Outer Banks Real Estate Sales Update

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.

To answer these questions we put together an Inventory Matching Market Analysis for the market my team works from which includes Corolla through South Nags Head, Colington Island and Colington Harbour and Lower Currituck County:

Single Family, Condos & Townhomes
Inventory Matching 12-2-15 through 12-2-16
Price Range # Ave/Month %
$100,000 – $149,999 46 3.8333 3.9519%
$150,000 -$199,999 110 9.1667 9.4502%
$200,000 – $249,999 159 13.2500 13.6598%
$250,000 – $299,999 199 16.5833 17.0962%
$300,000-$349,999 142 11.8333 12.1993%
$350,000-$399,999 120 10.0000 10.3093%
$400,000-$449,999 79 6.5833 6.7869%
$450,000-$499,999 76 6.3333 6.5292%
$500,000-$549,999 49 4.0833 4.2096%
$550-000-$599,999 37 3.0833 3.1787%
$600,000-$649,999 12 1.0000 1.0309%
$650,000-$699,999 19 1.5833 1.6323%
$700,000-$749,999 14 1.1667 1.2027%
$750,000-$799,999 14 1.1667 1.2027%
$800,000-$849,999 10 0.8333 0.8591%
$850,000-$899,999 9 0.7500 0.7732%
$900,000-$949,999 11 0.9167 0.9450%
$950,000-$999,999 7 0.5833 0.6014%
$1,000,000-$1,099,999 7 0.5833 0.6014%
$1,100,000-$1,199,999 3 0.2500 0.2577%
$1,200,000-$1,299,999 7 0.5833 0.6014%
$1,300,000 – $1,399,999 7 0.58 0.6014%
$1,400,000 – $1,499,999 3 0.25 0.2577%
$1,500,000 – $1,599,999 3 0.25 0.2577%
$1,600,000 – $1,699,999 4 0.33 0.3436%
$1,700,000 – $1,799,999 4 0.33 0.3436%
$1,800,000 – $1,899,999 1 0.08 0.0859%
$1,900,000 – $1,999,999 3 0.25 0.2577%
$2,000,000 – + 9 0.75 0.7732%
TOTAL 1164 97.00 98.9691%

Current Inventory 12/20/2012  = 957 Homes for sale (a 10 month absorption rate).
Average Sales price = $410,000.
67% of sales were between $200,000 and $500,000.
Southern Shores North = 421 Homes Sold (36%) (Average Sales price = $559,000).
Corolla Sales = 238 Homes Sold (20%).

We had 1164 sales the past year, with +/- 1 – 5% of the previous two years. 957 homes currently for sale. A 10 month absorption rate or 10 month supply.

BUYERS VERSUS SELLERS MARKET:  The National Association of REALTORS chief economist suggest that when there is a six month supply of active listings (unsold inventory) the market is neutral or balanced with any equal number of buyers and sellers.  My experience indicates that a five to eight month supply is the range for a generally balanced market; that a seller’s market is when there is a three month or less supply; and that a buyer’s market exists when there is a twelve month or great supply.  Prices generally react faster in a seller’s market than in a buyer’s market since the individual home owner will raise their price quickly but will resist lowering their price.   This is a basic function of the human trait of “greed”.

Our average sales price is $410,000 and our market “sweet spot,” the price range where 65% to 75% of the sales occur, is between $200,000 to $500,000. 67% of all sales fall in this price range.

Our most productive range is between $250,000 and $299,999 where 17% (1 in 6) of all homes are selling.  This market overlaps year round/2nd home purchases.

For Southern Shores, Duck and Corolla the average sales price is $559,000. 20% of all sales are in Corolla.

I hope this information is helpful! Maybe a little more information than the answer.  But as my old friend Ed Rabbel would say, “it’s picking up.” He was a garbage man!

The Best Real Estate MarketFor more detailed information on the current state of the Outer Banks real estate market, please feel free to call Danny or Danielle Fenyak at (252) 256-1818 or email him at dfenyak@outerbanksblue.com.

How Hurricanes Affect Home Sales

hurricane real estateEvery 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.

Most insurance companies STOP writing and/or binding coverage is a tropical system enters a certain area in the Atlantic Ocean.  Most will also not allow you to alter your coverage at these times, by raising or lowering your policy limits.  At this time, FRONTLINE, one of the newer companies offering wind/hail insurance, suspended issuing policies from Wednesday, August 31st – Tuesday, September 6th, AT THE EARLIEST!  They write a lot in Florida but have been reaching north into South Carolina and North Carolina as well.  So basically what this means is that in order to close you need to have a policy in place on the home you are buying, and when they stop issuing you coverage it will delay the process.  Normally insurance binding is handled towards the end of a transaction, sometimes less than a week prior…. So these dates are critical if a storm is a brewing off the coast of Africa.

With the gulf coast states from Texas to Maine carrying the most risk and bearing most of the brunt of the delays based on these incoming “named storms”.  The named storm does NOT have to be a hurricane. It can be a tropical storm, and it is up to the insurance company as to when they suspend their coverage and when they allow it to be written and or altered again.

Three Suggestion For Anyone Purchasing a Home During Hurricane Season:

  1. Purchase your coverage EARLY in the process.  While you are normally shopping for coverage to see who can get you the best rate, AFTER you have your loan in place, please consider getting your quotes early in the process so that you can actually pinpoint who you want to use during the “due diligence” period.  This is crucial in determining whether you can AFFORD the coverage while you still have time to get out of the deal if you can’t.
  2. Let your mortgager KNOW WHO you will be using as soon as you get your numbers in place.  They aren’t billing you until you close, so what’s the harm in deciding now and giving your lender and your attorney a heads up as to who you want to use.  This is just one less thing to worry about closer to the closing date.
  3. If you are closing soon and haven’t bound your coverage… DO IT NOW!  It will save you, your agent, the sellers and your attorney major heartache to be proactive and secure what you know you will need anyway!

If you are currently SELLING your home, this is something you need to ask your agent to make sure the buyer has done so that it doesn’t slow the closing of your home as well or understand why your closing is delayed in the end.

Kim EndreIf you have any questions about insurance or anything real estate related I welcome you to email me at kim@outerbanksblue.com or contact me directly via text or call at (252) 202-3696.  Whether buying or selling I would love to assist you!

Your REALTOR® and Their Value To You

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!

There are some folks who still do not have a thorough understanding of what we do day in and day out and what our Fiduciary Duty involves when representing you. It has taken several decades of hard and diligent work by the National Association of REALTORS®, your State Association of REALTORS® and your Local  Association of REALTORS® in keeping the public and their best interest informed when dealing in the ever changing dynamics of Real Estate.

The term REALTOR® stands for fairness, professional business relations with moral conduct, the highest competency levels we can achieve, and the highest integrity in our business and personal relations. No inducement of profit and no immoral instruction from others will ever justify the departure from this ideal we hold true to ourselves.

There are countless excellent reasons to work with a REALTOR®.

  1. Ethics: We are held to a higher standard as we adhere to a strict Code of Ethics and Professionalism to protect your best interest. It is part of our Mantra and we live by it! (Our very own Tim Cafferty whom I took my first Ethics course from years ago was an Ethics teacher )
  2. Experience: The average American may only purchase or sell a few homes in their lifetime – we have handled hundreds of transactions over the course of our career and continue to gain knowledge every day with the ever changing regulations and laws governing the sale of property.
  3. Searching the Web: While some consumers think they hold everything in their fingertips, a good percentage of what you find on Zillow or Trulia or any major online source has an incredible amounts of flaws with improper information and horribly incorrect property values. Most large online companies looking for profit in advertising take REALTORS® MLS information and misconstrue the numbers by incorrect Algorithms and broad online distribution. REALTORS hold the most accurate information and apples to apples property comparisons as we are the source of all MLS sales and local knowledge.
  4. Guided Instruction: Are you aware of the amount of Legal Forms and Mandated State and Federal Disclosures required in a real estate transaction? They are also increasing very year. We study these requirements – we protect you best interest in buying and selling by guiding you on what you need to fill out and how to do so to protect yourselves.
  5. The Tactics of Negotiations: Let’s talk numbers. You want the most for your money but only want to pay the fair market value correct…maybe less if the situation allows. We study real comparable properties and tell you the realistic numbers. Our job is to get you the best price in selling your property or the best price in purchasing your property with the BEST possible terms allowed. We work for you! We do this daily and study tactful negotiations for buyers and sellers. We see these markets daily and we cannot say it enough- Real Estate is Local based – so deal with a local.
  6. Emotions: Buying or selling a home is one of the most stressful times in your life…fact. Why would you not want to have someone on your side helping you make the process smooth and having an outside Objective opinion keeping you grounded and in line to close the trans action smoothly. I have personally made good friends with a large majority of my client base. Not because I feel like I need to – but for the reason that we go through so much together and become connected. At the end of the day you want a REALTOR® that keeps you professionally and emotionally grounded during and after the transaction.

If you are in the market to buy or sell and are not running to your REALTOR® after reading this…you should be. We do not get paid unless we get your home closed and make you satisfied. If you are thinking of buying or selling you should reach out to your REALTOR® of choice and let them help guide you in one of the most important financial decisions of your lifetime!

The value of your REALTOR®For more information on all things Real Estate or any questions on the Outer Banks, feel free to contact Shane Collins directly with the OBX Island Guys of Outer Banks Blue Realty Services. (252) 202-1193 or email at shane@outerbanksblue.com.

Marriage, Surfing and Real Estate

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.

Patience, especially if you are an east coast surfer, we get about 15-20 pretty good days a year. If you golf, you can probably golf comfortably 200 days a year. With surfing you are trying to ride a wave that moves and changes shape as well as taking into account the wind changes, tidal shifts, swell direction, crowd factor and shifting sandbars. With marriage, as well as all relationships, patience is incredebily important to achieve balance and happiness. If you decide to have kids, patience takes on a whole new level, well, at least for me, with 3 kids, it did. Patience is a crucial key to real estate. You might as well pick a new profession if tolerance doesn’t come natural. Every transaction, client, home, municipality are each distinctive and different and all create different type ob obstacles.

Perseverance in marriage likens to the old saying, it is better to give than to receive. Sticking together through thick and thin is the simplest prescription for a long marriage. Perseverance in surfing takes on a new light. Surfing has been likened to one of the most difficult sports to master. I started snowboarding 19 years ago and within 2 days I was proficient (I could get down the mountain with out falling most times). With surfing I have been doing it for the better part of 41 years and still feel like a beginner on many days. Persevering in both takes a vow to stay connected whether it be to your spouse or to the sport of surfing. Perseverance in surfing is best summed up from an old saying that says, “if you used to surf, you never did”. Selling real estate is the only job I know you can work 73 hours a week for 6 months and not receive a paycheck. I have often heard that the work you do today is the paycheck that you receive 3-4 months from now. Similar to marriage, sticking it out is one of the keys to being successful in real estate.

Commitment can come in many forms. Commitment for the long haul when it comes to marriage. Commitment, in the moment, when it comes to surfing. Surfing takes determined, sharp focus in waves of consequence. Commitment, when your paddling into an 8 ft wave, takes 100% commitment, there is no room for hesitation. Any hesitation will put you getting pitched over the falls. Similar to marriage, if your not 100% committed for the long haul the results often end up not so good. Marriage needs 100% commitment for a successful and balanced relationship. In the end, a happy wife is a happy life. Commitment to a successful real estate career involves diving in with both feet. It isn’t a job that can be done part time or even ¾ time. My clients enlist me to guide them through the process of buying, selling or building, normally, the biggest investment they are involved with. I feel a duty to be 100% commited to my clients and my profession.

mid-currituck bridgeFor more insights about the Outer Banks and surrounding area please feel free to contact Ken or Pete with Best Buy OBX of Outer Banks Blue.

Pete Salitore
Pete (252) 202-4868
pete@outerbanksblue.com

or

Ken Baittinger
Ken (252) 305-5255
ken@outerbanksblue.com

Outer Banks Beach House: Time to Buy or Sell?

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.

According to the Outer Banks Association, or REALTOR MLS, single family homes have seen modest gains in prices (~1.4% annually) over the past 5 years as well as shorter average time on market (~5.9% less time) and decreasing discounts off asking prices (less than 5% off, versus a little over 6%). These are some of the favorable market attributes from the sellers’ perspective. What’s in it for the buyers? Five years of gains (remember I said modest) instills confidence in the market. The gains aren’t enough to have buyers feeling “priced out” and, 5 years of gains shows that the tide has most likely turned for the next upcycle. To offset the small increase in cost of ownership, due to price appreciation, the interest rates are down about 1 full percentage point in that same time period; according to Freddie Mac. I even saw a 3.75% rate for a 30-year loan with no origination points on a lender’s rate sheet last week!! Since recordkeeping of mortgage rates has been tabulated by Freddie Mac in the early 1970s, this is the 2nd lowest average rate year we’ve seen. The lowest was in 2012. There is a lot of chatter out there in the markets saying that the rates could possibly go even lower.

When the conditions are right, it’s always a great time to buy or sell a home. Currently, we are in a favorable market for either side. If you are buying or selling a vacation rental home, now is one of the best times of year to get in the market, or get your home on the market for sale. The main rental season starts at the end of May. There is a strong demand to purchase rental homes and to time the closing to where the rental income begins flowing immediately, or shortly after closing. In many cases, rental deposits have already been taken and would be an instant bonus at closing for the buyers. The bonus for the sellers is that the discount (off of asking price) is at its lowest on the closings occurring between April and July, which translates to contract signing occurring between February and May.

adamFor a complimentary professional consultation for buying and/or selling Outer Banks real estate, feel free to call or email me anytime. I look forward to hearing from you soon.

Adam Burkhimer
(252) 256-0086
adamburkhimer@gmail.com

**All statistics and real estate statistical references are sourced from OBAR MLS 01/01/2011 – 12/31/2015

REALTOR® Designations and You

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:

ABR: Accredited Buyer’s Representative: The ABR is designed for the real estate buyer agent that may want to FOCUS on working directly with BUYER-CLIENTS at every stage of the home buying process. Just because your listing agent has the designation just means that they are well versed in working with either buyers or sellers as the case may be.

CRS: Certified Residential Specialists: This designation is the highest credential awarded to a residential sales agent, a manager, or a broker.

GREEN: This allows the real estate professional to successfully seek out, understand, and market properties with GREEN features.

GRI: Graduate, REALTOR Institute: REALTORS® with their GRI’s have in-depth training in legal and regulatory issues, technology, professional standards, and the sales process.

SRS: Seller Representative Specialist: This is the premiere credential in seller representation. It was designed to elevate the professional standards and enhance personal performance.

SRES: Seniors Real Estate Specialist: This program educates REALTORS® on how to profitably and ethically serve the real estate needs of the fastest growing market in real estate; clients 50+.

RSPS: Resort and Second Home Property Specialist: This is for the REALTORS® who facilitate the buying and selling, or management of properties for investment, development, retirement, or second homes in a resort, recreational and/or vacation destination.

SFR: Short Sales and Foreclosure Resource: This certification teaches real estate agents to work with distressed sellers and the finance, tax and legal professionals who can help them in the process and qualify the sellers for short sales, develop strategies to market the homes, negotiate with lenders and protect buyers.

Each of these and the other certifications and designation programs that are not listed here all require the respective agent to attend core courses, elective courses, have already worked with and have a working knowledge and base with these types of clients, complete final tests and then continue their learning with practical experiences.

While there are additional designations, the above are the ones held by one or more members of the Outer Banks Blue Realty Sales Team. We are proud of our REALTORS® and their continued efforts to expand their knowledge base for you our clients.

kim endre outer banks real estate hot marketsIf you desire any specifics as to your home or neighborhood please contact Kim Endre. Just call us at (252) 255-0482 x316 or email her at kim@outerbanksblue.com.

The Outer Banks in the Fall is Awesome

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!!

The Outer Banks in the fall is also a great time to be in the real estate market, whether you are buying or selling. Historically, between 15 – 20% of the total year sales of single-family homes occur in these two months, before falling into the winter market slumber. The average inventory tends to rise after the summer months and the demand seems to increase fairly proportionately to the rise in the number of homes for sale. Christmas and especially Thanksgiving are extremely popular off-season weeks for out-of-towners to spend here. And what better way to celebrate the season than in a new home?

Speaking of celebrating, I think we can all appreciate some appreciation in real estate prices. The overall Outer Banks single-family home market has continued to improve. Since 2013, the pricing has increased between 2.6 – 4.1%, based on three metrics I use. Those three metrics are: average sale price, average sale price per square foot and average sale price per bedroom. While 2.6 to 4.1% over three years doesn’t equate to a huge annual appreciation rate, it is a confidence booster to have positive price trending for several consecutive years. The average pricing has been actually been trending upward since the 2010/2011 time frame. Annual sales have been on an upward trend just about every year since 2008 and average inventory is down 11% from the year 2010. We would have to expect some upward pressure on pricing with those economics in place. The fact that the gains are modest keeps our market from getting “out of control”. Everyone can come out a winner in today’s market.

outer banks real estate teamFor your free market analysis or if you are interested in buying or selling real estate on the Outer Banks, feel free to contact me directly. I look forward to hearing from you soon. Please feel free to call Adam (252) 256-0086 or Shane (252) 202-1193 with OBX Island Guys of Outer Banks Blue. adam@outerbanksblue.com or shane@outerbanksblue.com.

All references to real estate statistics are sourced from OBAR MLS (01/01/04 – 08/30/15).

Changes To Flood Insurance As Of April 2015

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.

One of the new laws that will affect everyone is an annual “surcharge” on all new and/or renewed policies. This is a flat fee applied to all policies based on occupancy type and is not at all associated with the flood zone you sit in, or the construction date of the dwelling. In regards to home ownership this rate will differ for year round residents vs. second home owners. A year round resident will receive a $25 surcharge while a second homeowner will be receiving $250 surcharges for each and every home you own (other than your primary which will be the standard $25 rate). Any condo or Multi-Family Residence will be set at a $250 surcharge as will any non-residential structure.

This surcharge is being used to compensate for lost revenue based on the slowing of the subsidized rates being eliminated immediately but gradually moving into a full-risk rate for some of the older homes that have been “grandfathered” in for so long. It will be in effect and collected annually until all subsidies are eliminated completely.

Another change that is being implemented is that the maximum deductible for a flood policy will increase to $10,000 for single-family and two-to-four family dwellings. If selected this deductible would apply to both contents and building. Based on the selection of the higher/maximum deductible, the NFIP claims that it could result in up to a 40% discount from the base premium. Please check with your lender if you are interested in increasing your deductible as this level may not meet mandatory purchase requirements.

There are many additional changes being made to the program that I would be glad to share with you if you are interested. Just let me know! As always, you have a trusted resource in the sales department here at Outer Banks Blue. Please feel free to contact us 7 days a week for any question you may have in regards to your home or another home in your neighborhood. We would be honored to assist you or anyone you would like to refer to us for any of your buying and selling needs.

kim endre outer banks real estate hot marketsIf you desire any specifics as to your home or neighborhood please contact Kim Endre. Just call us at (252) 255-0482 x316 or email her at kim@outerbanksblue.com.

Outer Banks Real Estate Hot Markets

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.

Being in a resort and second home market we do see these trends hit our beaches last, as no one needs a vacation/second/rental home, although the investors still want them, and are always in search of a deal. The following are the details for the First Quarter Sales for the Outer Banks:

Outer Banks Real Estate Hot Markets:
Corolla SOLD 48 units – 38 on the Ocean side and 10 on the west side of Hwy 12. The average list price was $609,304 – the average SOLD price was $569,753 – capturing 93.50% of asking price.

Duck SOLD 21 units – 19 on the ocean side and 2 on the west side of Duck Road. The average list price was $453,537 – the average SOLD price was $418,409 – capturing 92.25% of asking price.

Southern Shores SOLD 18 units – 1 on the ocean side and 17 on the west side of Ocean Trail. The average list price was $383,694 – the average SOLD price was $360,322 – capturing 93.90% of asking price.

Kitty Hawk SOLD 20 units – 1 on the oceanfront, 5 in between the highways and 14 on the west side of the bypass. The average list price was $335,105 – the average SOLD price was $315,450 – capturing 94.13% of asking price.

Kill Devil Hills SOLD 58 units – 4 on the Oceanside, 16 between the highways and 37 on the west side. The average list price was $264,042 – the average SOLD price was $252,311 – capturing 95.55% of asking price.

Colington Island SOLD 15 units – 10 in the Harbor and 5 on the island. The average list price was $269,866 – the average SOLD price was $258,166 – capturing 95.66% of asking price.

Nags Head SOLD 37 units – 30 in Nags Head – 9 Oceanside, 12 Between the highways and 9 on the west side of the bypass and 7 in South Nags Head – 6 on the Oceanside and 1 on the west side of Old Oregon Inlet – the average list price was $505,894 – the average SOLD price of $472,839 – capturing 93.46% of asking price.

So as you can see, the vacation market of Corolla is the hot one in regards to numbers although the year round market and smaller home rentals of Colington and Kill Devil Hills are hot in the percent of list to sell.

Outer Banks Blue Real Estate Sales’ Stats
1872 Active Residential Listings as of 7/1/15
272 Pending Residential Listing as of 7/1/15
167 SOLD between 06/01 – 06/30/15

kim endre outer banks real estate hot marketsIf you desire any specifics as to your home or neighborhood please contact Kim Endre. Just call us at (252) 255-0482 x316 or email her at kim@outerbanksblue.com.

7 Reasons Why This Is The Best Real Estate Market In 5 Years

Let’s take a moment and review why this is the greatest Real Estate market we’ve seen in the last 5 to 7 years. There are 7 very specific reasons why it is, although I’m sure I’m missing a few, which is motivating many, including your friends and family, and maybe even you, to consider buying or selling in 2015.

7 Reasons Why This Is The Best Real Estate Market In 5 Years

  1. Interest rates are extremely low and are projected to rise over the next 12 months.  3.625% now vs. 5.25% according to the Association of Realtors’ projection, which equals a 9% savings!
  2. The banks have money to lend and are lending it. They’ve had a lot of money for a long time and because of the nature of the market they are now starting to lend that money out.
  3. Prices in most areas of the Outer Banks are incredibly low because of the recession we’ve experienced.
  4. The inventory is low, partially because of the shrinkage in the REO side, and because demand is building.
  5. There’s a tremendous number of first time buyers for primary, second, and vacation homes in the marketplace because of points one through four.
  6. The appraisers are finally playing nice for the first time in a long time, which always makes everybody happy.
  7. In the U.S. there is a national election coming up in November 2016 and the market always gets better before a national election.

The Best Real Estate MarketFor more detailed information on the current state of the Outer Banks real estate market, please feel free to call Danny Denyak at (252) 256-1818 or email him at dfenyak@outerbanksblue.com.