Outer Banks Real Estate Blog- September Numbers Good For The Outer Banks Real Estate Market
The Outer Banks real estate market continues to put up good numbers as we head into the last quarter of 2009. For the 5th straight month the number of sold houses were over 100. If the number of sold houses continues on its current pace in October it will be 6 months in a row. Buyers are realizing that the prices and mortgage rates are just too good to pass up. Out of the 126 sold properties only 24 were either foreclosure or short sales. There are some great properties on the market that are not distressed.
There has also been an increase in higher priced homes selling in recent months. This can be attributed to mortgage rates for jumbo loans dropping and the availability of 10% down programs for 2nd homes. In my opinion, the buying environment will be extremely favorable for the next few months. Sooner rather than later mortgage rates will be going up and that is going to impact every buyer. The cost of waiting to buy can significantly impact the price of the house you can afford. The tide of the real estate market on the Outer Banks is turning!!
About the author of this blog:
Matt Huband is Broker/Owner of Hometown Realty in Kitty Hawk, NC. Working with buyers and sellers from Corolla to Hatteras interested in foreclosures, short sales, 2nd home, investment property, new construction, and condo sales. Put Matt's extensive area knowledge to work for you.
To learn more about Outer Banks real estate go to www.HometownOBX.com or email MattHuband@HometownOBX.com
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