Best Buys on the Outer Banks for the week of April 15th, 2013
April 15, 2013 By Ilona
Contact Me About Any of These Properties!
Ready for Summer FUN at 889 Seafaring Crescent, Corolla
April 15, 2013 By Ilona
Great Price AND Available to Lease for Summer Fun!
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
Contact me today for available dates or more information!
Real Estate on the Outer Banks for the 1st quarter of 2013
April 12, 2013 By Ilona
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.
- Location – this has always been the case for real estate. The better the location the higher the price. However, recently we’ve noticed buyers don’t make the decision solely on this factor anymore.
- Condition – with funds being tighter, insurance costs going up buyers are less likely to buy a home with maintenance issues.
- Amenities – what can your home offer the buyer that the others you’re competing with can’t? Do you have a view, new furniture, a pool, hot tub, deeded beach access?
- Rental income – most buyers are going to want to know how this home will support itself. The less of 1 through 3 you have, the less income, the less value to a buyer in most cases.
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!
Best Buys on the Outer Banks for the week of April 1st
April 2, 2013 By Ilona
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Check OUT These New Prices on the Outer Banks!!
April 1, 2013 By Ilona
Check out these new prices on these great homes on the Outer Banks!
634 Grebe Court –
NOW $519,000!!
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 –
NOW $445,000!
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 –
NOW $379,000!!
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!
Just Steps to Boating Fun in Southern Shores!
March 29, 2013 By Ilona
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.
Best Buys for the Week of March 18th, 2013
March 19, 2013 By Ilona
Contact Me About Any of These Properties!
Extra Large Custom Built Home on the Outer Banks
March 8, 2013 By Ilona
You will love coming home to this custom built extra large home on one of the most popular streets in Kitty Hawk. So much attention to detail was paid when building this excellent family home. First floor master, HUGE bathroom, 2 closets, hall bath, gas fireplace with stone face, Australian Cypress floors, formal dining room, office area, ocket doors, pantry, large laundry area, huge eat in kitchen with Jenn-Air, wine cooler, butcher block island, granite countertops and stainless appliances all make up the first floor. The extra large garage has 10 foot doors for taller vehicles
140 Old Duck Rd in Duck Village has a New Price!
March 5, 2013 By Ilona
Own Right In Duck Village!
Easy floor plan with three bedrooms and a full bath on the mid level, larger bedroom, dining area, living room and kitchen on the top level. Lots of light, great sun deck, very short walk to the uncrowded beach. Right in Duck Village you’ll love hearing the ocean as you sip coffee on the deck in the mornings. Or watch the sun go down and smell the ocean spray with a glass of wine. Hardwood floors in the living room and large bedroom upstairs. Tile in the kitchen/dining/entry way. Decent sized closets and a laundry area inside the home.
