Outer Banks Real Estate Blog- Another Month Down & Buyers Keep Buying On The Outer Banks
Since the beginning of the year I have been slowly beating the drum about a turn in the Outer Banks real estate market. With the first quarter of the year down, the Outer Banks real estate market continues to move. You really can't put too much stock in what happens in a few weeks or month as far predicting where the Outer Banks market is heading. However with three solid months of real estate activity in the books it seems buyers are taking advantage of the sub 5% mortgage rates along with the incredible deals. Check out my March 30th blog post Outer Banks Deals to see the great deals my clients have recently got.
Will the trend continue into the 2nd quarter of 2009?? From what I have heard from other Realtors and talking to my clients, I think it will. I have not had a slow down in client's coming down to look at real estate and wanting to make offers. Just last month I was able to put 3 houses under contract with a 4th(short sale) waiting for bank approval. It's a great buyers market with prices holding steady at 2003 levels and mortgage rates under 5%. Speaking of mortgage's, my clients have not had any problems getting approved, even with all the extra loan requirements. Most lenders on the Outer Banks are requiring 10% to 15% down for loans under $417,000 and up to 20% down for larger loan amounts. You just need to be prepared to provide a little extra documentation to back up your income and investments plus closings are taking place in 30 to 45 days. Getting a mortgage is not as bad as you hear on TV or read in the papers.
If you thought you missed your chance to buy a beach house on the Outer Banks you haven't. If you are sitting on the fence wondering if it's time to jump off an test the market, now is not a bad time to make the leap.
For more information about the Outer Banks Real Estate Market go to my website www.HometownOBX.com or email MattHuband@HometownOBX.com
Go to Outer Banks Foreclosures & Short Sales to request a FREE foreclosure and short sale list
Request a FREE Outer Banks Real Estate Buyer's Guide
Filed under: Real Estate, Market Conditions, For Sale, Announcements, Finances, Buyer Information, Outer Banks, Corolla, Oregon Inlet, Investments, Foreclosures, Dare County, Hatteras, North Carolina, Bank Owned, Buyers, Mortgage, Buyer, OBX, Kitty Hawk, 2nd Home, Vacation Rental, Buying, Mortgage Rates, Nags Head, Vacation, USA, Economy, Housing Market, Interest Rates, Kill Devil Hills, Avon, Currituck County, Duck, Travel, Southern Shores, Tourists, Rodanthe, Short Sale, buyers guide2nd Home, Investment guide