So you have done it. After weeks, months or maybe even years of debate you have decided to jump into the investment property swimming pool and you aren’t quite sure what is in the water. You know the numbers based on your dealings with your Outer Banks Blue Sales agent who has shown you the long and steady historical gain of owning property at the OBX, and the decision was obvious. Congratulations on being an Outer Banks property owner!
As an Outer Banks real estate agent for 31 year I’ve heard these questions almost every day, “How is the market?,” “What is selling?,” “How is my neighborhood doing?,” etc.
Every year hurricane season rolls up on us fast and furious. No the dates don’t change, they are standard from June 1st through November 30th. But, until one is looming or on a path headed our way we seem to “conveniently forget” the ramifications they have in closing on the buying or selling of a home.
Value. How often do we hear this word in a Real Estate transaction? Most of the time it is being used in the discussion of a property of interest or after an appraisal of your home. But, have you considered the Value your REALTOR® holds in the transaction of buying or selling property? If not you should!
Marriage, surfing, and real estate. You ask, what do these three things have in common? You can read all of the books, watch all of the instructional videos take surfing lessons, get pre-marriage counseling, hire a real estate coach, but with all three you have to actually get in the water, walk down the aisle or sit at a closing table to get the full experience. With all three it takes perseverance, patience and commitment.
Before I jump right in with a resounding “yes” I hope to answer more than the question of whether it is time to buy or sell an Outer Banks beach house. I want you to see the positive outlook for both buyers and sellers alike. I would like to think that anyone will do well from either side of the [negotiating] table as prices have not skyrocketed like the early-to-middle years of the previous decade. Given the current economic conditions and financial policies in place we should not see a bubble like that again in our lifetime, hopefully. Either way, the year-over-year gains is a confidence booster for all parties.
As you know from reading REALTORS® e-mails, websites, bios and such there is an alphabet soup that we REALTORS® love to share with other clients and the public. These letters correspond with certain “designations and certifications” offered by the National Association of REALTORS® in order to expand our knowledge base and continue our education. The following is a description of each REALTOR® Designation and what it may do for you or someone you know:
Fall is an awesome time of the year in the Outer Banks for visitors and for real estate.
During September and October, the Outer Banks transforms back to what I consider paradise. The weather is pretty much perfect, as the water is still warm and the air temperatures are too. The humidity drops off for the most part and you begin to get some of those mornings where the air is crisp. The stop and go traffic on 158 is just a thing of the past. Even left turns are possible again onto the big road. You typically don’t have to wait in long lines at the grocery stores, restaurants, or any of the other local establishments. It’s that time again for oysters, the return of tuna season, football, and long sleeves in the evenings. There is plenty to do without feeling crowded. The schools hold their annual pumpkin fairs. There are Halloween parties and the annual seafood festival, and the sound-front site in Nags Head has been recently, gorgeously transformed. Do yourself a favor and come out this October 17 for a great gathering of local restaurant owners who will be showing off their finest vittles. And don’t forget, you can still go anytime and enjoy our greatest asset – the beach!!
Well ladies and gentlemen, watch your flood renewals, because as of April 1, 2015 FEMA began the implementation of the congressional mandated reforms to the NFIP – National Flood Insurance Program. Based on the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) which was enacted to repeal and modify the Biggert-Waters Flood Insurance Reform Act of 2012. These new laws will slow some of the rate increases and offer some policyholders relief that saw gigantic rate increases in 2013 and 2014 based on the prior storms. The flood insurance rates and other charges were revised for new and existing policies on April 1, 2015.
According to a recent article in Money Magazine (May 2015) for more than a decade the housing market has been in flux, in between that “just right” rate of growth that offers opportunities for both buyers and sellers, but by certain standards we may be getting closer. According to National Association of REALTORS® home prices nationwide are expected to rise 4.9% on average this year. At the same time inventory is expected to loosen up with 1.9M units on the market this year vs the market saturated 4M we saw in the late 2000’s.