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...
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...
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...
