Outer Banks Real Estate Blog- Outer Banks Real Estate Market Continues Strong 2009
OK, it’s time to breath again after a busy summer season on the Outer Banks.
Now comes what I consider the absolute best time to visit the Outer Banks, Fall!!
As for the Outer Banks real estate market many of you have been waiting and waiting for what you would consider the “right time” to buy. Here on the Outer Banks for the 4th month in a row home sales have reached 100+. This has not occurred in over a year and so far this month we are on pace to make it 5 in a row. Also the percentage of distressed properties sold peaked in Feb. 09 for Short Sales and March ‘09 for Foreclosures Mortgage rates are still hovering around 5% and lenders are anxious to lend money, underwriting standards are easing and old mortgage programs are available again. With prices back to 2003-2004 levels and sellers still willing to negotiate on price ( 6% on avg.), to say it’s a buyer’s market is an understatement. The most glaring statistic that shows the Outer Banks is bottoming out is the average sold price decreased just 1.6% at the end of August compared to July. I anticipate this price stabilization will continue and by next year start to go in the other direction. Due to the unique nature of our market, statistically the Outer Banks has always been ahead of the national real estate market in terms of a decline and recovery. The Outer Banks started to decline almost 2 years ahead of the national market. If the same holds true our recovery is already 8 months underway which means the national market is about a year away from stabilizing. Remember, real estate is local and therefore what you hear on the TV or read about does not accurately reflect what is happening in every location. Every market is different and is recovering at a different pace.
The Outer Banks market is well on the road to recovery!!
For more information about the Outer Banks real estate market contact MattHuband@HometownOBX.com or go to www.HometownOBX.com
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