Outer Banks Real Estate Market Moving Forward in 2014

The Outer Banks Real Estate market has been, dare I say it, "Red HOT" so far in 2014. Currently the average sold price is up 9.8% from 2013. Time will tell if that will hold for the next 6 months but we are off to a great start. This has been the largest increase in the average sold price since prices began to fall in 2006. Inventory remains low as buyer demand is still very high. While the summer months tend to see a lull in buying as everyone is enjoying their vacations things will pick right back up after Labor Day. New homes hitting the market, especially those under $300,000, are going under contract in less than 90 days and sometimes in weeks. The $300,000 and under price range again leads the way with 52% of all sales so far this year.  Higher priced homes are now selling with favorable financing for jumbo loans (loan amounts over $417,000). Jumbo rates are especially low for 2nd homes sometimes even lower can conventional financing with 20% down. Conventional rates for loan amounts under $417,000 are still holding steady in the mid to low 4% range.  If you are looking for a distressed property they have all but disappeared from the market. Currently there are only 21 foreclosures and 33 short sales on the market. Distressed properties make up less than 3.7% of the active inventory from Corolla to Hatteras. The Outer Banks real estate market is already starting to make a strong comeback. All signs point to a favorable long term outlook for the Outer Banks market. Where else can you invest your money that gives you a solid return, tax benefits (consult your tax adviser), is at the beach, and you can use it anytime you like? Now is a great time to invest in the Outer Banks!!