My New Blog

Good evening and I hope you are enjoying the beautiful weather!

Existing home sales were up again a little in July though home value is down an average of 7.7 % since last year.  Don't worry - you lose nothing unless you sell homes will still always go up and most will double at least every 10 years. Ok, it's not a good time to flip a home - but still a great time to consider a longer term investment.  Prices and inventory are better than ever and rates have not gone up all that much yet.  Assessing the value of a home is extremely difficult in this market - ask any appraiser.  A home value can not be measured on the asking price in a neighborhood - it has to be base on the actual sold price.  Always bid lower than you would be comfortable spending and leave room to negotiate.  Always have a second choice - it gives you a lot more leverage in the negotiations and makes you less likely to settle for a price too high.

More later - and think about enjoying the Outer Banks best kept secret - Fall

Warm weather, clear blue skies and warm oceans.

Carol

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

Hi,

Here is the latest on the Corolla bridge - have a great weekend!

Catevo Reps Talk to OBAR and OBHBA Boards

Representatives from the Catevo Group, a management consulting firm from Raleigh, were in Dare County this week soliciting information and input on the proposed Mid-Currituck Sound Bridge. They met with board members from the Outer Banks Home Builders Association and the Outer Banks Association of Realtors to primarily gauge just what residents and visitors might pay as a toll to cross the bridge. Many factors were discussed as the need for the bridge and the potential users – emergency access being the first and foremost priority. By reducing the time to get to the northern Currituck Outer Banks by at least an hour, the bridge would not only make it more convenient (and less stress!) for visitors but would improve the chance for businesses to recruit and retain employees, better connect year-round residents with government services and spur economic development on the mainland.

The bridge will be the first public/private partnership toll project in NC and is slated for construction in 2009 with a projected completion date of 2013. Tolls would help pay for the construction and maintenance of the bridge. An environmental impact study has yet to be completed which could have some impact on those dates. When asked by one attendee, “Is there a chance the bridge won’t be built?” the Catevo rep responded, “Absolutely”. He added, however, that there is pressure being put on the North Carolina Toll Authority to get this project started and work is ongoing to make it happen!

Please take a moment to fill out the short, 3-question toll survey at the link below:

http://www.surveymonkey.com/s.aspx?sm=IQYenjFfSq4tCsBnA65JPg_3d_3d

Your input is greatly appreciated and will be shared with Catevo reps

Carol

Happy Saturday!

Don't forget - as the rental season wears down, the deals are on the rise. Prices are coming down and this is the time to make that low offer.  Sellers may not want to carry a property over another winter with limited income coming in.  That means they may be ready to let that investment property go at a much lower price. 

The rental book deadlines for next year are coming very soon - most are in August and September.  If you are considering a foreclosure property, make sure you factor in that they have usually been stripped of all furnishings and in some cases even appliances - so factor in the $15-20,000 replacement costs for those.

Have a great Sunday.

Carol

Home prices in the market here in the OBX seem to be varying by neighborhood and whether there have been alot of recent sales in the area.  Prices still seem to be in decline in the Duck and Corolla area where prices started dropping later.  In some of the neighborhoods further south, prices appear to be holding steady so far this year.  Many more folks are at least looking as evidenced by my waiting in line to see properties that are well priced this weekend.

Rentals in the Outer Banks were up 7% in June of this year over last year - though many are foregoing expensive restaurants while here.  The price of gas has not had a detriment on the attractions of our beautiful beaches. Hatteras Island continues to do well despite beach closures for nesting areas and most stores have had an increase in sales.

Call or email anytime as always.

Carol

http://www.ncrealtors.org/en/TaxCreditChart.pdf

http://www.ncrealtors.org/en/SellerDAP.pdf

http://www.ncrealtors.org/en/ReformChart.pdf

http://www.ncrealtors.org/en/RefinanceChart.pdf

http://www.ncrealtors.org/en/QandA.pdf

Hi everyone - here are some links that will help simplify the new rules recently signed by Pres. Bush that some of you may qualify for - most of the help is for primary residence only however: