Unofficial Market Data Report

The year is almost over!  It’s been a strong year for real estate sales on the Outer Banks.  Some areas fared better than others and overall according to the November ending numbers there was only a small 1% to 2% decline in median sales price for our marketplace.

While inventory levels still remain around 12 months for most of the Banks, the number of new listings coming on is slowly shrinking.  We also noticed a change in the average days on the market, which indicates sellers are more in tune with the current market value of their homes.

Many properties actually received multiple offers!  This is clear proof that buyers are on the lookout for the BEST values and when they show up, they move…and FAST!

Here’s the breakdown of some basic numbers for each specific area.
(Keep in mind this is YTD through November only)

Corolla
Median Sales Price         Down 5%
Number of homes sold    UP 11%

Duck
Median Sales Price        Down 21%
Number of homes sold    UP 19%

Southern Shores
Median Sales Price        Down 6%
Number of homes sold    UP 31%

Kitty Hawk
Median Sales Price        UP 9%
Number of homes sold    UP 7%

Kill Devil Hills 
Median Sales Price        UP 3%
Number of homes sold    Same with last year

Colington
Median Sales Price        UP 8%
Number of homes sold    Same as last year

Nags Head
Median Sales Price        UP 1%
Number of homes sold    Down 11%

Distressed Properties All Over
Median Sales Price            Down 16%
# of new Foreclosure filings        Down 5%

Major changes coming to the National Flood Insurance Program

There are major changes coming to the National Flood Insurance Program in 2013 and it seems second homes and vacation homes are the primary target.  If your home falls into certain criteria be prepared for discontinued subsidies and ultimately an increase in your premiums.

Another point of interest in relationship to this is the plans from CAMA to re-map our area effective in 2014.  This will directly impact what flood plain a home falls into and in the end the flood insurance premium paid.

I’ll report updates and new information as it becomes available.

The following was taken from a newsletter provided by the local Outer Banks Association of Realtors.

MAJOR CHANGES TO NATIONAL FLOOD INSURANCE PROGRAM

Below is additional information from last week’s briefing about new legislation that may affect flood insurance policy rates for home and business owners in your community.
The Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) requires FEMA to take immediate steps to eliminate a variety of existing flood insurance subsidies and calls for a number of changes in how the program operates. The new rates will reflect the full flood risk of an insured building, and some insurance subsidies and discounts will be phased out and eventually eliminated. Rates on almost all buildings that are, or will be, in Special Flood Hazard Areas (SFHAs) will be revised over time to reflect full flood risks. Based on various conditions set forth in the law, subsidies and grandfathered rates will be eliminated for most properties in the future.

Effective on January 1, 2013, flood insurance policy rates for some older non-primary residences in SFHAs that received subsidized rates based on their “pre-Flood Insurance Rate Map” (pre-FIRM) status will increase by 25 percent a year until they reflect the full-risk rate. A pre-FIRM building is one that was built before the community’s first flood map became effective (1974) and has not been substantially damaged or improved. If the building will be lived in for less than 80 percent of the policy year, it is considered to be a non-primary residence. Click here to read a National Flood Insurance Program (NFIP) bulletin that provides additional details around the legislation.

Effective August 1, 2013, the NFIP will also begin eliminating subsidized premiums for other buildings as mandated by Section 100205 of BW-12. Click here to read the full bulletin and note that key changes include:

• Subsidies will be phased out for severe repetitive loss properties consisting of 1-4 residences, business properties, and properties that have incurred flood-related damages where claims payments exceed the fair market value of the property.
• Properties with subsidized rates will move directly to full-risk rates after a sale of the property or after the policy has lapsed.
• NEW policies will be issued at full-risk rates.
• Policyholders should be aware that allowing a policy to lapse could be costly. A new application will be required and full-risk rates will take effect.

Beginning in 2014, premium rates for other properties, including non-subsidized properties, will increase as new or revised flood insurance rate maps become effective and full risk rates are phased in for these properties. These premium rate increases will include properties in areas that have received new or revised flood insurance rate maps since July 6, 2012 (the date of enactment Changes in the Flood Insurance Program Preliminary Considerations for Rebuilding – Early Considerations for Rebuilding of the new law). Additionally, even if you build to minimum standards today, you will be subject to significant rate increases upon remapping if your flood risk changes in the future.

Important Note on Preferred Risk Policies (PRPs)As of January 1, 2013, PRPs issued on properties located in a high-risk area may continue beyond the previously designated two-year period until FEMA completes analysis and implements a revised premium structure put in place with BW-12. For some policyholders in areas flooded by Sandy, the impact of these changes could be substantial. For this reason, the Federal Emergency Management Agency (FEMA) encourages property owners to consider flood insurance costs when making decisions about how high to rebuild. A brochure that details some of the legislation’s impacts on building is also available here. Scroll down and click on the download/print link.

For More Information:For the latest NFIP Bulletins about the implementation of these changes, visit www.nfipiservice.com/nfip_docs.html. For more details about flood insurance, visit http://www.floodsmart.gov/floodsmart/.

Best Buys for the Week of December 10th!

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Best Buys for the Week of December 3rd!

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Best Buys on the Outer Banks for the week of November 26th

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Thankful on the Outer Banks

This month’s update is pretty bland compared to some of the things happening in recent months. There are no insurance rate hikes, no damaging Hurricanes, no bridge news…only good news this month!

While a good portion of our beaches were damaged during Sandy, we still remain extremely fortunate not to have received a direct hit. As is typical on the Outer Banks, most everything is cleaned up and businesses affected are back up and running. We do tend to recover from these things pretty quickly and that has certainly been the case with Sandy as well.

Since we have been through this so many times, it was an interesting change to see the 2 HUGE trucks of supplies that our Outer Banks locals sent to New Jersey to help out Sandy victims in that region. Even though we are a small community, when we come together we accomplish big things. I hope if you were affected by Sandy your situation is on the mend or fully recovered.

On to the news in the marketplace. Sales activity for 2012 is up so far this year 21%. Land sales lead the way with the biggest improvement. Inventory is down 4% so far this year. This is a move in the right direction…more is needed.

The most popular selling price range is still $200K to $299K. However, surprising enough so far 50 homes sold in the $1M or more price range, with an average time on market of 186 days! That’s definitely good news.

Distress activity remains the same. There does seem to be a small decline in foreclosure filings when looking at the data over the last several months. The biggest challenge with distress properties is that the median sales price for them DROPPED 22% this year so far. When these homes become your competition, that means a drop in price for regular sales as well, albeit generally not as big a drop.

One last tidbit…I was informed this morning that our Property Management Department is coming off one of the best seasons in history! If you know of anyone needing a new management company, certainly give me a call!

If I can provide you with any additional specific market data, please be sure to let me know.

Have a very blessed and Happy Thanksgiving celebration.

Best Buys on the Outer Banks for the week of November 19th

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Best Buys for the Week of November 12th

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The importance of Support…and I’m not talking about Control Tops or Sports Bras!

So the Outer Banks Marathon weekend is upon us.  I will be running a half marathon in less than 72 hours.  Am I nervous?  Well it depends on the moment.  I’m excited half the time and scared to death the other half of the time.  I just have to keep remember why I’m running this.  I’m running for Charlie.  He can’t run.  Heck, he can barely walk now.  And even though it’s painful for him to move around a lot, when I need him to get up, he does it and doesn’t complain…well, not much anyway.  So who am I to complain about the fact that I have the ability to run 13.1 miles?

Really at this point it’s all a mental game.  I’ve been training for this since April, I just didn’t know it!  Matt made sure of that…he’s sneaky like that you know.  If I can just keep my mind in order until about mile 6, I’ll be golden.  I know physically I can do this.  There’s no question.  It’ll hurt some for sure, but it’s supposed to hurt.  Anything hard to get is worth the pain to get there.  Shoot, so much of what we do hurts anyway.  We don’t let that stop us in other areas of life.  Giving birth, that’s a real doozy but women purposely get pregnant all the time, some even for a second and third time!!!  Drinking too much wine hurts…the next day, and yet I still partake in that exercise more often than I should.  When will I learn?

The point is…things in life that are worth having usually don’t come easily.  They’re not supposed to.  What makes it all worthwhile is that fighting spirit and sense of accomplishment when it’s done.  That’s why I’m going to fight through the pain, fight through the mental challenges, get my medal at the finish line, drink a beer and then go home to show Charlie that I did it all for him!

I know the title of this blog is about support, so I’ll get to it finally.  There is no way one takes on an endeavor like this without a support system.  In my case the support system is the only reason I am able to take this on.  My family at Outer Banks Bootcamps is…well…there’s really only one fitting way to describe them…simply AMAZING.  The Outer Banks is a special place to live.  God made this place special through the beautiful ocean, sky, nature and also the people who occupy this island and call it home.  I’m sure there are great people in many places…I’ve had the good fortune to meet some of the greatest people here on this little barrier island.

The strength, commitment, enthusiasm, community spirit, diversity and compassion that our little (growing every day though) group of bootcampers possesses is….well…once again…simply AMAZING.  I have never in my 37 years been a part of something like this.  There is a true sense of family and community amongst us.  We are fiercely loyal to Matt and Jay and they return the protection to us as well.  That’s what the strongest families do. 

I shudder at the thought that I almost didn’t stick with it. That would have been a big mistake.  God has a plan.  Things happen for a reason.  Sometimes we don’t see it until later, but when we do how can you help not looking back, smiling, nodding your head and knowing something much greater than you is in control and always has your back!  I now realize that going through all the discomfort, the growth, the connecting, the sweat, the cursing (well maybe he didn’t plan that) I was in the right place all along with the absolute right people.

From the bottom of my heart I can never thank you all enough for the lifting words. The quiet prayers. The delicious food. The endless encouragement. The smiles. The hand squeezes.  The shoulders to cry on.  The delivery of bed pads.  The text messages. The facebook messages.  The beautiful birthday surprise party.  The 20 minute drive to do a 2 minute limb removal.  The bottles of wine followed by truth or dare.  The running partner.  The reassurance I can do it.  Oh, I could go on and on.  In a nutshell, it’s the SUPPORT.   I am so blessed and grateful to be part of your group, your family.

And lastly, the support from our fearless leaders Matt and Jay has been off the charts.  If you don’t have someone like these two in your life, you’re truly missing out. You’re missing out so much that once you have them you can’t imagine life without them.  I’ve had many mentors in my years and have loved them all.  These guys take it to that next level.  I can’t even finish writing this without the tears streaming.  I hope you know how deeply important you are to us.  You are the head of this family and its strength is a direct reflection of you as leaders.  You surround yourself with the best of the best and I’m so blessed to be a part.

So, to sum it all up…Thank You.  Love You.  See You Sunday at the finish!

Best Buys for the Week of November 5th

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