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The Outer Banks Real Estate Market Today |
Sept 2009
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It is looking like we are at or very near the bottom of the price free fall we have been seeing for the last 2 years in home prices. The phones have started ringing with people wanting to buy 2nd homes and investment homes here on the Outer Banks again. In the past 2 weeks we have put several homes under contract and many of the homes we have listed for sale are getting a lot of showings from people who feel it is time to start looking and buying. Prices have fallen back to about what they were selling for in 2003 and 2004 which means it is a great time to jump in and buy something. Holding on to something for 5+ years will surely give a nice return when you are ready to sell. We saw a similar bottoming of sales prices back in 1993-4 and the huge rise in prices in 2002-6 was the result. Most everyone assumes that will occur again so investors are starting to buy to be ready for the increase in prices that will soon follow. With the interest rates as low as they currently are makes it a perfect time to be a buyer. I am predicting the fall / winter season will be better in sales than the last 2 years and this spring should see an increase in vacation rental homes just before the summer rental season starts. We have had 2 very good rental seasons in 2008 and 2009 so there is no shortage of people coming here to rent our rental homes each summer. 2010 looks like it will also be a good year for rentals again, so why wait - start looking today. You can search all listed homes, not just our companies, at the OBX MLS link on our Sales website page. Please let us know how we can help make your dream of home ownership a reality.
Tim Moore
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