Mortgage rates are finally starting to creep upwards, with rates for conforming 30 year fixed loans hitting 4% this week. For most of February, rates stayed around the 3.875% mark, and dropped as low as 3.625%. Of course this is no cause for alarm, and interest rates are likely to stay at historically low rates for the foreseeable future. Click here to see rates from three of our recommended lenders.
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In addition to Real Estate news, you'll find information on mortgage rates, Outer Banks events, news and all things Outer Banks!
Feb. 22, 2012
Why Second Homes don't always make great Primary Residences
So you're thinking a few years down the line. You're ready to pack it in and move to the Outer Banks. Congrats! Your plan is to buy a home now, while property values are attractive and rent it out for a few years, or simply use it strictly for family and friends as a summer home. Sound familiar? Keep this in mind. Good rental properties often do not make good year-round homes. Properties on the Oceanside or Between the Highways often make great rentals and second homes because of their proximity to the ocean, but are not necessarily built for year-round living. Why? Small closets; lack of storage; transitional neighbors, non-family friendly communities and small bedrooms are just a few possible reasons. If you are hoping to start with an investment property and want to convert it some day to a full-time residence, make sure your realtor understands your goal, and be willing to sacrifice a few things, including rental income, in the early years to find a property that will suit your ultimate goal.
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Real Estate News
Feb. 22, 2012
Buying in Spring is a great opportunity for OBX Real Estate Investors
You've been hearing it for months. Buy Now! The Time is Right! Properties are priced to sell and rates are at an all time low. But if you are buying seasonal rental property, it gets even better! The reason is this: you will get all this years rental income with a fraction of the cost! What do I mean? Lets say you find a great property and it goes under contract in March. If you close in April, then your first mortgage payment won't be due until June. So before you even make your first mortgage payment, you will start collecting rental income on the property! Here's an example. Lets say you buy a $500,000 property with 25% down. Rental income for the property is in the 35k range. Principal and interest on a $375k loan at today's rates would be around $1800. So for June - August, you would make 3 mortgage payments, totallying (P&I only) $5400 (taxes and insurance will need to be added). But you've collected the majority of your rental income during the prime summer months--so you will receive the majority of your rental income with only a fraction of the cost! Well, if you think that sounds like a pretty good opportunity, it is! But remember who gave you the tip. Give us a call so we can help you find the ideal property!
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Real Estate News
Feb. 21, 2012
Year end home owner tax tips
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10 Easy Mistakes Home Owners Make on Their Taxes
Don’t rouse the IRS or pay more taxes than necessary — know the score on each home tax deduction and credit. Read
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Real Estate News
Feb. 21, 2012
February 21, 2012 OBX Real Estate Market Report
Everyone is looking for a sign that the real estate market is beginning to pick up. We posted a blog late last week talking about Housing Starts and the Housing Market Index---both of which show the market is beginning to improve. But sometimes you need cold, hard facts that show proof of recovery, not fancy indeces. Well today's OBX real estate report shows just that. In the past we have given you only weekly snapshots; but going forward, we will also provide a YTD comparison to prior year--so we can track the recovery in our local market. Remember, real estate is local, not national--and in the end, that is what matters most to OBX property owners.
For the week ending February 18th, we saw a big improvement over prior week, with 75 new listings compared to 50. This also is the largest number of new listings for any single week YTD. The biggest improvement is actually in lots and land, with 25--prior to this, the biggest week was early January, with 16. We also had 30 properties that went under contract, mostly residential, with 27. That number (27) represents the highest number of residential properties under contract (on a weekly basis) this year. And sold properties have followed the trend. Twenty-six total, with 21 being residential.
Now lets compare that to last year. YTD, there have been 380 new listings compared to last year--a 3.5% increase. We believe that shows that consumers have more confidence that they will get a fair price for their home, or perhaps that they are taking this opportunity to "move-up". More importantly, there is a 20% increase in properties that have gone under contract, and a 7.3% increase in sold properties. Finally, there has been a 13% decline in expired listings.
No one believes that there will be a miracle turn-around in the market, but I'll take a slow steady increase any day!
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Outer Banks Market Stats,
Real Estate News
Feb. 20, 2012
National Debt explained
Now and again you come across something to good not to post, although it isn't necessarily relevant to the Outer Banks or even real estate. That aside, I couldn't resist the opportunity to post this....
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Real Estate News
Feb. 19, 2012
Corolla 4-wheel drive area
If you are lucky enough to have a true 4-wheel drive vehicle, then you have to visit the 4-wheel drive area of Corolla! What's not to like? You get to drive on the beach! You don't have to drive in a straight line! And you get to see these friends if you are lucky!
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OBX Events
Feb. 16, 2012
Finally, the housing market shows signs of recovery
For the past 5 years, we have braced ourselves for more depressing news about the housing industry. But the news is finally starting to change for the good. There are several things that lend credibility to that statement.
*foreclosure actiity is down 10% compared to just a year ago, in January 2011, according to the U.S. foreclosure Market Report.
*there has been a rise in home sales in each month through December 2011
•Home builder confidence in the market for new single family homes increased for the fifth consecutive month in February, rising 4 points from 25 to 29 as measured by the Houseing Market Index.
The Houseing Market Index is an index of over 300 home builders, and is used, in conjunction with the latest "housing starts" to forecast the demand for new homes. In three separate surveys, builders are asked about current single family sales; projected single family sales, and foot traffic of prospective buyers. These are compiled into a weighted survey result. In February, improvement was reported in all three areas.
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Real Estate News
Feb. 14, 2012
St Patrick's Day Weekend in the OBX 2012
If you are looking for a great spring getaway weekend, this is the weekend to come to the Outer Banks! This promises to be a blast of a weekend, packed with cool things to do! The kick-off begins with the Taste of the Beach 2012! There are wine tastings, cooking classes, brewery tours, tapas crawls and much more. Click here to see the details! Also on March 15th is the First Flight Cruisers 4th Annual Shamrock Show and Hooters Poker run! As if that wasn't enough on Saturday, the 17th we have the Running of The Leprechaun's 8k! The finale to the weekend is the annual Kelly's St. Patrick's Day Parade on Sunday, March 18th, beginning at 1:00 pm rain or shine. And if you are a dog lover, make sure to join the Coastal Humane Society in their fund-raising effort. The Coastal Humane Society is joining the Kelly's St. Patricks Day Parade to raise funds for our furry friends. All Dogs will receive a free goodie bag and there will be lots of prize give-a-ways for the parents! For more information call 252-473-5508!
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OBX Events
Feb. 13, 2012
OBX Real Estate Stats, Week ending February 11, 2012
New listings were down from the previous week, with residential listings dropping to 37 from 56 the previous week. New lots increased to 10 compared to previous week and there were 3 new commercial listings.
There were 19 residential properties that went under contract, compared with 25 from the previous week. Additionally 6 lots went under contract but no commercial properties.
Sold properties remained fairly flat, at 12 residential properties, 4 lots and 0 commercial.
The market also saw several price changes including 34 residential and 10 changes on lots and land.
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Outer Banks Market Stats