People often wonder what the best time of year is for purchasing or selling a home. Many times buyers and sellers alike are in a position to be flexible when it comes to listing or shopping for a property. As is the case with buying or selling anything, if you can select an advantageous time of year, the price you pay or receive can change substantially. 

Obviously, the perspective will be different depending upon whether you are a seller or a buyer. Sellers often have the upper hand during periods of peak search traffic. Alternatively, buyers may do better during the real estate "off-season."  The buying and selling season will also fluctuate depending on geography. 

The Christmas Holidays Are Always Off-Season 

Not surprisingly, the months of November and December are consistently a sluggish time for sales no matter where you’re located.  Holiday preparation (and recovery) is the main contributor to the winding down of the real estate market.  And for many markets, even September and October can be slow because of the back to school activities.  However, this is not so for resort/coastal communities like the Outer Banks, Florida or Hawaii since sellers have collected their rental incomes for the summer and investors can finally gain access to properties that were unavailable for viewing during the summer season.  

Geography Counts 

If you want to sell a home in a warm weather climate (think coastal communities), the best months to list are January and February, respectively. Which of course makes sense.  Who isn’t thinking about a warm weather vacation/home in the dead of winter!  On the flipside, the peak month for Montana and Oregon is August. Our state of North Carolina is one of 15 with an overall peak sales month in July. 

If you are considering buying or selling a home in the Outer Banks, give Coastal Outer Banks Realty a call to discuss your particular circumstances and we can work together to create a game-plan that is right for you.

There’s a lot more that goes into selling a home than most people think. It’s not simply a matter of moving all of your furniture out, cleaning up, and getting someone to sign on the dotted line. You’ve got to make sure that you do everything in your power to wow potential buyers immediately upon entry to your home. As you might imagine, that’s easier said than done.

The First Impression

Research has shown that the average buyer has already formed an opinion on a home after being inside it for a mere 10 seconds. Think about it. That’s about the amount of time it takes for you to walk in the front door, wipe your feet on the mat, take a few steps inside, and look up. In other words, they’ve basically decided whether or not they want to buy it almost immediately.

So if you fail to make a good first impression, you’re going to be fighting an uphill battle the entire time they’re walking through the house. They’re going to have to search out things that are going to change their mind…and as you likely know, changing someone’s mind once it’s made up is no easy task. 

On the other hand, when someone walks into your front door and likes what they see, you’ve set the tone for a sale. The positive first impression invokes a positive attitude that sends the buyer looking for things to like, rather than pointing out all the negatives.

How to Set That Positive First Impression

So how can you set a good first impression? Well, you start with the front of your home. By improving your curb appeal, you can set the tone before they even open that door. So spend a little time and/or money on your landscaping, make sure your home has a fresh coat of paint, and fix any of those things on the outside of your home that you’ve been putting off.

As far as the inside of your home is concerned, obviously you want to make sure whatever the potential buyer sees when they open the front door is pleasant and inviting. Which leads us to the question—what’s more inviting—a clean, empty home, or a furnished, professionally staged home?

Should You Stage Your Home?

No matter how much people want to argue the point, the reality is that most people find it very difficult to envision their stuff in your house. We aren’t suggesting offering a blank slate (meaning an empty house), but “decluttering” your home, such as removing personal photos, keeping table-tops clear, and trimming back the knick-knacks is a good start.  That way instead of focusing on your belongings and the way you’ve decorated, their eyes will look past that and see the basic structures and selling points of your home.  Make sure to talk to your REALTOR® and hear their suggestions—after all, they look at houses almost every day.  If all else fails, hire a professional stager.

 Need help selling your home in the Outer Banks? Visit www.coastalouterbanks.com to get help from experienced real estate agents today. 

Finding a house you love is only half the battle. Negotiating the right deal is often the tricky part. Whether you’re a first-time homebuyer or a seasoned investor, knowing how to handle the negotiation process can be challenging, because if you don’t negotiate properly, it could end up costing you thousands of dollars losing out on your dream home.

Fortunately, there are many tried and true negotiation tactics you can use to help seal the deal.

1. Keep your emotions out of it—Make no mistake, the home-buying process can be very emotional. It’s easy to get emotionally attached to a particular home, and that can lead you to making some serious mistakes when it comes time to negotiate a deal. Before you put in an offer, you need to know what your limits are. Don’t let your emotions cloud your judgment and cause you to compromise. You have to be logical and objective throughout the process.
2. Use a comparable market analysis to determine a negotiation point—YourREALTOR® can provide you with a comparative market analysis (CMA)--an incredibly valuable tool for homebuyers—that provides information on similar homes sold in the area.  CMA’s are important in that they help you make an informed offer.
3. Rely on a REALTOR®—Speaking of agents, having a good REALTOR® in your corner can be very helpful when negotiating a deal. You should always go through your REALTOR® when negotiating and putting in offers to help ensure no mistakes are made. Your REALTOR® can also provide expert guidance that will help you when crafting your offer. Make sure you communicate with your REALTOR® so you are both on the same page in regards to your needs and expectations.
4. Act quickly and decisively—The market is in the midst of major recovery at the moment, and as a result, it is a seller’s market in many parts of the country. The inventory of available homes is dwindling, prices are rising, and more people are looking to buy a new home thanks to low interest rates and an improving economy. As a buyer, this means that you need to be ready to act quickly when you see a property you like. You also need to be fast in responding to counteroffers so that other buyers don’t swoop in and steal the property from right underneath your nose.
5. Know when to walk away—Many homebuyers, especially first-timers, are scared of walking away from a negotiation. That’s becoming even more commonplace as we transition into a seller’s market. However, you have to know when it’s time to walk away. If the seller refuses to budge off of an unreasonable offer or a price that’s just too much for your budget, you need to be willing to walk away. Never throw away your standards just because you really want to get into a new home.

With a better understanding of the negotiation process and a seasoned REALTOR® by your side, getting a satisfactory deal on a new home can be much easier.

If you’re looking for a new home in the Outer Banks, let the agents at Coastal Outer Banks Realty help you find your dream home. Learn more at www.coastalouterbanks.com. 

Selling a home can be stressful, especially if you’re relying on making enough off your home to be able to buy the new home you really want. That being said, it’s important that you get all you can out of the negotiating process. Not knowing how to negotiate skillfully can leave you getting less for your home than you should, or even worse, leave your home sitting on the market for months.

Here are some tips to help you during the negotiation process:

1. Don’t sell it on your own.

Some people opt to go the “For Sale by Owner” route to try and save money on real estate agent fees. Bad idea. There are tons of really good reasons to make sure you have a REALTOR® doing the hard work for you.  Here is what you can expect:

• They handle all the paperwork for you. All you have to do is answer a few questions and they prepare everything for you. No need for you to be a real estate contract specialist. Just read it over and sign on the dotted line—and avoid costly contractual mistakes.
• They can get you started at the right price point. Typically, people aren’t sure how to price their home. The problem is that incorrectly pricing your home can directly result in you losing money.
• They can recommend the right repairs. A quality real estate agent will walk in your home and be able to point out little things you can do to spruce things up, allowing you to get the most out of your investment.

But above all else, a REALTOR® gives you power during negotiations. They understand how the whole back-and-forth negotiation works and can advise you of what to counter offer based on their experience. They can also act as your mouthpiece, allowing you to participate actively without actually talking to the buyer. It’s always easier to have someone else say the hard things…

2. Don’t overprice your house but ensure you have some “wiggle” room.

The first rule of selling your home is to make sure it is priced right for the market.  Your REALTOR® will put together a comparative market analysis of what has sold in similar neighborhoods.  That said, when it comes time to set your initial selling price, make sure you give yourself some negotiating room.  Some people make the mistake of thinking they should list their home at the rock bottom price to sell it quickly. That leaves you with no “wiggle” room and might create a situation where the buyer feels you are not interested in working with them.

3. Don’t get offended. Just start the process.

It’s not uncommon for people to come in and low-ball you. Say you’re asking $400,000 for your home and you get an offer for $300,000. The natural response is to tell them to take a hike, if you respond at all. Don’t take it personal! The person is probably just trying to feel you out. Go ahead and make a counter at a little below your asking price. This lets them know you’re willing to negotiate, but you aren’t playing any games. If they like the home, they’ll come back with a more realistic offer. If they’re just wasting your time, they’ll go away.

Of course, there are many tactics you can employ during the negotiation phase. Speak to your REALTOR® at Coastal Outer Banks Realty and ask how you can make your negotiations more successful. Visit www.coastalouterbanks.com today for more information. 

When it comes time to buy a home, it’s easy to get swept up in the moment. You walk into a house, you see a few things that make you swoon, and you’re already telling your REALTOR® that you want to make an offer.

Well, hold on just one second.

Even though the market is picking up and you may feel like you need to move quickly, it’s important that you don’t let your emotions get the best of you. By acting too quickly, you set yourself up for disappointment. That disappointment could be anything from paying too much for a home and losing money in the long run, to ending up in a neighborhood you don’t really like.

Yes, you need to move quickly and decisively, but you also need to take a step back and approach purchasing a home in a logical, step-by-step manner. Before you make that offer, make sure you’ve done all of the following:

Step 1: Drive around the neighborhood and surrounding areas.

Just because your house looks good, or even the entire street looks good, doesn’t necessarily mean you’re buying in the neighborhood you want. Before you even walk into that home and give yourself a chance to fall in love with it, take a drive and lookout with a wary eye. How are other homes kept up? Do people seem to take pride in their curb appeal, or is grass overgrown and paint peeling? Remember, when it comes time to appraise your home, the appraiser is going to do the same thing.

Step 2: Talk to your potential neighbors.

If you move in, you’re going to have to “deal” with the neighbors because they probably aren’t going away any time soon. So knock on some doors and strike up some conversations. This way you’ll get a better idea of the type of people you’re going to spend your life living next to. Good neighbors will also give you the low down on what goes on in the neighborhood. Are there lots of rentals in the neighborhood? Are there houses sitting on the market for long periods of time without selling? Is there an HOA that keeps things in order?

Step 3: Do some online research.

With so much information readily at your fingertips, it would be silly not to find out everything you can online about your new neighborhood. A few helpful tips and things you should look for:

• Home values: Ask your REALTOR® for a list of recent home sales in surrounding neighborhoods.
• If you have children, check one of the various online resources for sex offenders in your neighborhood.
• Look at the crime report for your area and see how safe it really is.

Step 4: Have your home inspected.

Once you and the seller have reached a tentative agreement, make sure you get licensed home inspector to inspect the home, and if necessary, follow-up on their recommendation for additional inspections.  In the end, inspections are worth the expense so you can avoid unpleasant surprises. If you can, be present when the inspector is performing the inspection (or at least towards the end!) so you can see what he finds and ask the right questions.

Once you have followed all of these steps, you’ll be armed with all you need to make the best buying decision possible. Not to mention, you’ll have all the right information to give you leverage in negotiations.

Are you looking for the perfect home in the Outer Banks? Let the experienced, knowledgeable REALTORS® at Coastal Outer Banks Realty help you find the perfect home. Learn more at www.coastalouterbanks.com. 

With the rate of foreclosures down in most states, buyers still looking to scoop up a good deal are turning to short sales.  But the reality is that short sales aren’t quite the steal people may think.  The reason? Banks are looking to get the current market value, or as close to it as possible, before they agree to the short sale. 

Here’s how it works:  a homeowner can no longer afford their payments and is perhaps underwater on their mortgage (meaning they owe more than they can sell their home for).  They work with a REALTOR® to list their house and work to sell it short (meaning for less than they owe).  In the meantime, the Seller and REALTOR® or their Attorney engages with the bank.  Once an offer comes in, that offer (or multiple offers) gets submitted to the bank. 

The bank subsequently contacts a REALTOR®/Broker or an appraiser to determine a fair market value.  And generally, that is the price they will demand.  Often after waiting months for a short-sale approval, a bank will simply decline the short sale, or ask for an increase in price to get the fair market value.  So basically—you are getting a home for current market value.  BUT be assured the seller will be making no repairs.  Remember, they can’t afford to pay for the home so they certainly can’t afford to make repairs.

Compare this to a home that is not in a distressed sale situation.  The sellers REALTOR® would have done a comparative market analysis and worked with the seller to list their home at its current market value.  That seller, more likely than not, has kept their home in good condition, and will be prepared to negotiate on both price and any repairs needed as found on a home inspection. 

The reality is that in either case, you are most likely going to get a house at its current fair market value.  However, a non short-sale property has a much shorter closing time, is likely in better condition, and the seller may even make repairs (although its not guaranteed).  This compared to months of waiting for approval on a sale that may or may not happen, with a guarantee of no repairs.  Doesn’t sound like such a great deal after all. 

For more information about short sales, or if you are interested in buying or selling a home in the Outer Banks of North Carolina, please contact Coastal Outer Banks Realty at 252-489-2140 or go to our website at www.coastalouterbanks.com.

Many home buyers don’t realize the importance of their closing date. As a buyer, it’s very important that you have a say in selecting the closing date for your new home. The date you choose can play a big role in saving you money and ensuring a smooth moving experience.

When choosing your closing date, there are some important things you need to keep in mind. First, it often takes about 45 days for lenders to approve financing. So, you have to make sure you give yourself plenty of time to secure the financing you need to purchase your new home. But it’s also important to keep the seller happy too. If you try to insist on a closing day that the seller isn’t happy with, they could decline your offer and you’d miss out on your dream house.

So, how can you make sure you choose the right closing date on your new home? Here are a few tips to keep in mind.

• Aim for a closing date near the end of the month—In most cases, and end-of-the-month closing date is the best option for the buyer. Why? There are numerous reasons. If you’re a renter, you’re likely locked in a lease that you pay at the beginning of each month. So, if you pay your rent on the 1^st and move out on the 10^th, you’re wasting all of that previously paid rent. By staying in your apartment until closer to the end of the month, you’ll get a better value.

But that’s not the only reason you should try to schedule your closing date near the end of the month. Choosing a closing date at the end of the month can save you money on prepaid interest that you have to pay. In most cases, the borrower prepays interest to cover the time from the closing date until the end of the month. Therefore, the earlier you close in the month, the more prepaid interest you’ll have to pay. This can make a big difference if cash is tight for you at the moment.

• Schedule your closing for when you’re ready to take ownership of the new home—A lot of times, buyers make the mistake of closing too early on their new homes. They close on the home but aren’t ready to move in or to start making renovations, so they end up paying on a home that they’re not even ready to start using.

Make sure you have all of your ducks lined up in a row so that you’re closing at the time you’re ready to truly take ownership of your new home, whether that means moving in immediately or starting to make renovations.

• Don’t push your luck—Remember, the buyer needs to be happy too. They want to sell their home, and timing matters to them too. If they’re currently living in the home, you have to choose a closing date that works with their new living arrangements. Of course, you don’t want to make them wait longer than they are comfortable with to close the sale either. The key is to make sure both you and the seller are happy with the closing date chosen.

If you’re considering buying a home in the Outer Banks, visit www.coastalouterbanks.com today. 

With the housing market recovering well and, in fact, surging in recent months, one interesting trend to note is that the market for condominiums has been improving as well. In fact, The condominium market is outpacing single-family homes in many cities across the country. This is noteworthy because the condo market was one of the hardest hit during the housing market collapse last decade, but now it’s among the healthiest.

Let’s take a look at just how well condos are performing right now in a few major cities across the country:

• In San Francisco, condos have seen a 29% annual increase in value.
• In Los Angeles, condos have seen a 17% annual increase in value.
• In New York, condos have seen a 12% annual increase in value.

This list could extend much further, but the point has already been made – condos are back!

For sellers, this is tremendous news. The value of condominiums is expected to continue rising through 2013 and into 2014, so it’s a great time to consider selling. With limited inventory on the market and rising values, we’re in the middle of a seller’s market.

Are Condos Bad News for Buyers?

With the value of condominiums on a steady rise, what is great news for sellers might not be such happy news for buyers.

Here are some of the issues condominium buyers currently have to deal with:

• High prices—With the price of condominiums increasing every month, buyers are looking at higher selling prices than we’ve seen in many years. Getting a good deal on the right condo can prove challenging in this current market.
• Low inventory—Another issue buyers are dealing with is that there aren’t a whole lot of condominiums to choose from right now. That’s due to a number of factors, including fewer foreclosures as lenders work with homeowners, but one of the main reasons is that sellers are holding on to their condos until they reach their peak value. With less inventory, that means finding the home of your dreams is more difficult.
• Difficulty receiving lending—Getting a loan for a condo is proving tough in this current market. That’s because a lot of lenders were burned by condo buyers last decade, so as a result, they’re being much more cautious with granting loans. For buyers, this means fewer financing choices than those who are buying a single-family detached home.
• High condo fees—This isn’t a new issue. Condo fees have always been a drawback to buying a condominium. These monthly fees are paid by residents each month to cover the general maintenance of the building and the grounds. These fees are typically quite high and often subject to change at any time.

Considering Buying a Condo?

If you’re thinking about buying a condominium in the Outer Banks, let the experienced, knowledgeable team at Coastal Outer Banks Realty guide you through today’s changing market. We’ll educate you on the advantages and disadvantages of condos and make recommendations for the best communities for your needs.

Visit www.coastalouterbanks.com today for more information!

There are plenty of decisions to be made when purchasing a home.  You finally have a house under contract and have chosen a lender, and now you have to decide whether and when to lock your rate!  The truth is no matter how experienced your loan representative is, no one has a crystal ball when it comes to rates, so it really comes down to personal preference.  The important thing is to use your best judgment.  Don’t let ego get in the way of making the decision, so you can have bragging rights with your friends.  Here are some things to consider when making your decision:

• Are mortgage rates trending downward or upward since you put your dream home under contract?
• Are you prepared to take the risk if rates go up?
• Even if rates drop somewhat with today’s low rates, will it really make much difference to your payment?
• Will an increase in rates affect your budget?

One final thought…it is much easier for interest rates to rise than it is for them to fall.

Whatever you decide, make sure you are dealing with a mortgage specialist that is knowledgeable, helpful and is willing to talk you through the decision!

If you’re considering investing in a rental property, there are some things you need to know. While many investors are successfully buying distressed properties and renting them out-thanks to the willingness of banks to sell more of their distressed properties as rentals-there is no guarantee that you’ll see the same type of success. It’s important that you educate yourself about the current market conditions and that you understand what it takes to capitalize on the right opportunities.

The first thing you need to understand is that home prices are currently on the rise. In fact, they have reached their highest levels since 2010, according to recent reports. The higher selling prices are the result of a depleted inventory. As an investor and potential buyer, this means that you have your work cut out for you if you want to find a great rental property to invest in.

However, the current seller’s market doesn’t mean that you won’t be able to find quality properties to buy and turn into rental properties. The good news is that lenders are more willing to give loans to home investors than they were just a couple short years ago. The economy is on the way up, so getting the funding you need to invest in a rental property could be a little easier now than it used to be.

The other bit of good news is that banks are selling more of their distressed properties to investors who want rental properties. That’s because instead of listing properties for regular buyers, the banks are selling multiple properties off in portfolios to investors. So even with a decreased inventory of available homes, there may still be some good investment opportunities available to you.

Tips for Landlords

If you’re thinking about investing in rental properties, here are a few tips that will help you make the most of this exciting opportunity. 

• Educate yourself about the local rental market—Just because rental markets are great in many parts of the country right now doesn’t necessarily mean the rental market in your area will be so good. Moreover, the market for rentals changes based on location even within your own town. That’s why you need to take the time to educate yourself fully on the rental markets in your area. Know which parts of town are attractive to renters and which are not.

Get help from a knowledgeable REALTOR®

• This is especially important for first-time investors. - A REALTOR® with experience in investment property deals can be very helpful in guiding you toward properties with lots of potential. Choose your agent carefully, because as an investor, you want someone you can do business with for years to come.
• Have the capital ready - Today’s market is competitive for buyers and investors, so it’s important to get your capital lined up in advance. This will allow you to quickly jump on the best opportunities before they are snatched up by someone else.

If you’re an investor looking for great opportunities in the North Carolina’s Outer Banks, visit www.coastalouterbanks.com today!