If it is hard to leave the Outer Banks after a visit.... then you are ready to buy a home on the Outer Banks.
If you like the idea of someone else helping you pay for your home here....then you are ready to buy a home on the Outer Banks.
If you have been waiting, watching, hoping for prices to drop....then you are ready to own a home on the Outer Banks.
Get the idea? Over the past 9 years, until recently, the real estate outlook has been fairly negative. Now, it's time to look for the positives. During this period of negativity, the selection of homes reached over 2000 homes on the market, prices bottomed out, very negotiable sellers, and you had incredibly low interest rates historically. Today, the market has improved, average sales prices are on the rise, inventory is down about 30% and Interest rates remain in the low 4% range.
Consider this. If you are looking for a "safe haven" to invest your money and have preferred stock or similar investment vehicles - you have to leverage out all your money and then you are locked out from other opportunities. If you were to purchase $500,000 in stock, you would have to pay the entire amount up-front to make the purchase. Now you have no more money to invest should you see another great investment opportunity.
On the other hand, if you were to purchase $500,000 in real estate, you would only need 10% to 20% down - $50,000 to $100,000 and now you still have $400,000 to $450,000 making interest in the bank waiting for you next investment opportunity. Think about it - it makes sense.
Sure there will be out of pocket expenses before you get any tax benefits, but rental income can offset these by at least 50%, and you will gain back your investment over time as your down payment will generate more income than sitting in the bank! And don't forget the enjoyment you will receive when you visit your Outer Banks home.
Now, do not buy a property until you talk to me - a top Realtor, with a top real estate company, and over 23 years of real estate experience, I can teach you what to buy, where to buy, when to buy, why to buy, and how to buy. Do not gamble on an inexperienced Realtor. If you'd like a copy of my Guide to Buying (or selling) Outer Banks Real Estate - just request it via email and I'll email it to you asap.
I hope to hear from you!