Archives for October 2013
Flood Insurance Update
October 3, 2013 By Ilona
Recently WAVY TV-10 interviewed several locals involved in fighting the Biggert-Waters Act of 2012.
To see the Flood Insurance segment WAVY TV10 did click here. There are a couple of different segments so use the cursor to the right to scroll through the coverage.
The segments were edited from lengthy interviews and did not focus attention on the detrimental impact of the loss of “grandfathering”. Under the Biggert-Waters Flood Insurance Reform Act of 2012, when flood maps are revised and updated and the zone and base flood elevation changes on a structure – then the policyholder has to pay the rate that corresponds with that risk. What this means is that if your home was built to or above the FEMA base flood elevation at time of construction, and a new map shows that your home is now in a riskier zone (VE, AE) and below base flood – you could see a premium increase of up to 2000%. The increase would be phased in over five years. Preliminary flood maps are expected to be released in various counties in North Carolina in 2014 but won’t be final and approved until 2015.
Additional concern for selling a home with a changed flood zone or base elevation. The buyer does not get the 5 year phase in, they are billed the entire new risk amount upon purchase. This will greatly affect prices and qualification of buyers.
Affordability studies MUST be done. It doesn’t seem that Congress took this into consideration before passing this bill.
We need everyone to CALL TODAY.
Although there is a government shutdown, you can still contact your representatives regarding changes to the National Flood Insurance Program.
Call Senators Burr and Hagan’s office to support our efforts to delay implementation of the bill.
Please take 5 minutes and contact Senator Richard Burr’s Office (202) 224-3154 and Senator Kay Hagan’s Office (202) 224-6342.
Ask to talk to their Chief of Staff. You may get voice mail – please leave a message with the following three points:
1. I am ________________from _________ and I am asking you to first “do no harm”.
2. Delay the rate increases to flood insurance created by the Biggert-Waters Act until the affordability study is completed.
3. Amend the Act to create true affordability and fairness for all homeowners.
Fall Outer Banks Market Update
October 3, 2013 By Ilona
Traditionally the number of closings for our market spikes in October. We are coming off of an unusually slow previous 6 weeks of activity. However, things have picked right back up. So rather than see the spike of closed sales for October, we will probably see it for November.
There are some great advantages to selling your home in the fall:
- You’ve collected the majority of income for the year and won’t have to carry the home over the winter months.
- Buyers have an opportunity to make changes/remodel the home over the winter to be ready for the next season
- There are fewer homes on the market as many have the mindset they will wait until the Spring to sell.
- Buyers who were just here on vacation generally enjoy a fall visit to look at homes because the weather is nicer and properties are now more available to view.
- Many buyers want to make a purchase before year end for tax reasons
Want to know what your home is worth in today’s market? Email me here for a FREE comprehensive analysis.
Thinking about buying? Be sure to keep an eye on interest rates. Did you know that if rates go up by only 1%, you would have to purchase a home for MORE than 10% less in order to have a lower monthly mortgage payment.
If you’ve thought about buying or selling on the Outer Banks and need additional information please contact me!
NEW LISTING!! Perfect place for your Beach Memories in Kill Devil Hills!
October 2, 2013 By Ilona
439 W. Palmetto Drive, Kill Devil Hills, NC
This custom built home was built in 2002 on a beautiful 10,000 sq. ft lot, although the condition says it was built this year! .. This home has many upgrades that include hardwood floors, new carpet and light fixtures, carribean shutters and ceramic tile. An irrigated zoysia lawn and palms bring the feel of the island to life. The covered patio is perfect for entertaining and is easily accessible. There is 1746 square feet of heated living space and has never been rented!
Conveniently located in the heart of Kill Devil Hills with easy access to shopping, restaurants and more. The ground floor game room, manicured yard,ample deck space, patio area and location at the end of the street make it the perfect place for your beach memories!
