My New Blog

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

Housing sales are up and prices are down. This, of course is due to the foreclosures and short sales on the market.

In 2008, the average sold price from Kitty Hawk to Nags Head was 315,000 - this is down to 260,000 this year.  In Corolla in 08 the average sold price was 610,000 - down to 520,000 this year.

In other words - It continues to be a great time to buy- houses are becoming very affordable here, and maybe not a great time to sell. If you need to sell, make sure your home is in the best condition possible for the best price possible. Some of you have found some fantastic deals here already.

If you are waiting for that perfect foreclosure, make sure you are prequalified or even better,preapproved. The homes with the really low prices are going fast to the buyers who are ready to make an offer.

All the best,

Carol

Hi everyone,

Just a reminder for anyone thinking of coming or for those who are lucky enough to be here already - this weekend is tax free weekend in NC - also in VA I believe.

Any clothing item under $100, computers etc under 3500 and school supplies qualify - combine it with some great sales and it's a sweet deal.

Also, put October 8th-11th on your calander. The OBX Parade of Homes is coming and it is always a beautiful weekend.  28 fantastic new and remodeled homes will be open with an opportunity to see all the new cool stuff that is out there. The decors will give you great ideas for your home and the nominal fee goes to a great charity - check out the site below.

Carol

http://obhomebuilders.org/

Hello,

Short sales from Corolla to Nags Head are up from 72 last week to 86 this week active on the market.  Foreclosures are steady at 20. Expect to see many of the short sale properties come on the market as foreclosures in the coming months.  Prices have decreased recently only slightly with the average 3/4 bedroom home in the area moving from 322 to 301, 000 since April.  There is still time to get a great deal here.  Get preapproved with your favorite lender and be ready to jump on a great house!

Have a wonderful weekend!

Carol

Hi,

There are currently 76 active short sales and 20 foreclosures on the market currently from Corolla to Nags Head.  There are some fantastic deals out there with homes like the 7 bedroom short sale across from the ocean in Southern Shores for  680,000 that started out at 1.5 million and the foreclosure in Whalehead with a tax value of 771,000 for 409,000.  There are definitely more folks coming into the market to take a look.

The hard part is a prequal letter or Proof of Funds is a MUST now with any offer to be considered. If you have the 20% to put down and good credit/ work history - now is the time to talk to a lender and be ready to jump on a great deal while the interest rates are good! Check out the financing area of my website for some good options in our area and give my a call or an email if you need some great option home deals in a particular area and price range.

Take advantage of one of the best buyer markets in years!

Have a great weekend!

Carol