My New Blog

Hi Everyone,

I sincerely hope all are having a great summer!  Just an update on the market here in the Outer Banks.

In all honesty, sales are not going crazy here in the Outer Banks.  Sales are UP, however, from June of 2009 to June of 2010 about 36%. Sales are still well below the 2005 level of course. Loans are still out there- particularly for single family homes under 400,000. Condo loans and loans over 417,000 are a bit harder to obtain. The median price has not changed from this time last year and sale prices seem to have leveled off somewhat - are we at the bottom - maybe? Time will tell.

 Distressed sales ( foreclosures and short sales) still are accounting for about 40% of our market here.  Some great deals are out there but care should be taken - especially if it is an older fixer-upper -  be advised to take an expert contractor/inspector with you to take a realistic look at the cost of the repairs needed.  Some newer homes come on the market in great shape - they still go quickly and it is important to be ready to put an offer in with a prequalification or proof of funds letter from a lender.

Have a great summer and please give me a call or stop by to say hello if you are nearby anytime. 

I will be away for a few family events later this summer but will be here to help most of the time. If you would like to see some homes later this summer, please send me off an email/call just to make sure I am not already booked or out of town.

All the Best,

Carol

Hi Everyone,

Just an update on the market here - hope everyone had a great Father's Day weekend and you are all finding ways to best the heat - like going to the ocean here in the beautiful Outer Banks!

There are still 2359 residential properties in our market active on/ or near the Outer Banks. There were only 135 sold in April and an increase in May to 204. Interest rates remain below 5% and inventory obviously remains high.  Buyers out there are calling the shots, but some deals are falling thru because the sellers simply can't afford them. Average sold price is still about 91-92% of the listed price and that much is holding pretty steady with a few exceptions.

If you have been waiting to buy - the time may be now. There are a few rumblings of 90-100% financing starting from a few sources - time will tell.

Take care and call if you are coming down  ...  Carol

I will be out of town from Thursday evening 4/8 until Sunday evening 4/11.  I may have limited email also but will be back in touch as soon as possible if needed. Sorry for any inconvenience this may cause and I hope you are able to enjoy the lovely weather this week.

Carol Hayhoe SFR

Shore Advantage Realty

252-202-0192

chayhoe@embarqmail.com

carol@OBXfuturehome.com

Hi Everyone,

I have been working hard and have just received my SFR or Short Sale and Foreclosure Resource certification and I hope to be able to help many of you with any questions or needs in regard to these.  Of course, I am always available for for any of your real estate needs and questions here in the Outer Banks - please don't hesitate to call or email me. 

Just a quick update on the market here.  There are about 2200 properties on the market here. Of those about 700 are short sales and 430 or so are bank owned. 27 short sales and 34 bank owned properties went to closing as of Feb 28th here at the beach.  New listings and under contracts are increasing rapidly with the spring weather bringing in more visitors and many folks taking advantage of the low prices and interest rates. It's not too late to find a wonderful property before that summer season starts.

Hope to see you all this season even if it's just to say hello! I would love to hear from you.

Carol

Hello!

Just an update on how things are going in the housing market here in the Outer Banks.

January sales for 2010 actually doubled from January 2009 but still down quite a bit from the Boom before 2006.  The mean sales price is also up, mainly due to the selling of a few larger homes.  Distressed properties still were at the 40% level for January and I would say that that is continuing. There were 2084 units on the market in January, about 1300 of them under 300,000. Pending sales have increased - though some short sales are taking quite a few months to close.  That situation seems to be improving.

I am currently working on getting a special short sale/ forclosure certification to assist my clients in getting the best possible homes as smoothly as possible.  The certification will be complete by the middle of March.  Please let me know if I can help answer any questions in this confusing market!

I wish you a wonderful, warm, snow-free spring!

Carol

Hey everyone:

Just a few statistics comparing this November with November of 2008 here in the Outer Banks.

The median sold price for November 2009 was down to 294,950 including condos ( 310,000 for just single family homes ) This is a reduction of 22% from the median prices of November 2008.  There are about 8% fewer homes on the market than this time last year but a 30% increase in Under Contract from last year. 27 % of the homes sold in  November were either Bank owned or short sales.  Properties that are priced correctly are seeing an increase in clients looking at them and making offers - no doubt partly due to the fantastic interest rates - currently 4.71% on average for a 30 year fixed. Many bank owned properties are being taken by cash buyers.  The banks are not considering offers made that are too far off (more than 20% below) the current value - unless the property needs a substantial amount of work.

Please call or email me with questions about the market or on specific properties and I will do my very best to get the answer.

Happy Holidays!

Carol

Hi eveyone,

I recently came across this article with great info on short sales - for anyone considering one this may help explain why they take so long and frequently never close. It can be a very frustrating experience as many folks know first hand.

http://brokeragentsocial.com/article/533/top-10-home-buying-tips-for-short-sales-guide-to-understanding-short-sale-foreclosure-real-estate

Take care,

Carol

Hi Everyone,

Just a reminder that there is still plenty to keep you busy enjoying some of the best weather here in the OBX.  The ocean temperature is still in the 70's and the beach is beautiful but if that is not enough:

Sept 26th is Kitty Hawk Heritage Day with food , music and crafts just this side of the Wright Memorial Bridge at the Promenade area.

Also on Saturday the 26th is the Currituck Food and Wine Festival at the Cotton Gin in Jarvisburg.

Saturday Oct. 3rd and 4th is the International Wine Festival featuring 50+ wines from all over the world plus great food and entertainment. This is located at The Native Vine at Point Harbor just across the bridge in Kitty Hawk - check out www.OBWineFest.com for info

Our wonderful Parade Of Homes is coming from Oct. 8th to the 11th - 29 beautiful homes from Corolla to Hatteras can be seen. Some brand new, some renovated with wonderful ideas for a "green" home and the latest in home technology and upgrades. Check out www.obhomebuilders.org for info - it benefits our food pantries here in the OBX.

Also that weekend is the Duck Jazz Festival on Oct. 11th from noon to dark -check on www.townofduck.com

Don't forget to give me a call and check out some great deals while your here- call soon as the weekend especially are getting booked quickly.

Have a great weekend,

Carol

Just letting everyone know - check out the interest rate of 4.875 currently available at Wells Fargo down here in the OBX. They have nowhere to go but up. Did you know that a house would have to sell for about 10% less to have the same payment if the interest rate was up to 6.25% ( entirely a possiblity for the near future). Combine that rate with a terrific price and inventory.

Check out my Website ( or shoot me off a quick email or phone call) for contact info for Wells Fargo and other great lenders here in the Outer Banks. Get preapproved today and be ready when just the right home comes on the market. The best deals go quick.

Have a great weekend.

Carol

Happy Labor Day to all and best wishes to any one out there looking for a job!

Some good news - distressed sales (short sales and foreclosures) are dropping in the Outer Banks. In July, they accounted for 29% of our market - down to 13% in August.  Short sales went from 13% to just 9% of the market and foreclosures went from 9% to just 4% of the market - the lowest numbers since November of 2008. 

If you are looking to take advantage of these sales, there is still time. Prices have not started back yet and mortgage rates are still low.  Looks like the turn around is on the horizon.

Rainy here today - hope you are having great BBQ weather wherever you are today.

Carol