My New Blog

Many thanks to all our Veterans and active duty service men and women - they have made our many blessings possible!

The lenders here are waiting for everyone.  They have money to lend - just waiting for the borrowers! 6% rates and lowest prices in many years.

All the best

Carol

Hope everyone got out there to Vote!

Mortgage Rates are hovering in the 6% range and mortgage money is available. Buyers need steady employment, some cash available and good credit - these are the fundamentals that used to be in place and probably never should have changed. The number of foreclosures is finally slowing. Prices are likely at or near bottom.

The time is best of all for First Time Buyers - the $7500 tax credit is currently available until the summer of 2009.  This fall and spring are predicted to be one of the very best periods for buyer's ever with the continuing low prices and inventory.  A lot of buyers have been waiting over two years to make a move.  I believe that many of these folks will be making that purchase over the next 6-9 months. Inventory will drop causing prices to rise again and turn more towards a seller's market.

Have a good one - Carol

Phillies - AWESOME!!!

We have waited a long time!!

Here is the real story on the market - things have actually picked up here and getting a loan for qualified buyers is not a problem. Also - there is help for those foreclosures in your neighborhood!

There is no credit crisis" for individual home buyers who have at least three percent to put down, documentable employment, and at least a moderately good credit record, said Preston.

Business loans and various other types of credit may have been more difficult to obtain in recent weeks, Preston told Realty Times, but thanks to the government's backing of the three biggest sources of mortgages, buyers and refinancers of houses have had no unusual problems.

Preston and HUD are playing key roles in the $700 billion financial system bailout plan now getting underway. Preston is one of just five members of the Financial Stability Oversight Board that oversees the entire effort. HUD's main task in the weeks ahead, he said, will be to either refinance or help work out thousands of delinquent subprime and underwater homes financed by private lenders during the boom years.

The agency's new "Hope for Homeowners" program, which started October 1, allows it to cut the principal debt, monthly payments and interest rates of delinquent loans through refinancings into fixed-rate FHA mortgages.

In the interview, Preston emphasized the importance of a new, $3.9 billion program that has received virtually no attention in the press, but which could have huge positive impacts on neighborhoods and communities struggling with large numbers of foreclosures.

Congress authorized HUD to provide funds and other assistance to local governments to buy, fix up, resell or rent out foreclosed houses that are dragging down local property values.

Known as the Neighborhood Stabilization program, it offers not only roles for local governments to fight housing blight, but also provides opportunities for alert realty agents, rehab contractors, builders and investors to be involved -- profitably -- in the turnaround efforts.

If you're interested, talk to your city or county housing and community development officials for details. Though HUD will be providing the funds, local officials will be calling the shots.

Don't forget about all the exciting things going on in the next few weeks here on the Outer Banks -

Oct 9th thru 12th Outer Banks Parade of Homes - 32 new and remodeled homes with the latest in styles and gadgets open from Corolla to Nags Head - put on by the Outer Banks Homebuilders Association from 10 am to 6pm.

Oct 25th - Pig Stein and Beer Fest at the Promenade in Kitty Hawk - just as you come over the bridge.  All day entertainment, barbeque, beer and wine - 50 beers plus in the beer tasting tent.

Nov 9th - OBX marathon do a half or the whole marathon - this is a qualifier for the Boston Marathon.  Run along the sound from Kitty Hawk to Manteo - the half marathon starts at Jockey's Ridge.

Also some of the best fishing anywhere from now to late November in the best weather anywhere - the ocean temperature is still in the low 70's for that fall vacation.

Wings Over Water in November is a series of family events/ trips on Pea Isalnd and Alligator River - includes Kayak trips/ hikes and bird and animal watching trips in our beautiful nature areas.

Please let me know if you need more info on any of the above and I will get it to you .

Enjoy -

Carol 

Looking for a great trip this weekend - The Outer Banks Home Builders Association has 32 homes open for viewing from Corolla to Hatteras.  They are open from Thursday to Sunday (Oct 9-12) from 10 to 6.  Tickets are for charity and are only $10.  See some really beautiful homes with all the latest ideas for kitchens,baths, flooring etc and enjoy the beautiful weather on the Banks this time of year.

For more info and a map just google the Outer Banks Parade of Homes.

Hope to see you there!

Carol

Hi Everyone - Looks like the rain and storms are over for awhile - we neede the rain - as always, the sunsets are beautiful when it all ends.

Have a great weekend!

Carol

Hi everyone,

With the goverment buyout of Fannie Mae and Freddie Mac loan applications were double on September 8th, 2008 from that date in 2007. The 30 year fixed rate dropped to an average of 6.04 - on a 200,000 loan that is about a $500 savings a year.

Rates are expected to drop again later this week thanks to goverment money funding. On the long term, prices are expected to stabilize as buyers pick up in the market.

The OBX got a nice dose of abbout an inch of rain today - mush needed. The water temperature remains in the upper 70's and some of our most beautiful weather is coming. This is the local's favorite time of year!

Have a wonderful evening,

Carol

Hi Everyone,

This is for all you with property or future interests down here - we weathered the storm just fine. Got about 2 inches of rain total and that is about done. Winds continue at about 35 - 40 mph and there have been a few minimal power outages - otherwise I think most of you to the north are getting more rain than we did here.  We seem to have lucked out yet again!

Have a great weekend and stay dry!

Carol

Yes it's still a great time to buy and not the best time to sell here in the OBX and this fall may be the best time ever with predictions of a market change early next year. Some folks are still making that purchase.

Those are the folks who are buying in to the amazing lifestyle that has always been a part of the Outer Banks. These are the people that can feel the difference as soon as they cross the bridge and feel deep regrets about leaving each time - relaxation permeates the air here.

People are also finding wonderful properties now at below market prices. Fixer-uppers can be purchased, fixed up, rent it and build a little equity and soon you have a great investment and a little piece of paradise. These buyers appear to be on the rise. Prices are down up to 15 to 25% lower than the 2005 market. It varies by area, but they are definitely the lowest prices we have seen in years.

The number of foreclosure appear to be decreasing and they have had a huge effect on the neighboring properties.  Many experts predict that when they are gone the market will turn. More banks are negotiating with homeowners to help them keep their properties.

Interest rates have seen a recent increase and appear to be holding steady at around 6.5 for a 30 year fixed at present. Hitting just the right moment to buy is pretty tough.  If the inventory goes down, it is much tougher to negotiate and a one point increase in interest rates can greatly reduce your buying power - sometimes as much as 10%.

It may be time to get serious and very carefully watch the market and the interest rates if you are a buyer and for those sellers out there - your time will come soon I think.

Have a great Holiday weekend!

Carol