obx real estate Archives - Page 3 of 4 - Scott Team Realty, Inc.

Spring 2018 OBX Real Estate Conditions

Real estate conditions on the Outer Banks are improving. Both average sales prices and median sales prices are higher than they were for the first quarter of 2017. According to the Outer Banks Association’s MLS system average prices are up 7% over last year and median prices are up 1%. Another indicator pointing towards appreciation is the sold price per square foot. You can see that trend in this report. It’s interesting that these indicators point towards appreciation even though the number of … Continue reading...

Winter Carolina ReView

Here is another Carolina winter ReView, winter in the OBX has been an unusual once this year. From just before Christmas to the end of January we had freezing temperatures and a few snow storms. Outer Banks real estate is looking pretty good despite the cold weather. Read about other interesting and good things happening on the beach in our latest newsletter. Two new grocery store chains will be opening on the Outer Banks shortly and the new Oregon Inlet Bridge is scheduled to … Continue reading...

Negotiating OBX Home Inspection to a Win-Win

We found their OBX forever home. Love the location! Love the layout and lot size! The house obviously needed TLC and updating (paint, flooring, and a new kitchen) but still satisfied almost all of Mr. & Mrs. Buyer’s check boxes. After considering recent sale comps, my clients and I negotiated a fair sales price plus some closing costs. This kept this home within these buyers’ budget. (Did I mention that my clients love this house?) Due Diligence The fun part is over, now the … Continue reading...

What does it mean sold “as-is”?

“As-is” can mean numerous things but here on the Outer Banks it most commonly means that the seller will not make any repairs. This type of sale has become much more popular on the Outer Banks over the last few years. Almost all distressed sales are sold this way. Banks rarely want to make repairs to a property and sellers of short sales don’t have the cash to make any repairs. During the inspection process if the buyer finds a problem they cannot live with then they can void the contract and … Continue reading...

When is the best season to buy a rental home?

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...

How do vacation rentals work for an owner?

How do vacation rentals work? Renting your second home makes affordability much easier. Thousands of dollars each year can be earned to offset the mortgage or other vacation home expenses. Here’s some information about vacation rentals that will help you when thinking about buying a vacation home on the OBX. When a property is a vacation rental the listing agent has a few additional fields they can complete showing rental income. Many of the national real estate web sites do not carry these … Continue reading...