2008-It's finally over!!

I know for many of you, including myself, I could not wait for 2008 to be over. The stock market came crashing down, the real estate market continued it's downward spiral and the economy just tanked. All in all 2008 will go down as one of the worst years in recent memory

As for the Outer Banks real estate market things went from bad in 2007 to worse in 2008. It seems that foreclosures and short sales were everywhere on the Outer Banks, listings stayed on the market longer, and buyers just disappeared.

 In 2008 according to OBAR, there were 1312 houses sold with an average days on market of 214 and the average sales price was $386,350. Let's compare to 2005, 3201 houses sold, avg. days on market was 150, and the avg. sales price was $460,702. Get more Outer Banks Real Estate Statistics on my website. Enough of the doom and gloom!!

Hello 2009!!!

 

The one great thing that came out of 2008 was it set the stage for an incredible opportunity to buy an Outer Banks beach house in 2009. Prices on the Outer Banks are back to where they were in 2003-'04! Conventional mortgage rates are at an all time low, under 5%! Rental Income has increased and tourist numbers continue to break records every year! Gas Prices are at 4yr lows!

All of this has created the perfect storm for buying Outer Banks real estate!!!

Buyers are coming back to the Outer Banks with a vengeance. Over the New Years holiday almost every Realtor on the Outer Banks was out showing property. I personally had 3 buyer clients in town over 4 days!!

Prices are starting to stabilize especially in the under %500,000 range! The great deals that everyone is looking for are out there!

Don't miss this opportunity to get the best house for the best price at the lowest interest rate!!!

For more information check out www.HometownOBX.com or email me at MattHuband@HometownOBX.com