1. Sales this quarter are down from this period last year – so if there are less people in the market this means less competition for you, giving you a better opportunity to secure your property without a bidding war.
2. Inventory is still low, but it is increasing month over month giving you a little bit more to choose from. This could change without much warning just as it changed to all time low levels last year.
3. Median Prices have gotten lower compared to last year, but month over month they have been getting higher. Buy now and take advantage of appreciation and reserve your place in the sun today. When I began my real estate career in 1993, an oceanfront lot in Corolla, was selling for $350,000. Today? IF you can find one, expect to pay between $1.3m and $1.5m
4. Foreclosures and short sales are nearly non-existent. If you were waiting or are looking for a bank owned home for your purchase answer, these are few and far between, so don't wait on these, you could miss out on other homes that would work better for you.
5. Interest rates are projected to rise throughout the year and possibly hit the 7% mark as we get further into the year. Buying now can save you thousands of dollars over the life of your loan.
6. A new bridge and infrastructure reconnect Hatteras Island and beach re-nourishment has added hundreds of feet to beaches between Duck and Kill Devil Hills making these popular destinations more accessible and more valuable.
7. This last reason should be the first. Escape Getaway for you and your family. Americans are working harder, longer, and with more stress. Add to that a rushed personal and family life, a never-ending list of things to do, and reduced opportunities for quality family time at home. A second home can provide a refuge for families to spend time together and escape from stress.
According to the National Association of Realtors, the primary reasons buyers cited purchasing vacation homes were to use for vacations or as a personal and family retreat (42 percent), for future retirement (18 percent), and low real estate prices or good deals (12 percent). Whatever motivates you, let me put my experience and track-record to work for you; and make your dream of owning an Outer Banks home a reality!