7 Reasons to buy a home on the Outer Banks right now….
Buyers who purchased to live in a primary residence bought 70 percent of all homes in 2016 for a total of 4.2 million properties. The remaining 30 percent of homes were snatched up by investors and vacation home buyers—1.14 million investment properties and 721,000 vacation homes.
- Sales this quarter are down from this period last year. Residential Sales - So far, in 2018 Residential sales are down by 8% and single-family home sales are down by 11% compared to this time last year. Less people in the market mean less competition for you giving you a better opportunity to secure your property without a bidding war.
- Inventory is not increasing; its stabilizing. Residential inventory, for the first time in a long time, is stable. This statistic will need to be monitored to see if there is a trend, however, last year this time inventory was down 15% from the year prior to that. I think we may have a trend. They literally “aren’t making any more”.
- Prices are not getting lower, they are getting higher. The average sale price and median sale price are up; 7% and 1% respectively. For land, it’s more significant, 27% and 26% respectively. 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 Pine Island, Corolla, was selling for $350,000. Today? IF you can find one, expect to pay between $1.3m and $1.5m
- Foreclosures and short sales continue to decrease. If you were waiting or are looking for a bank owned home for your purchase answer, these are few and far between
- Interest rates are projected to rise through-out the year and possibly hit the 6% mark as we ring in 2019.
- A new bridge and infrastructure reconnect Hatteras Island and beach renourishment has hundreds of feet to beaches between Duck and Kill Devil Hills making these popular destinations more accessible and more valuable.
- 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 the 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 their hectic pace.
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). Eighty-one percent of vacation home buyers feel that now is a good time to buy a home making vacation buyers the most positive group.
Whatever motivates you, let me put my experience and track-record to work for you; and make your dreaming of owning an Outer Banks home a reality!