Outer Banks, NC Real Estate Resource
Actual ocean views, nice deck space, screened porch, sunny and bright interior, top floor bedroom, easy flow floor plan, awesome community amenities, hot tub, bright open kitchen, ground floor entrance, cul de sac location, laminate wood floors and a fantastic price round out the benefits of the “Sunflower” beach cottage. MLS# 77980
What a great start to another year for real estate on the Outer Banks! After ending another record year in 2012 we were expecting big things for 2013. So far there are a few interesting trends to take note of.
It’s hard to tell exactly what caused home sales for the first quarter to be down 18%, but the good news is for March, properties going under contract are up 7%. I’m also slightly surprised by the average sale price being down 11% over the same period last year. There is still time for that to level out. One thing is for sure, if you are waiting 12 months before selling your home, you could end up regretting that strategy.
It’s clear this recovery isn’t going to happen quickly. For example, consider the following scenario…If your recommended price today is say, $500,000 and the market starts to appreciate as early as 2015 at a NORMAL rate of either 2% or 5% per year, take a look at the length of time it will take to just reach $550,000.
|
Today’s Recommended Price: |
$500,000.00 |
$500,000.00 |
|
| 2013 – 0% appreciation |
$500,000.00 |
0% |
$500,000.00 |
| 2014 – 0% appreciation |
$500,000.00 |
0% |
$500,000.00 |
| 2015 – 2% appreciation |
$510,000.00 |
5% |
$525,000.00 |
| 2016 – 2% appreciation |
$520,200.00 |
5% |
$551,250.00 |
| 2017 – 2% appreciation |
$530,604.00 |
5% |
$578,812.50 |
| 2018 – 2% appreciation |
$541,216.08 |
5% |
$607,753.13 |
| 2019 – 2% appreciation |
$552,040.40 |
5% |
$638,140.78 |
| 2020 – 2% appreciation |
$563,081.21 |
5% |
$670,047.82 |
| 2021 – 2% appreciation |
$574,342.83 |
5% |
$703,550.21 |
It can be a minimum of 3 to 6 years! Consider your carrying cost during that time frame, are you really better off to wait for that price or go ahead and sell now?
So the question becomes what will it take to turn this market around? The biggest challenge we face today isn’t distressed sales, it’s supply and demand. Right now we have over 3000 properties for sale and 143 buyers a month (based on a 3 month average). That means if no other home is listed for sale it would take 21 months to sell of what we have right now. And on top of it there are 435 new listings coming into the market each MONTH!
I don’t want to paint the picture of gloom and doom, because our market is far from that. I can absolutely guarantee that if you price your home competitively I CAN SELL IT!
In a market full of many choices for a buyer, the buyer is going to purchase the home they perceive as the best value. There are 4 factors that determine value.
The moral of the story is to be the best value you have to have MORE for LESS. That’s how you stand out in a market with massive inventory and guarantee a sale.
For information on what your home is worth, contact me today!
You’ll find a classic Duck beach cottage with this wonderful 3rd row home on a quiet cul-de-sac in Duck!
The solid decks offer wonderful views of the ocean. Easy and short beach access is just a stone’s throw away. There’s so much possibility with this classic home. The elevation affords great views and the wooded lot gives you the privacy you need.
For More Details visit 133 Hillside Court, Duck, NC
8.8 private acres in Kitty Hawk Village with a Vintage 1940 Oceanfront original four bedroom -two bath that was moved to this property in 1991. This home is very solid with T&G Juniper throughout , a brick fireplace and TONS of charm. The lot has two nice ridges and the home did not get wet during Irene.
There are fruit trees and two outbuildings with Power – one of them has two 220 outlets and is ready for your workshop pleasure. Be the first to make an appointment because this is a nice chunk of Kitty Hawk.
Country style Living at the beach- Bring your horses, goats, chickens and settle in.
634 Grebe Court –This home has been well cared for & has just been remodeled; looks better than ever! Check the location on this great beach home. Backs up to the Green Conservation Area for privacy as well as situated on a nice cul-de-sac.
32 Fairway Drive –Excellent opportunity for comfortable one floor living. Just a few steps away to the bulkheaded canal for all your boating fun. Tons of parking in addition to the 2 car garage.
4244 Poor Ridge Road –The second floor has a HUMONGOUS game room over the garage with wet bar, two additional large bedrooms share a jack an jill bathroom, also large. Plenty of storage space and an easy flow. The back deck off the master has a hot tub. This is a lot of house for the money and in excellent condition!
Excellent opportunity for comfortable one floor living. This solidly built brick home in Southern Shores, was a contractors home. 2 bedrooms share a bath on one end of the home, while the master bedroom, HUGE walk in closet and HUGE master bath with double sinks make up the opposite end. Oversized Master Bath shower with all tile and two shower heads. Extra large kitchen with eat in area, dining room and living room with an extra office AND media/TV area. The solid brick deck spans the entire back side of the home! Great for cookouts. Just a few steps away to the bulkheaded canal for all your boating fun. Tons of parking in addition to the 2 car garage.
Actual ocean views, nice deck space, screened porch, sunny and bright interior, top floor bedroom, easy flow floor plan, awesome community amenities, hot tub, bright open kitchen, ground floor entrance, cul de sac location, laminate wood floors and a fantastic price round out the benefits of the “Sunflower” beach cottage.
If you were thinking about buying your home on the Outer Banks before the Summer Season, you may want to jump now …
Summer fun on the beach and at the Ocean is only a few months away.
