Hello Outer Banks Lovers!
Debbie and I wanted to start this blog to offer everyone interested in Outer Banks real estate an opportunity to ask questions about what's going on here. Sure we are in a Buyer's market now. We have seen this twice before. Our 1st time was 1980 when the interest rates were 18% and oceanfront lots were $40,000. The 2nd time was from 1989 through 1993 and oceanfront lots were $250,000. This time, it started around late 2005 and oceanfront lots were $1,000,000 to $2,000,000.
So, do you see a trend here? Yes, things are slow for Seller's right now but this to will change. I'm sure we will have some "potential buyers" show up after it goes back to a Seller's Market saying, "boy I wished I would have known". Well. if you are a buyer looking for the perfect time to buy, start now. Learn the market and keep close tabs on the specific inventory type you are interested in. With a little tracking that is easy now since everything is on-line, you'll know when "your" time is right. Based on my examples above, if your move is a little early, it won't take long for the Seller's market to make it right.
Let us know if you have any questions or if we can help in any way. Happy Tracking, David