Home Buying in Nags Head>Question Details

Barbara, Home Buyer in 27959

Is now a good time to buy a beach house in the Outer Banks, NC?

Asked by Barbara, 27959 Mon Jun 2, 2008

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8
Now is a great time to buy. Market values are not decreasing as rapidly as they were in the spring and last year--- indicating the market is possibly starting to level. Rates are still low and the inventory is plenty. That coupled with the fact that our peak season is ending and owners will want to unload their beach house due to no more rental income coming in for the next several months. Sellers tend to be more motivated in the fall than the spring and summer. Please check with you lender. Lending criteria and loan scenarios have changed. You need at least 20% down on a second home and jumbo loans may require more. Before prices start to increase, please call with any other questions you have and don't forget I help you with your closing costs!

Wende Pritchard, Owner/Broker-In-Charge
All About OBX Real Estate
888-489-3729
wende@allaboutobx.com
Web Reference: http://www.allaboutobx.com
1 vote Thank Flag Link Mon Aug 24, 2009
Currently, prices are below 2004 price levels. Over the last two years, the real estate market has shifted from a strong sellers market to a favorable buyer's market. However, buyer's have been hesistant to "pull the trigger" with expectations of the "bottom falling out". This has has posed quite a challenge for all parties concerned. Sellers are extremely motivated to sell. But, some have been resistent to reduce their prices because Buyers are coming in with "low ball offers". So, even if they reduce the price they know that Buyers are going to submit an offer much lower than what they are currently asking. Realtors have become frustrated because they know that a number of properties are still overpriced based upon today's market condition. And Buyer's are still waiting.

On the flip side, rental income properties have experienced excellent rental revenue last year. The key to get the best rents for your property is to have the same luxuries or better in your property that people have at home. The homes that have flat screen tvs, game rooms, pools and threater rooms are booked solid for for the summer season.

Even if you are not looking for a rental home, then finding a great price on a beach home is easy to do. The biggest challenge for Buyer's today is knowing what you want in your beach home. Then narrowing down your search from there. Some things that you may want to consider is location (how close to the beach do you want to be?), the number of bedrooms you need, do you want a pool, is a game/family important to you, do you prefer the quite secluded beaches (Duck or Corolla) or the busy beach road area of Kill Devil Hills/Nags Head, and of course what price range you can qualify for.

I believe that now is a great time to start searching for your beach home. However, now that we are in the summer season bear in mind that most properties are going to be rented during the week. So, showing of properties (unless vacant, primary residences, or second homes) will be limited to turnover days (Saturday or Sunday). But, I believe that Sellers are more motivated in the summer months to negotiate because most Buyers wait until the Fall to come back and buy. I have noticed that some Sellers will even readjust their prices upward in expectation of the Fall buying season.

I hope that you find this information helpful. If you have any additional questions, I would be happy to assist you. You can contact me anytime at 252-619-1052 or email me at Renee@lax2obx.com.

Renee Robinson
ABR, Broker Associate, REALTOR

Feel free to visit my websites at:
http://www.lax2obx.com
http://www.ReneeRobinsonLuxuryHomes.com
1 vote Thank Flag Link Wed Jun 4, 2008
Without a doubt this is an exceptional time to buy on the Outer Banks!!! Buy a rental house now and you still have time to reap this years rental income with less than half the years expenses. You can close with money in your pocket from this years rentals!!! The Outer Banks has seen prices drop to where they were in 2003-2004!! You can take advantage of sellers who bought at the top and should not have. If you can come up with 10 to 20% down(most lenders are requiring that now) you can get the best price to rental income return the Outer Banks has seen in years!!! I can provide you with all the information you need to make an informed decision on your new Outer Banks beach house whether its for a 2nd home or investment.

I would love to hear from you!!

Matt Huband
Broker/Owner
Hometown Realty
252-255-0221
mhuband@htrsi.com
Web Reference: http://www.HometownOBX.com
0 votes Thank Flag Link Tue Jun 10, 2008
YES!
The prices are the best we've seen in years, Short Sales are available to get even better deals, and Rentals are still good. With the rising gas prices, things may get even better as people up north want to get away for vacation and we are with in a days drive. The Outer banks has always been and still is one of the most affordable resort areas along the East Coast.
0 votes Thank Flag Link Fri Jun 6, 2008
Give a low-ball offer. This market hasn't hit bottom, yet. Seller are still overly optimistic.
0 votes Thank Flag Link Thu Jun 5, 2008
Linda,
I would say yes. I was speaking to an agent that is looking to buy on the coast and she was relaying to me the drop in prices on new construction. The big thing is that some builders are carrying sooo much inventory that they will even take a loss just to get out from under some of these homes.
0 votes Thank Flag Link Mon Jun 2, 2008
Prices are down on the Outer Banks... it's at least time to get ready. Your best bet is to work with a Buyer's Agent from the start of your search through the actual purchase. Having a Realtor that specializes in your area of interest means that you can be directed to the properties that have already adjusted to the decline in our market, rather than sifting through listings that are overpriced. Many times we have "inside information" about a seller's motivations. A good Buyer's Agent will also notify you of price reductions as they happen. Sometimes, even I am shocked at the difference a day can make when a Seller decides that it's tiime to sell quick.

I specialize in the Hatteras Island market, covering Rodanthe to Hatteras Village. Average sale prices have declined over 18 percent since our market peak in 2005, interest rates are low, and many sellers are motivated. It's time for you to partner with an agent, get pre-qualified for financing and get ready to pull the trigger when the right property presents itself. The first buyers are going to get the best deals!

I would be happy to help you personally or to refer you to an agent that concentrates on your favorite area of the Outer Banks. You may visit my website for more insight or to contact me.
Web Reference: http://www.carlascoast.com
0 votes Thank Flag Link Mon Jun 2, 2008
After experiencing double-digit rates of appreciation for several years, the average selling prices of properties have declined. Yet, prices in the Outer Banks continue to offer a very strong value relative to other resort areas along the east coast.

This is an excellent time to be a buyer in the Outer Banks. An abundant supply of homes for sale means that an attractive selection of properties is available for buyers’ consideration, and the purchasing environment is less stressful with fewer buyers in competition with each other. In addition, sellers may be more willing to make concessions during contract negotiations. Interest rates continue to be low, and the median price of residential properties has declined making homes more affordable.

When all is said and done, it’s a great time to be a buyer in the Outer Banks!

Feel free to search 24 hours a day, the Outer Banks MLS, on my website:

http://www.nagsheadhomes.com

If I can answer any further questions, please contact me at:

hugh@seasiderealty.com
252-489-8491 (Mobile)

Hugh "Scooter" Willey
Sr. Assoc. Broker ~ Licensed NC Builder
0 votes Thank Flag Link Mon Jun 2, 2008
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