Conventional wisdom is that the best time to purchase a vacation rental home on the Outer Banks is in the spring or summer. However there are other factors to consider when making a buying decision. Here are some pros and cons of purchasing in the different seasons. Spring: Besides getting instant rental income purchasing in the spring also allows you to use it in good weather. Usually the Outer Banks has great weather in May and June. Also, you may be able to reserve it a week or two by … Continue reading...
Choosing an Outer Banks Home Inspector
Choosing the right Outer Banks home inspector is critical to the success of your home purchase here. Since the Outer Banks is surrounded by water, wind, rain and humidity affect Outer Banks homes more than inland. Therefore, hiring a local home inspector who is familiar with the effects of this environment could save you thousands of dollars. North Carolina has a good brochure available that will help you set expectations. Here are three things to look for in a local home inspector. Licensed … Continue reading...
Why is the OBX Tax Assessment not near the asking price?
Over the last 20 years, more often than not OBX tax assessment values of properties were not equal to their market value. When properties were reassessed in 2013 many tax assessment values went down over 20%. In some cases even more. That’s a huge change in value from one assessment to another! Why is that? Did local property values dropped that much over that onet year? The simple answer is no. The reason for the large change in OBX tax assessment is that neither Dare County nor Currituck … Continue reading...
Why should I use an Outer Banks Lender?
Getting a loan today usually requires a little more time and effort. If you have refinanced or purchased property elsewhere over the last few years then you are familiar with this process. You may want to use your home town lender because they already have your paperwork or they are a friend. The unique aspects of getting a loan on OBX property may be worth reconsidering your decision. Here are some reasons why you should use an Outer Banks lender. Flood Zones Outer Banks lenders are … Continue reading...
Top Five things to know about Outer Banks Short Sales
Knowing a few key facts about short sales may help you decide if you want to include these types of properties in your Outer Banks real estate search. Here are the top five facts about Outer Banks Short Sales: Under contract continue to show: Often they already have at least one contract on them. The local Multiple Listing Service has listing agents put their under contract short sales in an under contract continue to show status. Properties with this status are included in the data feeds … Continue reading...
Is it time for an Outer Banks Purchase?
In just about any market you can find an article about why now is a good time to buy. It’s easy to be cynical when you hear calls to action today after what has occurred in the real estate market over the last five or six years. What makes this particular fall unique compared to just about any of the other times you’ve been told to purchase Outer Banks real estate? Rarely do so many market variables favor buyers. Here’s some information on a few of these variables. Historically low interest … Continue reading...
What is the best season for an OBX purchase?
If you are thinking about purchasing a home on the Outer Banks, then you are also probably thinking about timing. What season is best for your OBX purchase? The two busiest seasons for an Outer Banks purchase are Spring and Fall. That's partially due to the convenience of purchasing. In the summer it can be difficult to get in most vacation rentals. Access to those homes is just between vacation renters, (changeover days). Changeover days are filled with traffic. Also, the window of time to … Continue reading...
What does “under contract continue to show” mean?
Often today a buyer will notice the status of a property has changed to under contract continue to show. It sounds fairly self explanitory. The seller wants other buyers to view the property and perhaps make an offer. Just having that information is not enough for most buyers. I'll explain what I mean by that in a moment below. Here are the majority of the reasons why a listing staus is "under contract continue to show". The property Is a short sale: Once a buyer and seller agree on a … Continue reading...
How to keep from missing out on great Outer Banks deals
Believe it or not missing out on great Outer Banks deals is becoming a more common issue in today’s market Outer Banks real estate market. Well priced properties get almost instant interest and often may have more than one buyer making an offer. Recently a local agent listed a house in Nags Head on a Sunday. By the following Wednesday there were two offers on the property. One potential buyer even took a day off from work and drove down from Richmond to see this particular house. It went under … Continue reading...
North Carolina’s Residential Offer to Purchase
It's common in most state Offers to Purchase for earnest money to be paid by the buyer at the time of the contract. North Carolina is the same. However, there is another type of money that is also listed in North Carolina's Residential Offer to Purchase. That's due diligence money. Due Diligence This residential offer form is similar to commercial contracts where buyers pay for a period of time to reserve the property. During this time the buyers should complete all their inspections and … Continue reading...