Breaking News regarding OBX property

March 15, 2021 By Ilona

Happy Mid-March!Breaking News regarding OBX property

This month’s update is short and not so sweet. The market activity is still very strong and has not changed…yet.

Big BREAKING MORTGAGE NEWS in the last few days is regarding the purchase of 2nd homes. A new Treasury Amendment now limits Fannie Mae on the acquisition of single-family mortgage loans secured by the second home and investment properties to only 7%. As a result, this could equate to as much as a half-percent higher rate on these loans. Click here for the full article.

No market is immune to these kinds of changes.  If you’re wanting to purchase on the OBX, the time is now!  Of course, that means we need more inventory. If you’re thinking of selling and want a complete analysis of what your home is worth, contact me today!

As always my goal is to keep you updated on the most relevant information.  If there is anyone you know who could benefit from this monthly newsletter, ask them to subscribe here.
Filed Under: Home Sellers' Tips & Advice, OBX Real Estate News & Data Tagged With: ,

IS YOUR HOUSE READY TO GO ON THE MARKET? CHECK OUT THESE 8 TIPS!

February 24, 2021 By Ilona

It’s no secret the real estate market on the Outer Banks is shifting. Even as we move into a seller’s market, keep in mind a majority of our home sales are secondary homes. This means more than 50% of our home buyers will spend up to 2 years searching for the right home. They can do that because they aren’t physically moving into the home.

Being a discretionary purchase, they have the time to wait for the right house. That means even if you have the upper hand in terms of lower inventory and potentially rising prices, buyers still want what they want. Your home can still sit on the market for a prolonged period of time if it’s not set up to sell in today’s real estate market.

We’ve put together a checklist of readiness to ensure your home can hit the market and sell for the best price in the fastest time frame. Consider the following market statistics:

  • In 2019 there were 1,842 single-family homes sold
  • Currently, there are only 1,079 single-family homes listed for sale (2/20/2020)
  • Almost 60% (58%) of all properties sell in the first 90 days
  • Median days on market is 69
  • They are selling within 4% to 5% of asking price

If closed sales for January and current Under Contract numbers are at record highs, we could easily see 2020 hit the 2,000 single-family homes sold mark. That means we barely have half the homes on the market right now that could potentially sell this year.

The following checklist is designed to get you the most for your home in the current market:

1. HAVE A HOME INSPECTION

Let’s face it, the last time we had this kind of market shift in 2000, a home built in 1985 was only 15 years old. Today, that home is now 35 years old. In the extreme weather environment, we have on the OBX, a lot can happen in 35 years. If your home is more than 10 years old, you need a pre-listing home inspection. The number one cause for deals to fall apart is a home inspection revealing more than the eye can see. Buyers get nervous and walk. When that happens, the entire world knows your home sold, then un-sold, and everyone wants to know why. The items discovered will most likely become a material fact and have to be disclosed to future buyers. If an inspection is done beforehand, major items can be addressed and taken care of. End of story. There is no reason to list your home blindly and set yourself up to negotiate the “unknown” 2 to 3 weeks into a sale.

2. MAINTENANCE ITEMS

Even if a home inspection reveals no issues, sometimes systems will be at the end of their life expectancy. Buyers today do not want to walk into automatic maintenance without expecting a deep discount. If your 20-year roof is on year 18, it is wise to replace it. There’s no guarantee you can add that cost to the top of your asking price, but what it can do is sway a buyer towards your property versus another. The number one concern for buyers today is condition. Your home does not become more valuable because the systems work. However, it does immediately become more saleable.

3. POWERWASH/CLEAN

This should be a no-brainer, yet all the time I show or preview homes that look like they’ve been abandoned. Everyone likes things that look nice. Take an honest look at your home’s exterior and interior. One of the easiest spaces to turn off a buyer is the carport and outside shower area. Buyers say all the time, you can tell how well the owners have cared for this home by how those areas look. Clean up the leaves, sand, junk that can accumulate. Power wash the gunk off the decks and siding. Get the interior a nice spring clean. First impressions don’t generally get a do-over.

4. PREPARE THE ENTRYWAY

What will buyers see as they approach your home, climb the stairs and enter the front door? Is it inviting? Is the door rotted or rusted? Does the key work easily? Are there spider webs or overgrown plants and weeds? This will set the tone for the entire showing. Sometimes buyers will change their minds about seeing a home altogether if the entry isn’t pleasant. Be mindful of the best way to enter your home. If your electronic keypad is on a door that isn’t the best entry, insist on giving your agent a key to the best entrance and have buyers go in that way. I recently went into preview a $750,000 home that was quite lovely. The entrance had imported tile, great artwork and felt very welcoming. The agent gave me a keycode that opened a door to an empty two-car, cold, garage. This is not the first impression you want.

5. YARDWORK

No matter what time of year you list your home for sale, take a good look at the landscape of your yard, which is the main aspect of curb appeal. Having branches scraping the side of your car as you pull into the driveway is not a good look! Do what you can to clean it up for whatever is appropriate for the season.

6. DECLUTTER OR STAGING

Whether you live in the home or it’s your vacation home, have a professional eye look and give advice on how to stage it to sell. Most people need to see space, rather than stuff, in order to envision themselves in your home. Less is more when it comes to wall hangings and nick-knacks. Updating bedspreads and shower curtains is an easy way to give the home a fresh look. If the home is being sold furnished, some fresh, beachy furnishings can make all the difference.

7. UPGRADES

With the new HGTV culture, buyers expect homes to be already updated. This type of preparation can take several months to do. These are the things you want to plan 6 months to a year before you list your home for sale. Depending on whether you live there or rent, everyone can also get a chance to enjoy the upgrades as well. Before spending any money, decide what your budget is and have an agent come over to advise the best use of that money. Some updates will prove a better return than others. We talk to hundreds of buyers a year, so we have a clear idea of what will get you the most for your money. Be prepared though, construction costs have doubled in the last 10 years. You’ll want to really follow a plan to stay on budget and get the most out of it.

8. PROPERTY MANAGEMENT DETAILS

With the growing popularity of VRBO and Air BnB type of rental arrangements, there are some real challenges when selling. Those types of reservations, when done solely through the property owner, are automatically not transferrable when selling. If a buyer is relying on the income of your home to make the purchase, you could run into some real issues at the closing table. Even if you are renting through a traditional property management company, there can be cancellation fees you incur if the new buyer doesn’t stick with your rental company. It’s becoming increasingly more important to employ the proper timing strategy to sell, depending on the source of your weekly guests. Talking to an agent ahead of listing about how the transfer works will help avoid any major stresses once the home is under contract.

Filed Under: Home Sellers' Tips & Advice, OBX Real Estate News & Data Tagged With: , ,

February OBX Market Update

February 24, 2021 By Ilona

It’s almost Spring!

While the weather here is warming up, nothing is as hot as the real estate market.  In fact, 2005 called and said it wants to reminisce!
Market Update – Interest rates did tick up a bit (still holding at around 3%), but that doesn’t seem like it will slow down the activity right away.  We have 44% of our inventory under contract.  If you list it, it will sell.  If you are thinking about putting your home up for sale, here’s a checklist of readiness to look at to get prepared.
Vendor List – Normally this time of year I post my list of trusted vendors.  Everyone is backed up for 6 to 8 weeks at the moment.  If you do have something that really needs to be done, contact me and let me see if I can find a fit for you.
Rental Market – We are once again experiencing a record year in vacation rentals.  If you do have a few weeks lagging to get booked, I will be happy to post your home on my business page for additional exposure.
Outer Banks Foodies – One of the top questions I get regularly is, where’s the best place to get…..  Here’s a quick peek at a few of my favorites around the area – CLICK HERE!
Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, OBX Real Estate News & Data, Outer Banks Good Living Tagged With: ,

WHY DO YOU NEED A PROFESSIONAL REAL ESTATE AGENT, EVEN IN THIS MARKET?

February 12, 2021 By Ilona

Ilona Matteson, Beach Realty

Getting an offer on your home in an active market seems quite easy, and in most cases it is.  What do you need an agent for then?  Well, finding the buyer is just the first of dozens of steps in getting your home sold.

The question becomes, do you want to ensure you are getting maximum VALUE as well as maximum CONVENIENCE when selling?  It’s actually a pretty pain staking process to go through the entire 45 to 60 day process and requires many, many hours of time.

Many sellers think they can get an offer and then “let the attorney handle it”.  Yes, your attorney can manage the CLOSING.  That simply entails preparing your deed and handling the transfer of money AT THE END OF THE TRANSACTION.

Here’s what it doesn’t include:

  • Pre-Qualifying the buyer/agent/offer to make sure it’s a solid deal
  • Negotiating for the highest dollar
  • Choosing the best offer, in the case of multiple offers (it’s not always about the highest price)
  • Negotiating the home inspection, including finding contractors to give estimates, and meeting them at the home
  • Pest Inspection, Septic Inspection, Pool/Hot Tub, HVAC – knowing vendors and meeting them at the home
  • Prepping the appraiser or answering comparable questions – attorneys don’t have access to MLS, nor have been in the latest homes sold
  • Staying on top of the buyer’s loan process
  • Knowing which lenders and other vendors perform on time
  • Working with the rental company to transition buyer
  • Handling the dozens of calls from buyer/buyer’s agent throughout the process

Bottom line, we are experiencing an extreme number of homes selling per month.  All requiring an attorney to manage the closing.  The attorney is not available to answer calls throughout the day to deal with the day to day situations that come up during your closing process.  In addition to that, if they were available, they would be charging you per hour for that time.  Most attorneys charge around $200/hour.  On average an agent will spend 30 to 40 hours working on your transaction.

Even if you offer a commission to a Buyer’s Agent and think they can assist with these tasks, that’s true.  However, the Buyer’s Agent works for the buyer.  You are now essentially paying the buyer’s agent to work AGAINST you, without your own representation.

In the end, the best way to maximize VALUE and CONVENIENCE is to have a professional agent manage the ever challenging task of getting your home sale to a successful closing.

Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, OBX Real Estate News & Data Tagged With: , ,

January 2021 Market Update

January 27, 2021 By Ilona

Supply and demand. That’s the basic economic principle driving markets for decades. Here we are! Finally experiencing some movement in the northern beaches market, after the slowest recovery ever from the 2008 market crash.

Sellers – if you want to cash in – now is the perfect time! Condition is still important to maximize profits, so contact me before any repair work so we can make the most of your investment.

Buyers – be pre-qualified, ready to sign an offer, prepare to offer virtually, and be prepared to offer over asking price in many cases. You need someone scanning the new listings daily. Now is not the time to go unrepresented. Let me know if you’re looking!

Corolla
57 Active listings 108 Under Contract

Duck
23 Active listings 22 Under Contract

Southern Shores
15 Active listings 19 Under Contract

Kitty Hawk
6 Active listings 17 Under Contract

Kill Devil Hills
24 Active listings 65 Under Contract

Nags Head
38 Active listings 38 Under Contract

Now you can see what we are working with. Contact me if you have any questions about our current market.

I do predict it will last this way through the year.

Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, OBX Real Estate News & Data Tagged With: , ,

AGENT OF THE YEAR 2020 – ILONA MATTESON

January 22, 2021 By Ilona

AGENT OF THE YEAR 2020 – ILONA MATTESONIlona Matteson, associate broker for Beach Realty & Construction / Kitty Hawk Rentals was named the company’s agent of the year for 2020.  Ilona also earned agent of the year honors in 2015, 2016 & 2012.   Ilona was licensed in the late 1990’s and became sales manager for Beach Realty in 2002.  In 2006, she moved to Richmond, VA and was affiliated with a national coaching company where she excelled as a one-on-one coach for real estate professionals.  The allure of the Outer Banks brought her back to the beach and she resumed her career in real estate sales.  She quickly became a top producer and attributes her success to hard work, discipline and in-depth knowledge of the local market.  Along with her successful career in real estate sales, Ilona also offers training and coaching to the sales team at Beach Realty & Construction.

You can contact Ilona at [email protected] , 252-619-5225 or visit her agent detail page.

Filed Under: OBX Real Estate News & Data Tagged With: , , ,

What To Expect When Expecting … To Buy a Home on the OBX

June 1, 2020 By Ilona

What to expect when you’re expecting…to buy a home on the Outer Banks!

Navigating the home buying process can be a complex process. Knowing in advance what to expect regarding the condition of the home can make it a lot smoother. Here are the main things to consider regarding this process.

1. Create realistic expectations on condition. In most cases these homes are anywhere from 20 to 40 years old. The main reasons the condition might not be where a buyer is expecting it are:

  • We live in an environment that has harsh weather and it is tough on these homes
  • Most homes are rented anywhere from 15 to 25 weeks a year with multiple families occupying them. Wear and tear is going to happen
  • Since this isn’t the primary home, owners aren’t seeing it every day and often aren’t aware of what needs to be done
  • No one else is telling them about things that need to be addressed
  • Most homes are owned for several decades and owners get to an age where it’s more difficult to do the work themselves
  • Finding and managing good contractors from a distance is a challenge, especially as owners age
  • Sellers have disengaged from the property – this happens for many, many reasons.

2. It is standard language in our Offer To Purchase contract for North Carolina that buyers are purchasing the home “AS-IS”.

Yet many buyers are never told this. When you make an offer to purchase a home you need to factor in the condition/maintenance items that you can already visibly see into the offer price. Once you settle on a price and go under contract, it’s important to remember those items have already been accounted for.

So many times we see great deals go awry because the buyer is never educated on how to handle the home inspection results. This can create some unnecessary difficulties
and even result in the buyer terminating the contract on a great home, simply because they didn’t understand the process.

Here’s the actual language from the contract:

Paragraph 4(c) Buyer acknowledges and understands that unless the parties agree otherwise, THE PROPERTY IS BEING SOLD IN ITS CURRENT CONDITION. Buyer and Seller acknowledge that they may, but are not required to, engage in negotiations for repairs/improvements to the Property.

As you can see, it is not mandatory, nor really expected for the seller to agree to repairs after the initial agreement is signed. It is imperative that a thorough, on-site review of the property is conducted prior to making the initial offer so that all visible maintenance items are considered in the pricing strategy. The goal when listing a home is to have it priced in relation to those items to begin with. However, it is important to understand value is relative from person to person.

3. What exactly is the purpose/scope of a home inspection? There are several things to consider about the home inspection process. The primary function of a home inspection is the following:

  • Find hidden defects
  • Building code check – for information purposes. It is not realistic to require a seller to bring every outdated code up to par
  • Professional opinion of the functionality of the main systems of the home
  • Expanded review of the home (attics, roof, crawl space, etc)
  • Inspectors are paid to find problems. No home is perfect and items will be found commensurate with the age of the home. It’s important to have that expectation up front.

4. Because of the nature of the in depth inspection, it is not uncommon for unexpected issues to be revealed. How do we then handle the unexpected?

  • First, quickly remember Paragraph 4(c), the seller is not under any obligation to do anything at all.
  • We need to quickly organize some quotes so we know exactly what we are dealing with, even if the buyer is going to take on the repairs.
  • We have to decide whether we want the seller to actually fix the issues or if we want to receive a credit at closing instead. There are pros and cons to both of these.
  • We need to share the report with the seller so they can be educated on the condition of things
  • Recognize once these items are discovered they become a material defect that will have to be disclosed to any future buyers, should the buyer decide to walk away.
  • Prioritize the list of repairs that are important, rather than just asking for the entire list to be addressed. Especially since we already factored into our pricing strategy the items we could already see.
  • Understand that perfect condition will be reflected in the price. Chances are the home is already priced commensurate to the condition and age.

Main walkaway points:

  • Be realistic – you’re not buying a brand new home
  • Be flexible and willing to compromise – no house is going to be perfect
  • Weigh out the options – don’t lose a great house over a few needed repairs
Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, OBX Real Estate News & Data, Uncategorized Tagged With: , ,

2015 Agent of the Year

January 14, 2016 By Ilona
2015 Agent of the Year

From left to right: Beth Urch, Sales Manager, Ilona Matteson, and Jimbo Ward, President.

Ilona Matteson, associate broker for Beach Realty & Construction / Kitty Hawk Rentals was named the company’s agent of the year for 2015.  Ilona also earned agent of the year honors in 2012.

Ilona was licensed in the late 1990’s and became sales manager for Beach Realty in 2002.  In 2006, she moved to Richmond, VA and was affiliated with a national coaching company where she excelled as a one-on-one coach for real estate professionals.  The allure of the Outer Banks brought her back to the beach and she resumed her career in real estate sales.  She quickly became a top producer and attributes her success to hard work, discipline and in-depth knowledge of the local market.  Along with her successful career in real estate sales, Ilona also offers training and coaching to the sales team at Beach Realty & Construction.

You can reach Ilona Matteson in the Duck office of Beach Realty & Construction/ Kitty Hawk Rentals at (252) 261-6600 or email [email protected].


Beach Realty & Construction/Kitty Hawk Rentals is a full-service real estate company offering an attractive and ethical environment for licensed real estate professionals to realize a successful career.  For more information about joining the Beach Realty sales team contact Sales Manager, Beth Urch at (252) 261-3815 or [email protected].  

Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, New OBX Property Listing, OBX Real Estate News & Data, Outer Banks Good Living, Uncategorized Tagged With: , ,

The 2015 Outer Banks Market Report

January 14, 2016 By Ilona

We saw a lot of very positive signs in 2015 that continue to lead us on the path to recovery.  While we still have an oversupply of inventory on the market, keeping prices down, we have a double digit increase in number of sales.

The other interesting trend is showing more homes in the higher price ranges are selling and fewer homes offered in the under $300,000 price range.  That is showing our median sales price to be up, even though individual home prices aren’t rising at this point.

It’s virtually impossible for our home values to go up when inventory is still at a 15 month supply.  However, it’s a great step forward.  We saw a 20% increase in number of sales for 2012, then it steadied for 2 years until another big increase in sales for 2015.

Mortgage brokers are expecting a surge in activity the first part of 2016 to beat the Fed’s promise of rising interest rates.  We certainly have a year round market on the OBX and see great activity all year long.  The two spikes in activity happen in March/April and September/October.  No need to wait though, we can get your home sold any time of year.

Here is the breakdown of where we ended up for 2015:

  • Residential number of sales were up 11%
  • Average sales price was down 2%
  • Land sales numbers were down 5%
  • Average sales price was up 7%
  • Inventory was down 8%, being the lowest since 2007
  • Foreclosed home sales were down 37%

Next month I’ll provide a break down of each location individually so you can see how it compares year over year.

If you have any questions or would like additional information please let me know.

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Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, OBX Real Estate News & Data, Outer Banks Good Living, Uncategorized Tagged With: , , , ,

Currituck County’s PRELIMINARY Updated Flood Maps

January 14, 2016 By Ilona

The following information is copied with permission from the Outer Banks Association of REALTORS(R) .

Currituck County’s PRELIMINARY updated flood maps have been released. Information pdf on how to access the site. The link will take you to the flood map FRIS page, click on ok and then select the County (Currituck).In the upper right corner you will see “effective”. Go there and select “preliminary”. You will be able to look at the new proposed maps that will hopefully be adopted within the next year.

If you zoom in, you will start to see aerial views. By clicking on the map in a particular area you will get the information on the right side of the screen or you can search by using magnifying glass on menu at top left. Most of our county is seeing a significant change to elevations being lowered and many homes will come out of the flood zones or be classified into a lower zone (VE to AE for an example According to the NC Floodplain Mapping Office, the preliminary maps show that Currituck County has 11.5 square miles of V Zone (89.5% decrease from current maps) and 249.5 square miles of A Zone (24.75% increase):

  • ‪Under current mapping, there are 1,097 buildings in the V Zone; new maps show 126 buildings in the V Zone;
  • ‪Current maps show 7,020 buildings in the A Zone; new maps show 2,767 buildings the A Zone.

There are oceanfront V Zone properties that are coming completely out of the special flood hazard area – being changed to an X Zone!

Please keep in mind that these are only preliminary maps. They will have to undergo a 90-day appeal process, a public meeting process and final FEMA approval. This entire process could take up to 18 months. In the meantime –  good news overall for homeowners in the special flood hazard area!

Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, OBX Real Estate News & Data, Outer Banks Good Living, Uncategorized Tagged With: , , ,