This is historically a low point for closings on the Outer Banks NC. The last three years have been the same.  

In the last 30 days 128 properties were sold in the Outer Banks NC MLS. The average days on the market for these sales was 238 days. Average closing price for these properties was $393,023, average list price $422, 159. That is 7% off list for Buyers on average. This is roughly 1.5% better than earlier sales of homes on the Outer Banks in 2008.

The 128 sold properties in the last 30 days were made up of all types of real estate; single family, commercial, condos, land and co-ownerships. The break down goes as follows:

• 17 Condo sales
• 4 Co ownerships or fractional ownership properties
• 3 commercial properties
• 22 Land parcels
• 2 Townhouses
• 80 Single Family Homes

Single Family home prices on the Outer Banks that closed in the last 30 days averaged $460,775. Average market time for these homes was 172 days. Buyers negotiated an average of 7% off the list price of these homes’ prices as well.

15 of these Single Family homes were Bank Owned real estate, or almost 19% of sold homes. These sales included every type and location of single family homes. Buyers were only able to negotiate 6% on average from the list price on these foreclosures.  

If you have google earth, click here to see various ramps and beaches designated by accessibilty to ORV. There is also other information regarding Beach Driving on Hatteras Island.

Click HERE to Search all Homes for Sale on the Outer Banks, NC 

The Outer Banks is returning to a normal market after some euphoric years. June to June sales in 2002 to 2003 was about 700 units. This year’s units sold equals 950. Our absorption rate will probably remain very close to  900 or 950 single family homes sold June to June in the coming year.

In 2004 YTD sales totalled 1904 units and in 2005 it was1992.

 SEARCH ALL FORECLOSED HOMES IN OUTER BANKS MLS CLICK HERE

To search for bank owned homes or foreclosures, Realtytrac and Trulia are popular. Please be advised that these are often inaccurate, at best they show many homes that are not available for sale. We have looked into properties for several clients that were found on these sites. A good portion were in the foreclosure process, making them impossible to buy, often for months. They also tended not to be represented by anyone and therefore had no negotiating contact.

My take is that these sites, with regard to bank owned or REO property, is that they create a wild goose chase for Buyers. To see foreclosed homes that can be bought the recommended way, with all due diligence (with time to have home and pest inspections, survey, property financing ect.) buyers need to search specialty broker sites run by foreclosure specialist who are Realtors.

Representation by a specialist will simplify your search, insure you get experienced REO negotiators working for you, and very importantly, experts in due diligence on bank owned sales.

REO investors and buyers need to be very sure that they have an REO expert broker working for them NOT against them. To insure this, NEVER use the bank’s agent (the listing agent) to negotiate for you. Insist on being represented by an experienced REO BUYER”S AGENT. We represent buyers for all foreclosure properties listed on the Outer Banks MLS. All of our brokers have experience, special training and a track record of success with bank owned property.

SEARCH ONLY OUTER BANKS FORECLOSURES BY CLICKING HERE!

If you consider foreclosed property in our market please be advised that Brokers who do not routinely work with banks on foreclosures will NOT be as effective as those with specific training and experience. ALL of our Brokers have been trained by various banks and other specialists in navigating this sometimes complicated process.

DON’T CALL THE LISTING AGENT! We will gladly provide “Working with Real Estate Agents” to explain why NC’s unique real estate laws limit the representation that Sellers agent can provide their Buyer client when negotiating for both sides. WE OPERATE AS A BUYER’S AGENCY THE MAJORITY OF THE TIME, EXCLUSIVELY ADVOCATING SOLELY FOR OUR CLIENTS. AVOID SPLIT LOYALTY CAUSED BY “DUAL AGENCY.”

BUYER’S AGENTS CAN SHOW ANY PROPERTY FOR SALE IN THE MLS, AND OUR FEE IS ALWAYS PAID BY SELLERS. GET YOUR OWN AGENT AND NEVER USE THE SELLERS AGENT TO NEGOTIATE YOUR DREAM HOME.

CLICK HERE & SEARCH MLS FOR ALL OUTER BANKS NC HOMES 

$429,000,000 + worth of inventory has been sold since January 2008.

• LAND- 119 Sales Closed with an Avg 250 Days on Market and Avg $180,900 Sale Price
• RESIDENTIAL HOMES/CONDOS- 451 Sales with an Avg 192 Days on Market and Avg $443,600
• COMMERCIAL REAL ESTATE - 8 Sales with an Avg 194 Days on Market and $601,800 Avg Price

Q: WHAT SHOULD YOU EXPECT TO NEGOTIATE OFF LIST PRICE BASED ON THESE SALES?

A: Sold property closed at an average of 95% of asking (list ) price - this is a total of ALL MLS sales for 2008 so far.

WE USE PROVEN NEGOTIATION STRATEGIES

OUR BUYERS IN 2008 ON AVERAGE ONLY PAID 92.6% of  LIST!

OUR SELLERS IN 2008 RECEIVED 98.2% OF LIST!

Information is the key to our clients’ success at beating the market averages. We level the playing field against ANY seller, including banks, by educating our clients. Our sellers have not had to play games in this Buyer tilted market - our pricing strategy and negotiations net them well above the market average.

LOOKING FOR THE ABSOLUTE BOTTOM? 

BE SURE TO WEIGH FINANCING AND PRICE EQUALLY 

For everyone who is waiting to save money in this BUYERS MARKET, your chances may soon be fleeting. YOUR LOAN CONDITIONS are often the biggest factor in what you pay for owning a home in the long run. The true costs of buying a home are set to rise even as prices drop. This is due to the Fed’s War on Inflation.

WE ARE ADVISING BUYERS TO FOREGO THEIR SEARCH FOR AN ABSOLUTE BOTTOM - ITS A POOR STRATEGY IN THE FACE OF RISING MORTGAGE RATES. READ THIS IMPORTANT EXAMPLE BELOW BEFORE YOU WALK AWAY FROM THE NEGOTIATING TABLE OVER A FEW THOUSAND DOLLARS. 

What if prices drop and my dream home is $10,000 cheaper 6 months later? It will cost about $930 extra annually, $77.50 monthly. For example: Paying $10,000 more for your dream house will cost you about $28,000 over your 30 year loan at 6%; $18,000 in additional interest and the additional $10,000 principle.

Now consider the effect of an expected 1% rise in 30 year loans on the average priced home on the Outer Banks - now about $400,000. With 20% down the loan amount is $320,000. At 6%, your interest paid for 30 years is $576,000. The same loan of $320,000 financed at 7% increases the amount of interest paid to $672,000 over 30 years. You’ll pay $96,000 more!

MANY BUYERS FEEL EMPOWERED BY THE NEW MARKET AND WON’T HESITATE TO “WALK” IF SELLERS DON’T MEET THEIR “bottom line price.” WHILE THIS IS A DEFINITE EGO BOOST FOR BUYERS PLEASE CONSIDER THE MATH FIRST. BUYERS WHO WILL GAIN THE MOST FROM THIS MARKET ARE THOSE WHO SIMULTANEOUSLY CONSIDER PRICE AND WEEKLY MORTGAGE RATES. THE REAL “SHREWD BUYER” IS ONE WHO BALANCES WISELY BOTH THE PROPERTY, AND THE FINANCING CONDITIONS WITH EQUAL WEIGHT. 

Will mortgage rates rise 1%? The Fed clearly stated recently that rate cuts are over. The inflationary effect of low interest rates and a cheap dollar is now Public Enemy Number One for the Fed. We should expect to return to more historically typical mortgage rates of 7% and higher as the Fed fights inflation in the days to come.

We work with a number of local, experienced lenders in our area. For a recommendation don’t hesitate to call one of our Brokers.

Year to date compared to 2007, this spring market was -15%  in Year vs Year Unit Sales. Dollar Volume this Year is -16% compared to 2007.

Bank owned foreclosures represent about 7% of all properties currently Under Contract. They represent about 3.5% of ACTIVE residential listings.

Currently, our local MLS serving mainly Dare, Hyde and Currituck Counties shows:

•  278 total units UNDER CONTRACT.
• $458,000 AVERAGE PRICE
• 196 AVERAGE DAYS ON THE MARKET
• HIGHEST PRICE LISTING UC is $1,999,000
• 136 SINGLE FAMILY HOMES UC - Avg 182 DAYS ON MARKET - $471,470 AVG PRICE
• 52 RESIDENTIAL LOTS UC - Avg 196 DAYS ON MARKET
• 70 CONDOS UC  -AVG PRICE $561,000

Thanks! You’ve made us the biggest small company on the beach!

As of May 2008 we reached the top 20% of real estate firms on the Outer Banks for sales volume! This is no small accomplishment with a sales force of only 3 Brokers.  Of the 100+ firms in our market, we are one of the smallest, but also one of the most successful. Thank you to our clients!

There are 138 single family homes under contract throughout the MLS of the Outer Banks. The average property has 169 days on the market, with an average list price of $483,207.

16 of these properties were Bank Owned, average of 72 days on the market and average price of $291,900.

March 15-April 20th - The Sold Properties:

83 single family homes sold during this period, average of 175 days on the market. Average ASKING price was $423,700,

average CLOSING price of $397,400.

12 of these sales were Bank Owned. Average ASKING price was $207,900, average CLOSING price was $202,800.