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Prices on homes fell in 2007 & 8, sellers have realized the golden days are gone and they are listing property much more in line where it should sell than they have been listing property for in the past few years. Prices have dropped 25-35% or more since the peak in 2006 and this makes it a great time to buy .
Will prices drop more? Will interest rates stay this low?
Experts say we are at the bottom now.
The Vacation Rental homes are renting well and that income rolls in from March to August, sellers are less desperate when they have cash flowing in from the rentals and rentals for the Duck to Nags Head area is good this year dispite the lower rentals of other areas of the Outer Banks (Hatteras and Corolla).
Interest rates are at historic 25 year lows. There is money for those with a down payment and good credit and under 5.5% fixed is available. There is a brand new program from the Gov't - $8000 available as a down payment.
There are a lot of forclosures but most are personal homes or second homes and not weekly rental homes. There are great deals on these types of homes and the $8000 tax deduction applies to some.
It is the time to buy. Prices are much lower than they have been in the past 7 - 8 years. This should be the year to get in at low prices and low interest rates.
Call us or Email us and let us answer your questions.
Tim Moore
Broker/ Sales Mgr
Joe Lamb Realty
Tim@joelambjr.com
800-552-6257 ext 234
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