Search Outer Banks, NC real estate and homes for sale from Corolla and Duck to Southern Shores and Kitty Hawk including Nags Head and Kill Devil Hills plus Colington, the town of Manteo and Hatteras Island.
Whether you are looking for a beach house, a rental house or a home to live in, it's all here plus the information needed to choose the right realty team, including advice for sellers and buyers and the contact information for the local schools, lenders, attorneys, home inspectors and all of the local vendors.
The news quoted Donald Trump saying the banks are closed and not lending money to anyone. WRONG, wrong, wrong. THE BANKS ARE MAKING LOANS. The banks are making loans the way they used to and the way they should be making loans. If you have a down payment, good credit and can afford the payments then you can buy whatever you want. Just make sure the property will appraise because there are a lot of overpriced houses out there that will not appraise.
Probably not, but it is getting real close. The only way to really know for sure if the real estate market has bottomed out is through hind sight. When we see prices starting to go back up we will know for sure where the bottom was. Those who wait too long will find themselves on the other side of the curve facing rising prices and rising interest rates.
In the meantime, there are some really good steals on Outer Banks foreclosures and low interest rates for those not afraid to step in and jump through the hoops. While we have not seen the rash of foreclosures on the Outer Banks like other areas of the country are experiencing, we are still seeing foreclosures spread out through every segment of the market. Some of these foreclosure homes are steeply discounted and are selling for more than list price in less than a week. If you are thinking about trying to get one of these deals you have to be prepared to make your move on short notice.
TOTAL SOLD RESIDENTIAL UNITS
Outer Banks NC Association of REALTORS MLS
The median price has fallen victim to the banks giving away their foreclosures at ridiculous prices. Some areas are starting to stabilize and when a deal shows up there is competition waiting.
As of 1/1/10 there were 147 residential properties under contract, 239 lots sold and 33 lots under contract which means there are 1,539 buyers who think now is a good time to buy real estate here on the Outer Banks of North Carolina. And why wouldn't they think so. Interest rates can't get much better than they are right now. Inventory is at an all time high so there is plenty to look at and there is no pressure to buy right away.
The reason that there is so much inventory available is because there were a lot of sellers who were waiting for the prices to reach the peak before selling. Once the real estate prices reached the peak in 2005 all of these sellers decided they were ready to sell and have flooded the market. A lot of the inventory on the market right now is for sale by sellers who don't need to sell and refuse to adjust their price for today's real estate market. In reality they are not for sale.
With enough sellers wanting to sell it means shopping for real estate is a lot easier now than it was in 2005. There are more houses for buyers to choose from which means sellers will have to fix things that they wouldn't fix 2 years ago and buyers can shop for the perfect home without the fear of losing it to someone else. The sellers have to compete for the limited number of buyers.
The difficult part of a real estate transaction now is getting the financing. There is still plenty of money being lent to people with good credit but everything has to be just right. Appraisals are getting harder and lender requirements are getting stricter all of the time, the way it should have been all along. For those with the ability to make it happen, now is a good time to start investigating a real estate purchase.
Let us set you up with a map and a list of properties that are for sale and then you can leisurely drive around and see if there is anything that might interest you. It is also a good way to learn the different neighborhoods. After all, the Outer Banks does cover an 80 mile skinny stretch of northeastern NC.
Now that the summer tourist season is here it has become harder to look at homes for sale. Vacation beach houses are likely to have renters in them so the only time they are available to see is between 10am and 2pm on checkout day. more
Traditionally, spring is the busiest time of the year for real estate sales on the Outer Banks. Spring is also the time to get your foot in the door and have all of the prepaid rental reservation money refunded to you at closing. more
In the fall the sellers have collected all of the summer's rental income. There will be no more rental income until next year and no help paying the bills over the winter. This is when a seller is in their best position to make a deal. more
Shopping for real estate is fairly easy in the winter. The hotels and motels are all empty so you can come and go as you please. All of the rental houses are vacant so you can look at them without having to worry about vacationers not letting us in. more
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We have it, does your agent? It is hard to believe some realty companies do not have it. Don't purchase your home or land from an agent who does not have it. One more reason why our clients keep coming back.
Avoid the capital gains tax and the 25% depreciation recapture tax by utilizing the IRS code 1031 Tax Deferred (Starker) Exchange. Swap investment land, condos or homes for any kind of investment property within 6 months. Call Greg for details.
Contrary to what many people think, it DOES NOT COST ANYTHING to have an agent work for you in North Carolina. We get paid by commission from the sale. All of the sellers in the Outer Banks Association of REALTORS MLS have agreed to pay that commission to us, regardless of what company has the property for sale. This is what you can expect:
Questions about selling? Don't listen to the doom and gloom stories that are going around. Once you understand how the absorption rate affects sales and see what advertising we provide and where we will put your property on the internet, you will see that now is still a good time for sellers even if you are selling out of state.
Just curious? Sign up to find out Your Home's Value, complimentary of course.
Thinking about selling your property yourself? Be the first to list your property on my new complimentary For Sale By Owner page and be sure to watch out for sneaky agents.
Homes for sale
in all 80 miles
on Outer Banks NC
ocean to sound
Corolla to Nags
Head and beyond.
Shore Realty
800-647-1868
e-mail
The Outer Banks of NC is a long thin string of barrier islands on the coast of north eastern North Carolina. At the very northern most reach in Currituck County is the town of Corolla, a quaint fishing village surrounded by luxury rental homes and home to the Currituck Lighthouse.
Traveling south, the next town is Duck in Dare County. It is named after the migrating flocks of ducks that spend the winter there. The village is now the place to go for a casual shopping experience. The surrounding houses afford vacationers choices ranging from modest to upscale.
Moving on, the next town is Southern Shores. Mostly made up of permanent residents, with a few rental properties, this is one of the more upscale of the year round residential neighborhoods.
Next you will find the town of Kitty Hawk with a mixture of year round residents and vacation homes. The Wright bothers stayed in Kitty Hawk when they were developing their flying machine. They actually made their first flight in what is now called Kill Devil Hills.
Kill Devil Hills is the center of commercial activity on the Outer Banks. Here you will find most of the motels, restaurants and shopping centers. It is also home to the largest population of year round residents on the Outer Banks.
In between Kill Devil Hills and the mainland is Colington Island and the canal front community of Colington Harbour.
Next is the town of Nags Head, one of the oldest areas on the Outer Banks. The birth of vacationing on the Outer Banks started in Nags Head before the Civil War as farmers would bring their families here for the summer to escape the heat and enjoy the ocean breezes.
In between Nags Head and the mainland is Roanoke Island with the towns of Manteo and Wanchese.
Cross over Oregon Inlet and you will be on Hatteras Island. The first communities that you will find are the combined villages of Rodanthe, Waves and Salvo. Blink and you might miss one of these villages. Next comes Avon and then Buxton, Frisco and Hatteras Village at the tip of Hatteras Island. This is where you catch the free ferry to Ocracoke Island.
This web site is a good place to start looking for real estate. It is not a substitute for a good real estate agent. The internet is an information gathering tool that is only as accurate as the questions being asked. This is where an experienced real estate agent comes in. We know what to ask about and what to look for to protect you and your investment.
The OBX has a lot of wet lands and small lots. Combine that with private septic systems and restrictive lot coverage regulations and you will find a number of non-conforming properties.
The latest trend is to add an in-ground pool to a rental house. Some properties will hold a pool and some will not. It has to be determined on a house by house situation.
FEMA recently changed some rules regulating flood designations so now some houses are having a hard time getting reasonable flood insurance.
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