The Outer Banks Real Estate Blog covers the Outer Banks Real Estate market along with local news & information.
The Outer Banks Real Estate Blog covers the towns of Corolla, Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head, Manteo, Hatteras Island and Currituck Mainland.
Outer Banks Real Estate Blog- Outer Banks Real Estate First 2 Months Of 2009 Off To A Great Start
With two months in the books for 2009 it seems that the economic news in the country just keeps getting worse. However on the Outer Banks the real estate market just keeps getting better!! In February there were more houses put under contract since the fall selling peak of October 2008. That means that the buyers that started to show up in January are buying and the buying pace is still picking up. I predict March will be just as good if not better.
The hot price range is still under $500,000. Out of the 120 houses sold this year 96 have been under $500,000. Mortgage rates are still very attractive hovering around 5% with 10-15% down for a 30yr fixed.
The nice thing that I am seeing is that buyers and sellers are able to get deals done. While there are some unrealistic buyers and sellers the majority realize the value that is out there and are taking advantage of it.
I want to talk about the rental bookings for the upcoming season. You may have heard that bookings are not on pace from the previous year. While that may be true they are only off 10% from the previous year. That makes it the same as it was in 2007 and it was a record year for tourism. Many rental managers predict that people are waiting longer to book their summer vacation due to the current economic conditions. To make your 2009 reservations go to Outer Banks Vacation Rentals.The great thing about the Outer Banks is that it offers a family vacation for every price range. Plus the Outer Banks is located within a days drive to 75% of the entire population of the east coast.
When you factor in the low mortgage rates, great rental income and dramatic drop in prices the Outer Banks has not been this affordable in 10 yrs. Don’t miss out!!!
To learn more about the Outer Banks Real Estate Market email: MattHuband@HometownOBX.com or go to www.HometownOBX.com
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Filed under: Real Estate, Market Conditions, For Sale, Buyer Information, Seller Information, Outer Banks, Corolla, Foreclosures, Dare County, Property Values, Hatteras, North Carolina, Seller's, Bank Owned, Buyers, Seller, Mortgage, Buyer, OBX, Kitty Hawk, Vacation Rental, Sellers, Buying, Mortgage Rates, Nags Head, Vacation, Housing Market, Interest Rates, Kill Devil Hills, Currituck County, Duck, Travel, Southern Shores, Tourists, Rodanthe, Short Sale, Outer Banks Podcast, Ocracoke
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