Home Buying in Duck>Question Details

Barbara Mcma…, Real Estate Pro in Everett, WA

What is the market like in Duck and Corolla, NC? We have been trying to purchase there for years but the area

Asked by Barbara Mcmahon, Everett, WA Tue Jun 10, 2008

was experiencing extremes of price appreciation.

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You will never find prices any better than they are now. With the short sales and foreclosures of 2nd home and investment properties in this area - they are setting the prices. We are located in Duck in the Waterfront Shops and are seeing a lot of traffic and houses beginning to move. Don' t wait until it is too late.
Call us for a list of available properties.
Rosemarie Doshier, Team Leader
The Doshier Team of Four Seasons Realty in Duck, NC
0 votes Thank Flag Link Wed May 26, 2010
Barbara,
Savvy investors like you understand how important real estate is to their portfolios. Did you know that nationally, about one third of all home sales are second homes or vacation properties. In North Carolina, it is nearly 40 percent, largely because of our inventory and desirable locations both in the mountains and on the coast. AND RIGHT NOW is a great time for vacation home buyers in the Outer Banks (especially in Duck and Corolla). There are several factors that point to this:
• Selection, selection, selection. Regardless of the price range a buyer desires, there are plenty of vacation houses from which to choose. Just a few years ago a buyer was forced to make compromises if they were going to locate the vacation home of their dreams. Currently, there is a great selection of properties.

• No Bidding Wars. In 2005, buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.

• You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price versus the list price ratio is almost always less in most areas of the Outer Banks. A seller will not be insulted if you 'make them an offer they can't refuse'.

• Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision.
• Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.

• Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.

• Location, location, location. Today's buyers can find homes in their ideal location. In this market, reasonably priced homes are located all over the Outer Banks.

• Real financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business.

It's a great time to buy real estate!

Additionally, it makes sense to use a North Carolina realtor when you finally decide to buy that vacation home. If you had a $350,000 legal question, would you deal with it without an attorney's assistance? If you had a $350,000 income tax issue, would you dare risk not consulting a CPA? There are nearly 45,000 realtors in North Carolina who subscribe to a strict code of ethics and are expected to maintain the highest level of knowledge of the process of buying and selling a home.

While you decide whether to make that first step and purchase your dream vacation home in Duck or Corolla, NC, feel free to search the Outer Banks MLS 24/7 on my website at http://www.nagheadhomes.com . You can also enter your search criteria under “DREAM HOME FINDER” and I will keep you updated with vacation homes that come on the market that meet your criteria.

Best Regards,
Hugh "Scooter" Willey
hugh@seasiderealty.com
MOBILE: 252-489-8491
Associate Broker ~ Licensed NC Builder
Coldwell Banker Seaside Realty
0 votes Thank Flag Link Thu Jun 19, 2008
If this is your time to purchase your lifetime dream home at the beach then go ahead and make your move.
The market will eventually turn around and you will come out ahead if you hold onto it long enough.

If you want to make the best investment purchase possible then wait.

I have an investor with a million dollars burning a hole in his pocket and my advice to him is wait. He already has his vacation home in Corolla and is looking for a good investment. This is the year the 2005 ARMs are coming due and until they all refinance or walk away the market will not stabilize.

Until the sellers and their agents wise up and price their properties accordingly the market will continue to stagnate. Have an agent (me?) set you up with automatic updates and you will be able to monitor the market and make your move when the time is right.
0 votes Thank Flag Link Wed Jun 18, 2008
Just like everywhere on the Outer Banks the prices in Duck & Corolla have come down to where they were in 2003-2004. Most of the homes in Duck & Corolla are in the $500,000+ range with most over $1M an this price range has seen the largest drop in home prices. With the number of isted houses at one of the highest levels in years coupled with the tighting of the mortgage industry these houses are having fewer and fewer buyers. This along with the continued stength of the rental makret has made this one of the best buyers markets in years. I have been showing my clients the Duck and Corolla areas over the last few months due to some of the great deal that are out there especially in the $750,000+ range.

I would be happy to go more indepth with you about what I have seen over the last 60 days. Please feel free to contact me when you have time.

Matt Huband
Hometown Realty
PO Box 2223
Kitty Hawk, NC 27949
"Working With Buyers & Seller From Corolla To Hatteras"
Web Reference: http://www.HometownOBX.com
0 votes Thank Flag Link Tue Jun 10, 2008
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