Blog - Scott Team Realty, Inc.

3 Mistakes Buyers Make When Purchasing OBX an Home

Without the proper help, it’s easy to make mistakes when purchasing a home on the Outer Banks. Some mistakes are bigger than others but almost all can cost you money in the long run. Here are three common mistakes OBX buyers make. Not getting a market analysis: Prior to buying most buyers look at numerous homes. During their home search they’ll compare the features of each property and make a judgment call on which one is the best value and/or best suits their needs. If you are basing your … Continue reading...

Four tips to getting a great OBX Value

OBX property values have come down over the last few years and there are many great values available today. Even in these great buying times, getting the best value for your money is of utmost importance. Here are a few tips to getting a great OBX value. Get Pre approved: Sellers are most concerned about your ability to purchase the property. When a seller is unsure if you can get a loan to purchase their property, they’ll be less likely to negotiate and/or accept your offer. A pre-approval … Continue reading...

Why you should use just one OBX Realtor

Using just one OBX Realtor will save you time for enjoying the Outer Banks and will likely make a difference in the service you receive. Oftentimes Outer Banks buyers will call an agency about a property the OBX Realtor has listed and then call another when they see another property they find interesting. When you call different listing agents about their property, more often than not you will be asked many of the same questions by every Realtor you call. Also, most Realtors who have made a … Continue reading...

How come foreclosure sales sell close to asking price?

That’s a great question that most new Outer Banks buyers might not even know to ask. Even though it is counter intuitive, it’s a fact; the average list price to sales price ratio is much higher for bank owned properties. A few reasons for this will be addressed here. Keep in mind that the only person who sets the sales price is the person paying for the property. A seller can price their property at what ever price they want but it will not sell until a buyer sees the value. The closer a … Continue reading...

Has the OBX real estate market hit bottom?

Defining what the bottom of a market is may be different depending upon who you talk to. Looking at numerous sales indicators and their trends can give you a good idea of what is happening in the market. Unfortunately you won’t know for sure where the bottom is until many months later when trends show solid positive signs for a few months in a row. Right now there are numerous trends that have begun to show positive signs. If these trends continue it is likely we are at the bottom right now. … Continue reading...

Will the vacation rental income pay for my cottage?

Claims of a vacation rental income paying for itself have been fairly common on the Outer Banks. Of course if you have a large enough down payment, then any vacation rental will have a positive cash flow. A few years ago during the boom, it was almost non-existent for a house to break even with a typical 20% down payment. The majority of vacation rentals for sale today still don’t but the chances of the cottage paying for itself are much better today. why is it better now? Sales prices have … Continue reading...

Great Carova Lot

This lot located in the four wheel drive area is just a short walk to the beach directly up the sand road. Here you are just a couple thousand feet from the Virginia state line so beach traffic is almost non-existant. This is a great value at $29,900 … Continue reading...

Inexpensive Ocean Front Homes

In the summer, Outer Banks Realtors receive an inordinate amount of inquires on the inexpensive ocean front homes. Why not learn more when an ocean front is priced under $800,000 and a similar house four or five lots off the ocean is about the same price? Why is this? Often the reason for the low price is that many of these ocean front properties are endangered by erosion. In the summer the weather is beautiful, the ocean is calm it’s hard to believe any structure is threatened. Erosion is a … Continue reading...

How is the OBX real estate market?

OBX Real estate sales today are a mixed bag. There are some good things happening but not all signs point towards a complete recovery. Similar to an ocean tide, the real estate market is cyclical. It’s safe to say we’ve been in an ebb tide since 2006 when real estate sales dropped significantly from the boom years. But things are beginning to turn…A favorite activity of visitors and locals of the Outer Banks is to go to Oregon Inlet. Sitting out on this little sand spit is an amazing … Continue reading...

Comparing Vacation Rental Cottages Purchases

Vacation Rental Cottages with a built-in solid rental income make owning here even easier. Properly comparing vacation rental cottages involves more than just looking at rental income. Knowing how to compare the many vacation rental variables can save you time and money. Local MLS: Fortunately, most listing agents post years’ of rental income history in the associated documents section of the local MLS. These sheets are a wealth of information for the potential buyer. From these sheets you can … Continue reading...

3 Mistakes Buyers Make When Purchasing OBX an Home

Four tips to getting a great OBX Value

Why you should use just one OBX Realtor

How come foreclosure sales sell close to asking price?

Has the OBX real estate market hit bottom?

Will the vacation rental income pay for my cottage?

Great Carova Lot

Inexpensive Ocean Front Homes

How is the OBX real estate market?

Comparing Vacation Rental Cottages Purchases

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