Good News and Bad News on the Outer Banks Real Estate Market

Good news and bad news on the Outer Banks real estate market is as frustrating as the rest of the country. Glass half full. Glass half empty. It seems either the news is dire or all too sunny. What to believe?

It is all so true that all real estate markets are local though that phrase does sound like a broken record. Here on the Outer Banks prices are down close to the 2002market when everyone found this area and had to be a part of it. That certainly was not a bad thing in itself. It simply created an unsustainable demand and sky-rocketing prices. This frenzy lasted so long that we all began to believe the market might level off. We simply could not see what was ahead.

So, the bad news first. It's nothing we all don't know.
The job market is tough and hurting the financial recovery across the country.
Money is not flowing like it once did.
People are loosing their homes for several reasons including job loss, devaluing of property, pay cuts making mortgage payments out of reach, and the greed throughout the lending system.

Banks loaned when they shouldn't have,
They took tax payer money because they managed their businesses poorly.
Now to correct their past mistakes (if that ever will happen) they are making it more difficult for qualified people to purchase the homes on the market.

I did say Good News and Bad News on the Outer Banks real estate market, didn't I?
OK. Here's the good news.
Prices are down to where they were before all the craziness began.
Some sellers still need to lower their prices, but a good local agent can show buyers where the deals are ... and there are plenty of them.
Many sellers are waiting for buyers and have low prices on great properties.
If you want rental income, you can have it.
People still want to come to the beach. Where else to better relax and forget your troubles?
Reputable lenders are available ... and are lending.
Sales are picking up.
Interest rates are at an all time low. Let me repeat. Interest rates are at an all time low.

This all adds up to a great opportunity for the entrepreneur. Yes, many people are hurting from this situation, and I used to think that I would not want to be the one to sell anyone's home out from under them. The truth is that any buyer is really helping a seller who is in trouble. It becomes a win-win for everyone.

Should you investigate the potential to invest in Outer Banks real estate now or in the near future? It doesn't cost a thing to ask questions. Who knows? You might find a bargain you can't refuse. Please visit our web site, e-mail me, call me at 252-599-2845. You have nothing to loose. For the latest statistics check this out.

Our web site has much information on Outer Banks real estate. Search all Outer Banks MLS listings. You can even search by map on our site. Check it out.

ABOUT THE AUTHOR
Linda Powers is half of the Mike and Linda Powers Team. Both are real estate agents who are looking for clients who expect more than lip-service. They concentrate on Corolla, Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, and Nags Head. Ready to begin making your Outer Banks dreams come true. Mike and Linda know how to help. Call today.