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Ilona Matteson's Blog

By Ilona Matteson | Agent in Duck, NC
  • Outer Banks Area Update

    Posted Under: General Area in Duck, In My Neighborhood in Duck, Home Insurance in Duck  |  December 3, 2013 11:16 AM  |  157 views  |  No comments

    I hope your pre-holiday season is going well.  We've had quite the cold spell hit the entire East Coast this week and who knows, we could even see another flurry or two here at the beach.  Just hope it doesn't stick!  I have a few things to update you on this month.

    Flood Insurance - Bipartisan legislation has just been introduced in Congress to remedy the unintended consequences of Biggert-Waters.  Senate Bill 1610/House Bill 3370 - Homeowner Flood Insurance Affordability Act of 2013 - will delay the loss of grandfathering for four years until several steps are taken to address the affordability of coverage. For more information and what you can do to help read the full article here.

    Beach Nourishment – One step forward.  It's looking really good for nourishment projects in Kill Devil Hills, Duck and Kitty Hawk.  Of course it takes a while to get the projects actually started.  KDH put together a really great page of FAQ's that you can read here.

    Loggerhead Turtles – Perhaps two steps back. Never a dull moment in the coastal/wildlife arena.  The push to throw a wrench in the beach nourishment plans have already begun.  Read more here.

    Holiday Activities – If you're going to be on the Outer Banks for the holidays this year, here's a website to check for some local activities you might want to check out.  Be sure to click on the "Events" tab. http://www.outerbanksthisweek.com/things_to_do/

  • Factors affecting the real estate market on the Outer Banks

    Posted Under: Home Buying in Dare County, In My Neighborhood in Dare County, Investment Properties in Dare County  |  August 13, 2013 11:10 AM  |  250 views  |  No comments

    The factors currently affecting real estate on the Outer Banks now and for the next few years are:

    1.   Dare County taxes have increased by 3.25%
    2.   Homeowners insurance has gone up 17%
    3.   Interest rates have risen slightly
    4.   Flood Insurance rates are still set to rise over 400% for new purchases in October

    The first four factors can affect how much a buyer can qualify for as all of these expenses are included in the calculation by the lender to determine their loan limit amounts. 

    5.   Occupancy tax on vacation rentals is due to go up 1% in 2014 for beach nourishment in Dare County.  That will impact rental rates and ultimately net income.
    6.   Average sales price for the area is down 6% YTD, and 9% from this same time last year
    7.  Foreclosure filings are at their highest levels since August 2012
    8.   Average sales price for Bank Owned homes is down 22% YTD, with 7% more sales
    9.   Supply of homes for sale continues to exceed 16 months
    10. Average number of new properties coming on the market each month YTD is 400

    Why then, are people still selling their homes in this market?  There are two reasons for this.  

    • First it’s important to calculate the amount of money the home costs you to own versus the time it will take for the market to appreciate to the price you desire.  For example: It costs the average person $10,000 to $20,000 to own their beach home.  So figure $15,000 per year.  Most sellers are looking for 25% more than the market can bear for their home right now.  At 5% appreciation per year (once we finally start going that direction) it would be another 5 years of ownership.  5 years x $15,000 is $75,000.  Ask yourself if it makes sense to spend $75,000 keeping this home all the while the home will be 5 years older at that time.
    • The second reason people are still selling in this market is for buying up power.  If you sell low, you also get to buy low and take advantage of the low interest rates.  Right now you can buy more house in a better location for less than ever before.  So if you’re thinking about selling ask yourself this question…when the market comes back, do I still want to be in this house?  Or the new one?

    As always if I can help you with any real estate questions please contact me!

  • Best Buys on the Outer Banks for the Week of August 12th!

    Posted Under: General Area in Duck, Home Selling in Duck, In My Neighborhood in Duck  |  August 12, 2013 7:30 AM  |  269 views  |  No comments

    Here's this week's list featuring the SIX best deals on the Outer Banks!! Be sure to bookmark my blog, RSS feed, "Like" my Facebook page or ask to join my special email list to be the first to receive the best deals in the area! Great deals don't last long, so don't miss out!!

    Best Buys on the Outer Banks!

    Click on the link above for this week's Best Buys on the Outer Banks!!


    Thank you and be sure to contact me today!!
  • Happy 4th of July from the Outer Banks!

    Posted Under: General Area in Duck, Quality of Life in Duck, In My Neighborhood in Duck  |  July 3, 2013 12:13 PM  |  173 views  |  No comments

    Happy 4th!!!

    As is typical for the Outer Banks this time of year, there’s not a lot of activity to report…other than everyone is having fun at the beach.  The weather has been rainy and humid!  We haven’t seen extreme hot temps which is good.  I hope you’re enjoying your summer so far!

    Bridge – No news.  Don’t count on it in our lifetime.

    Insurance – Rates hikes for homeowners insurance went into effect July 1st.  This will impact buyers and the amount of mortgage they can now qualify for based on the expenses.

    Market – The real estate market usually slows down in July.  Barring a hurricane, we should see a spike in activity in about 4 weeks.  If you want to get a jump on the market of buying or selling check out my website (here) or contact me for more information.

    Duck Oceanfront – A second public hearing will be held on July 17th at 1 p.m. regarding the regulation of oceanfront accessory structures such as dune decks, walkovers and oceanfront pools. Information on the proposed ordinance which could greatly affect the construction or reconstruction of oceanfront pools and eliminate the development and redevelopment of any dunes decks can be found here.

    Occupancy Tax – Looks like guests will be asked to pay an additional 1% tax on all vacation rentals soon! Click here for details.

    If you’re on the Outer Banks for the 4th of July, here is a list of activities you can check out.

  • Best Buys on the Outer Banks for the week of June 24th

    Posted Under: Home Buying in Duck, Home Selling in Duck, In My Neighborhood in Duck  |  June 24, 2013 1:39 PM  |  162 views  |  No comments

    Here's this week's list featuring the SIX best deals on the Outer Banks!! Be sure to bookmark my blog, RSS feed, "Like" my Facebook page or ask to join my special email list to be the first to receive the best deals in the area! Great deals don't last long, so don't miss out!!

    Best Buys on the Outer Banks!

    Click on the link above for this week's Best Buys on the Outer Banks!!


    Thank you and be sure to contact me today!!
  • Best Buys for the Week of June 17th

    Posted Under: Parks & Recreation in Duck, Home Buying in Duck, In My Neighborhood in Duck  |  June 18, 2013 1:24 PM  |  162 views  |  No comments

    Here's this week's list featuring the SIX best deals on the Outer Banks!! Be sure to bookmark my blog, RSS feed, "Like" my Facebook page or ask to join my special email list to be the first to receive the best deals in the area! Great deals don't last long, so don't miss out!!

    Best Buys on the Outer Banks!

    Click on the link above for this week's Best Buys on the Outer Banks!!


    Thank you and be sure to contact me today!!
  • Summer is officially here in the Outer Banks!

    Posted Under: In My Neighborhood  |  June 6, 2013 1:25 PM  |  96 views  |  No comments

    While the calendar may say summer begins June 21st, locals and visitors would disagree! Memorial Day weekend has come and gone and we are in full swing here on the Outer Banks. There are just a few noteworthy items to report this month.

    Mid-Currituck Bridge – Recently H817 was sent back to the NC State Senate for discussion. This bill basically removes the gap funding for the bridge among other projects. The likelihood of this bridge being built is fading more and more. If you are a supporter of the bridge you can voice your support here: http://www.buildthebridge.org

    Dare County Tax Rate – The Board of Commissioners approved a 3.25% tax hike for Dare County property taxes recently. When property values declined on average 29%, the rate needed to break even at the previous budget would have been 39.75%. This change will make the new tax rate for the county at 43 cents per $100 of value.

    Beach Nourishment – A $20 million beach widening project was approved in Kill Devil Hills in mid May. Duck is also looking into a project to pump sand onto nearly 2 miles of beach there. As well, Dare County is hiring a firm to design a project for Rodanthe and Buxton.

    Flood Insurance Update – Your help is still needed to get some changes made to pending flood insurance rate hikes. My recent blog post breaks down new information obtained by our local Association of Realtors.

    Buying or Selling – If you have any questions about the real estate market for the summer months on the Outer Banks, be sure to contact me. Having had a slightly slower spring, we are expecting higher than normal numbers for summer. We know rents are strong, and that gets buyers excited! Let me know how I can help.

    Stay cool!

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