My New Blog

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