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Hi Everyone!

There are some great upcoming weekends here in the Outer Banks and spring is a beautiful time here.

Coming March 5th thru 8th is the OBX Taste of the Beach. Four full days of wonderful food and activities, entertainment and wine tasting. For a round up of activities and tickets go to www.OBXtasteofthebeach.com

Coming up on  April 4th and 5th is the Outer Banks Home Improvement Expo. It will take place from 10 to 6 in the Outer Banks Mall in Nags Head where SeaMark used to be and will have over 70 booths with the latest in everything from cabinets, insurance and what's new in Green building.

 Rates have hit below 5.0 for a 30 year fixed mortgage and more new homes are coming on the market every day. Don't forget about that new 8,000 tax credit to new home buyers (anyone that hasn't owned a home in the last 3 years)         Carol 

This fellow stopped to rest on the beach in Southern Shores today. Harbor seal pups are occasional visitors in the winter months. Occasionally whales can be see going by in the winter as well as daily large dolphin pods in the morning and evening. 

In real estate news look for a new radio program starting this weekend - Real Estate Today will be on satelite radio:

XM 158 Saturday 5p-7pm, XM 165 Sat 1-3pm, Stars, Sirius XM 102 from 6-8 am on Saturday and 9-11 am on Sunday - there will be time for calling in your questions about today's market.

Talk to you soon!

Carol

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Happy Monday,

It was a beautiful day here today - close to 70 and lots of dolphin going by!  More winter weather coming tomorrow.  Saw this article from Realty Times today with some great tips for those who are considering buying that second/vacation home this year. I hope all your ice and snow is melted soon and winter is nothing but a memory!

See the tips below from Realty Times:

Save, save, save for that down payment. Everyone knows that tighter restrictions are being called for in the real estate lending market, but what that means for each person is different. "The reality of what was taking place about a year ago is totally different from what it is today," he says. 

Understanding the bank requirements is vital. Buyers need to know that shopping for a home needs to fit their budget, rather than finding a wonderful place they'd like to live in and then attempting to leverage beyond their means. "Pretty much no income verification doesn't exist anymore. You can't expect to get a 95 percent or 100 percent mortgage on your property -- that's also gone.

Check your credit score. If you don't have a very good credit score, it's going to be difficult in terms of borrowing. Be prepared to give enough information to document your employment and taxes. Tax returns are seldom, these days, taken from the borrower; the banks will generally request the tax return themselves.

Set contingencies. Making sure that the appraisal comes in at the right price and making sure that you can get financing are two critical aspects of buying a home. Even with a loan approval, there are other factors that can lead to the denial/approval of a loan. Contingencies help to make sure that you don't get locked into a legally-binding contract to purchase a home that you can't get financing for or that doesn't meet the expected appraisal. There are numerous other contingencies that can be set; be sure to discuss them with your real estate agent.

Prepare for worst case scenario. Many people use mortgage brokers to arrange their loans but some buyers are going straight to the bank. If you do that, be sure to stick with the more solid banks because later on if they do get taken over by somebody or do have financial issues, your loan may become difficult to work on.

If you end up in a situation where you need to renegotiate your loan, having your loan with a less-known bank could equate to trouble. It's much easier to negotiate a loan if your lender still owns the loan. Once it goes into a pool of other loans it becomes close to impossible to negotiate.