National Home Prices Hit a New Low in 2011 First Quarter

Are you on the fence about whether to sell or wait it out? This week’s headlines might help make your decision.

According to the S&P/Case-Shiller Home Price Indices - National Home Prices Hit a New Low in 2011 first Quarter. David M. Blitzer, Chairman says “Home prices continue on their downward spiral with no relief in sight.”

According to Brett Arends at MarketWatch - It’s official. The house price collapse is now worse than it was during the Great Depression (percentage wise). Oh and in case you’re wondering, back in the Depression, it took 19 years for house prices to recover to their previous peaks.

Right now, we’re experiencing pricing adjustments back to about 2002. So if you purchased before then, it could be a good idea to sell before it drops further.

Normal inventory on the OBX is around 1200 properties…today, we’re over 3300. Basic economics has always told us higher supply equals lower demand. Until inventory levels recover, pricing will be low. It would take 20 months to deplete the inventory we have right now, IF nothing else came on the market.

I know what you’re thinking - Holy Smokes…is there a silver lining at all? Yes. Housing is now cheap. Super cheap. According to Capital Economics housing is now 24% undervalued, and is the cheapest it’s been in thirty-five years nationwide.

So what’s the point to this video? If you’d like to sell your home, we have 160 QUALIFIED buyers each month looking for the best properties! That’s up from last year, which was up from the year before as well.

Bottom line if you ARE thinking about selling go ahead and price it according to today’s market and reinvest your cash into something that will actually GROW over the next few years. You’ll get your money back. Waiting it out is not a good strategy, especially if the home is costing you out of pocket each month. What’s the sense in waiting?

If you DON’T need to sell…fantastic. Keep enjoying your vacations here and hold on for the ride!

634 Grebe Court, Corolla, NC

634 Grebe Court, Corolla, NC
6 Bedrooms 4 Bathrooms

This is the best time to buy an investment property on the Outer Banks. With today’s prices and rates you CAN find a home that will essentially pay for itself!
Even with taking 2 prime weeks for yourself, 634 Grebe Court can be yours with less than $2500 out of pocket each year (with 25% down at 5% interest).

Call today for more information and a cashflow analysis.

$499,000 MLS #64832

Check the location on this great beach home. Backs up to the Green Conservation Area for privacy as well as situated on a nice cul de sac. Neighboring homes are not permitted private pools. This is your classic beach rental home with proof of up to $44,000 in rental income potential. Easy walk to the beach and all the amenities of a prime investment property. Recently painted, this home has been well cared for. Ground level gameroom with 2 bedrooms. Mid level with TV area and 3 bedrooms and main floor with open living space, dining room, kitchen and master. Enjoy the top floor deck and ocean views.

884 Whalehead Drive, Corolla, NC

884 Whalehead Drive, Corolla, NC 27949
$475,000
5 Bed, 4.0 Bath
2620 SF
This home is very well maintained. The ground floor offers 2 bedrooms, 2 full bathrooms, game room, wet bar area and refrigerator. The large queen bedroom has a private bathroom and sitting area. The top floor offers 3 additional bedrooms and 2 bathrooms, kitchen, dining and great room. There is a hot tub on the top floor deck, which wraps around from back to front. A screened porch is located on the back of the home off the kitchen. Tile floors upstairs for easy maintenance. New carpet in the rest of the home. The twin rooms upstairs have built in dressers in the closet for space saving. Nicely landscaped and plenty of room for a pool.