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...
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...
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...
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...
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...