Short Sales are about to change on the Outer Banks

Doing a short sale in North Carolina is about to change. The NC Association of Realtors recently made several revisions to the Short Sale Addendum.

For a quick video on the most impactful changes watch this:

Best Buys on the Outer Banks!

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Remembering Andy Griffith

Andy Griffith passed away from a heart attack July 3, 2012. He was 86 years old and a longtime resident of North Carolina.

He is best known for his role on “The Andy Griffith Show” and “Matlock”. In the Outer Banks he was known for starting his career in the 1940’s with “The Lost Colony” before moving on to movies and television.

Andy Griffith was one of the founding members of The Outer Banks Community Foundation which was “organized in October 1982 as a public charity to meet local needs in the Outer Banks area not ordinarily within the province of other charitable organizations, religious institutions, or government.”

With the passing of Andy Griffith we have had Brad Paisley’s music video “Waitin on a Woman” resurface.

The video was filmed in the Outer Banks and contains scenery from Cape Hatteras and Nags Head as well as the Outlet Mall.

From an article in the LA Times Brad Paisley reminisces about how he reached out to him for the music video. Paisley wrote a letter that said, “This song epitomizes your character as well as the values and things you celebrate, and I wonder if you wanted to be in a music video.

Before they filmed the video the Paisley family came to spend the day with him and a friendship was formed. While shooting the video Brad Paisley remembers the part when he goes to sit on the bench he said “Here comes this legendary actor and he sits down and says, ‘You waitin’ on a woman?’ I look over at him and I never in my life had a more surreal moment than that first take.”

They became friends and one time while Brad Paisley was putting on a concert in Virginia Beach he was able to brighten Andy’s day by setting up a jam session at Andy’s home for an afternoon since Andy had been sick.

Andy Griffith had a love of music throughout his life and even was a high school music teacher in Goldsboro, NC and the president of the University of North Carolina’s Men’s Glee Club. Through the years he sang in different roles and produced southern gospel albums as well as a Christmas album.

Later in life Andy kept to himself and valued his privacy. He had a strong love for this area and was laid to rest on his beloved Roanoke Island. We will miss you Andy!

It’s a Coulda, Woulda, Shoulda Market!

July 2012 Outer Banks, NC Market Report – Video by Ilona Matteson

Exploring Corolla, NC

Exploring Corolla, NCCorolla, NC is located on the northernmost reaches of North Carolina’s Outer Banks and is located in Currituck County.  Corolla is a great place for a family vacation, weekend getaway or even year round living.  Getting to Corolla can be a challenge in the summer but well worth the drive.

Corolla has beautiful beach homes and condos, restaurants, golf courses, a variety of shopping destinations and something for everyone to enjoy.  For people looking for a more remote home and experience you can rent a home on the 4wd beaches.

While visiting Corolla you need to plan time to visit the Whalehead ClubOuter Banks Center for Wildlife Education, and the Currituck Beach Lighthouse.

No trip is complete without seeing the Corolla wild horses.   These Spanish wild mustangs roam free and survive in a coastal environment that used to be remote.  These horses are thought to have arrived approximately 500 years ago.   The only way to see the horses are in a 4wd vehicle and it is best to take a tour from one of the local companies as they know where to find the horses.

There are a variety of restaurants located in Corolla, from Seafood, Italian to barbecue.  Most restaurants you can eat in or even bring it back to your house to eat.    Corolla has two grocery stores and an ABC store so you can even prepare your own food if you don’t want to eat out.  Be warned if you travel off season you will find a lot of these restaurants are closed for the season and the grocery store has limited supplies.

During the season Corolla has a movie theater and The Currituck Club hosts a comedy show and outdoor family movie night.  The Whalehead club offers daily events such as Wild Horse Days, 4th of July Fireworks, and a concert series.  New this year will be a weekly Lighthouse 5k series starting July 11th and going through August 1st.

Whatever you discover while visiting Corolla, you will make memories that last a lifetime which will have you returning year after year or looking for a place you can call home in Corolla, NC.

4131 W. Drifting Sands Court – Nags Head, NC

4131 W. Drifting Sands Court, Nags Head, NC 27959. Enjoyment all year round with this great 4 bedroom / 3 bathroom single family home.

20 Eleventh Avenue – Southern Shores, NC

20 Eleventh Avenue – Southern Shores, NC 27949 – Awesome level, wooded building site just a short walk from Southern Shores beaches.

4th of July in the Outer Banks

These are some of my favorite 4th of July Activities:

  1. Ducks 8th Annual 4th of July Parade – The fun starts at 9:00 a.m. on the 4th of July with music, food and a parade.
  2. The Outer Banks Firecracker Freedom 5k and Little Sparkler Stroll – This event will support OBX’s local Veteran’s Association and Operation Wounded Warrior Project.
  3.  OBX Killer Dunes 2 Mile Run/Walk – conquer the toughest 2 miles on the Outer Banks.
  4. Head to the Beach – All you need is your chair, some drinks and snacks.
  5. Fly a Kite at Jockeys Ridge
  6.  Go to the Faire Day Festival – Live Horse Rides, Juggles, shopping and so much more.
  7. Go Fishing – we have lots of piers to choose from as well as open water fishing adventures
  8.  Have a picnic – Pack a picnic for the beach or have a cookout
  9.  Explore the Aquarium – Great way to get out of the heat and learn about the ocean.
  10.  The 440th Army Band with Fireworks – Enjoy a patriotic concert at 8:00 followed by a firework show at 9:30.  Nothing like patriotic music and fireworks to celebrate the holiday.

I hope that you enjoy your 4th of July Holiday in the Outer Banks.  For a listing of fireworks and events in the Outer Banks go to:  Outer Banks Events.

How is your home in Duck affected by the recent spike in sales?

If you follow the market here in Duck you would definitely know that property sales have seen a much needed spike upward!  If you need a buyer, boy can we help you!  The town has been hopping with activity and buyers seem to be thrilled for it!  Of course it’s been since 2001 or 2002 since we’ve seen prices like these.  Coupled with historic low interest rates and over the top rental income it’s quite literally the “Perfect Storm.”  As I had predicted earlier this year, we could be looking at the best time to buy on the Outer Banks in 2 generations!

So how does all of this affect the property value of your home?  Sales activity is good and that’s definitely a positive.  However, the houses priced “best” are the ones selling.  Even here in Duck we have an oversupply of homes for sale.  Keep in mind when I write sales have doubled, that means more specifically that in January and February of 2011 there were a total of 10 Residential Home Sales in Duck.  So far for January and February of 2012 there have been 19.  Considering we have a total of 143 homes/condos active on the market we are still experiencing a 7.5 month supply of homes for sale.  This is also considering we haven’t hit the peak for new listings in the spring yet.  April is by far the biggest new listing month of the year.

Take a look at the following facts regarding the Duck real estate market.

  • In the last 30 days, 8% of active inventory had a price reduction
  • In the last 30 days, 26 new listings came on the market (7 more came on than sold)
  • 97 homes have sold since January 2011
  • 20 of those homes sold and closed within 100 days
  • Average days on market is 316 for those homes
  • Average list price is $720,000
  • Average sale price is $656,000
  • 21 of those sales were distressed (short sale or bank owned)
  • That’s only 22% of sales in the last 14 months were distressed
  • 78% of sales were not!
  • Only 3 homes listed active right now are a distress sale
  • Clearly it’s not the distress sales causing most of our headache, it’s the oversupply of homes for sale!  The basic principle of supply and demand.
  • A “normal” market has between 3 and 6 months of inventory, Duck is at 7.5 before the surge in listings next month·

The moral of the story here is that buyers are ready to buy.  They have a lot of homes to choose from and are quickly buying the homes they perceive as the best value.  Listing high means pricing yourself out of the market.  If you want to sell, price it right and it will happen.  If you want to buy, there’s never been a better time!

I hope you enjoyed this quick report!  If I can answer any other questions for you please don’t hesitate to contact me.  Also feel free to subscribe to this blog for future articles of interest.