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