Incrediable!! That is the only word to describe the first 3 months of the year for the Outer Banks real estate market.
Here are a few statistics that should grab your attention:
10%- Increase in the average selling price compared to 2009
20% increase in the # of houses under contract than this time last year.
27% increase in the # of houses sold than this time last year.
A phenomenal number of buyers hit the Outer Banks this spring to take advantage of the rock bottom prices. Just in the last 45 days I put 7 houses under contract. Out of the 7 only 1 was a distressed property. All of the others were just great deals and there are more to be had.
While the foreclosure market is still hot you have to be prepared to come in at full or above full price. The most recent statistics show that in the last 30 days almost 50% of all of the foreclosures sold at or above full price. The other 50% sold less than 3% of the list price. Same for the short sale market although wait times to get deals closed are still in the 4-6 month range. I just recently closed a short sale that took over 8 months from contract date to closing.
Weekly vacation rentals for 2010 are ahead of last year according to many of the rental companies. That means people are going on vacation which equals strong rental income if you are looking for an investment property.
Is it a great time to be a buyer?? YES
About the author of this blog:
Matt Huband, SFR is Broker/Owner of Hometown Realty in Kitty Hawk, NC and a Certified Short Sale & Foreclosure Specialist. Matt works with buyers and sellers from Corolla to Hatteras interested in foreclosures, short sales, 2nd home, investment property, new construction, and condo sales. Put Matt's extensive area knowledge to work for you.
To learn more about Outer Banks real estate go to www.HometownOBX.com or email MattHuband@HometownOBX.com . Sign up to receive a FREE Foreclosure & Short Sale List
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