Working in this Outer Banks real estate market has been an exciting time for sales. Yep real estate sales have been off ... way off. But, just like a day after a storm, the sky is clear, and we're ready to enjoy the bright sunshine ahead.
Yes, the country as a whole has some serious days and months ahead. The real estate market was the first to weaken, and it is the first to lead us back to better times. The Outer Banks number of sales for this year to date are inching slightly above this time last year. The average sale price is below last year, but, hey, that's great news for buyers!
OK, buyers 
just got part of the great news. Outer Banks sales prices are lower than last year. It doesn't hurt either that interest rates are just above the all time lows.
I won't forget good news for our sellers. They have seen less than an exciting time in trying to sell. Here on the Outer Banks, sellers have struggled with falling prices, competing with foreclosures and short sales, and buyers who are looking for bargains.
Bargains? The buyers not only have plenty of bargains to choose from, the foreclosures and short sales have been ON SALE! Yes, some sellers are trying to hold on the those Outer Banks real estate sales prices of 2005. Frankly, most sellers today do understand this market and are fairly negotiating a great deal.
So the good news for Sellers? Outer Banks Real Estate Sales prices have hit bottom. Though the average sale price for single family homes is down from 2008, this year's numbers are holding steady and showing slight increases most months.
So ... for our buyer and seller friends, the bottom is behind us (Don't look back!). Trust me. It's behind us. Now is the time for buyers to get very serious ... and buy. We have something for everyone. Sellers, your prices will not increase for some time due to huge inventory, but with a fair price for today's Outer Banks real estate market, you should exceed in selling.
Comments(2)