I recently answered a blog that was asking the questions 'Is Now a Good Time to Buy on The Outer Banks?' and I responded that YES, IT IS. And here is a good example of why it is. I recently spoke to my banker and she recently acquired a 3,000 sq. ft. home in Kill Devil Hills. The home is located in a primary resident and second home area of the Outer Banks. The home was being used as a year-round rental property. The property orginally was listed for $325K and has been on the market for 425 days, the price had been reduced to $279K. The buyer offered $200K and after several counteroffers, the seller agreed to $238K, 73% of the original asking price. The appraisal came in at $317K. There are MANY properties on the market like this one.
Unfortunately for alot of sellers, this is reality. The current real estate market is HIGHLY in the favor of buyers, but still for the Buyers there is the reluntancy to move forward. But with the summer season in full swing, this is the perfect time to take advantage of the sellers motivation/desparation to SELL. Sellers are SO EAGER to get an offer on paper, that they are willing to considering ALL OFFERS. Most Buyers know going in that they are going to negotiate before a final price has been reached. Why wait until the Fall to search for a home when everyone is looking. It is far easier to negotiate a deal with the Seller in a One on One scenerio vs. a Multi-Offer situation.
And with foreclosures on the rise, short Sales and a multitude of properties that are lingering on the market for a year or more, there hasn't been a better time in YEARS on The Outer Banks for Buyers. Don't be one of the ones that look back Next Year and realize that you SHOULD HAVE Bought Last Year.
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