted to this market and make the best OVERALL decision for your family.
•Focus only on Price – So often I hear, “I don’t have to sell, I’ll just wait if I have to sell at that price.” Selling a home is based on a LOT of decisions, not just the price for it. No one wakes up and turns to their spouse and says “Honey, the house is worth $X, we have to sell it.” Selling is based upon life changes, new needs, maintenance costs, jobs, marriages and so many more things that are related to the way we live our lives. It’s always a shame when I see a seller refuse to sell based solely on the price in today’s market. That means they are putting that dollar value above the benefits selling the home can bring to the family. Don’t let the emotional response to the price create a long term inconvenience for your entire family.
Now that we’ve covered what NOT to do, if you need help pricing your Outer Banks home for a prime spot in our market today, certainly let me know how I can assist you!
Monday, March 12, 2012
This Week's Best Buys on the Outer Banks!
MLS#73942 – Check out this pristine Oceanfront 9 Bedroom home in Ocean Sands. Everything you could ask for in this fantastic property! $1,999,999
MLS#73899 – Your chance to own a magnificent Oceanfront home in beautiful Sanderling! You’ll love the detail in this home. $1,799,000
MLS#73932 – What a great spot to spend year round living on the Outer Banks. Built in 2003, this is an awesome deal! $269,500
MLS#73926 – Your chance to own a Nags Head beachbox in a great location with beautiful wide beaches! $334,850
MLS#73199 – Another price adjustment for this gorgeous Canalfront home in Southern Shores! $417,900
MLS#72833 – Excellent deal on this very well maintained 5 Bedroom home in Ocean Sands. Just reduced to $390,000!Sunday, March 11, 2012
Saturday, March 10, 2012
Thursday, March 8, 2012
Wednesday, March 7, 2012
Tuesday, March 6, 2012
Monday, March 5, 2012
Best Buys on the Outer Banks!!!
MLS#73839 – Check out this 4 bedroom Ocean Sands cottage with a private pool for only $289,000!
MLS#73787 – Gorgeous home in Ocean Hill just steps to the beach with a strong rental return $899,000!
MLS#73882 – Rare 2 bedroom Oceanfront condo in Duck! Only $314,900!
MLS#73843 – Very charming and unique beach home Oceanside in Duck with a 7% rental return for only $495,000!
MLS#73827 – Very motivated seller on this stunning property in Southern Shores. Perfect for year round living. $519,000
MLS#73849 – Over 10% return on this beautiful Nags Head home! Elevator, private pool, game room and more for only $819,000.
Saturday, March 3, 2012
Friday, March 2, 2012
Thursday, March 1, 2012
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