This week North Carolina state officials finally signed an agreement with the with private contractors hired to construct the Mid-County Currituck Bridge. I was a major step in the right direction to get the project underway. Scheduled construction for the bridge is for fall 2010 and completion by 2013. Many local residents and millions of tourists will be thrilled when the bridge is finally complete. It is estimated that those traveling to the northern Outer Banks towns of Duck, Corolla and the 4-wheel drive area will save as much as one to two hours off their trip. The current toll amount($10-15) for crossing the bridge has not been set but I can't imagine anyone complaining when you get to your vacation house one to two hours earlier after spending hours in the car. As for those traveling south to Kitty Hawk, Kill Devil Hills, Nags Head and Hatteras the traffic congestion should be drastically reduced. When the bridge is completed it will be the longest bridge, 7 miles, in the state of North Carolina.

Read the press release from the NC Turnpike Authority

To learn more about Outer Banks real estate market email MattHuband@HometownOBX.com

FREE list of Outer Banks Foreclosures & Short Sales

Unless you are building a new home, the Outer Banks home you purchase will more than likely be in a rental program. The Vacation Rental Act of North Carolina says that you must honor any rental agreements entered into by the previous owner for 180 days after you purchase the property.

Rental companies usually charge between 18%-25% of the gross rents to manage your property for the season. Each rental management company provides different services for its clients. Make sure you know what services are included in your management fee and what services your management company offers for an additional charge. Most rental agencies offer services additional to your contract al a carte.

If you are choosing a new rental company, it is important that you choose one that is active in your neighborhood and consistently rents the homes from your Outer Banks neighborhood already in its program. Ask for a rental projection for your home and then ask for the actual rental income from homes similar to yours in your community.

If you are considering selling your Outer Banks property, I would appreciate the opportunity to earn your business. I'll get you the information you need to make an informed decision about pricing your home to sell quickly and at maximum market value. I approach all of my work with professionalism and integrity, and have had wonderful business relationships with people from all over the eastern United States.

I love selling Outer Banks real estate and I realize that a successful real estate career is built on a foundation of long relationships. My goal is to make this transaction so easy for you that you would never work with any other Outer Banks real estate agent! I want you to be so happy that you refer all of your friends and family to me.

I'll showcase your property in our extensive advertising to make sure it reaches the widest possible audience of prospective buyers. When you hire me, I won't let you down. I want your business and I'll earn it.

Pricing to Sell

Price your house too low and you are taking your money and literally "giving" it to a buyer. Price your house too high and it will sit on the market which costs you mortgage fees, maintenance fees, utilities, and sometimes even headaches from wondering when it will finally sell!

If you are considering selling your Outer Banks home, you need to know how it compares to others selling in today's market. A Comparative Market Analysis report, CMA, is a tool to help you determine the approximate value of your home in today's marketplace. A CMA is an evaluation of recently sold properties, usually three, compared to your home. It is generally used as a guideline to determine your home's value in the current market. I will provide you with a suggested sales price in your CMA. Contact me today and I'll get started on a CMA for your Outer Banks property.

Remember, neither your CMA nor your friendly REALTOR determine the price your home will command on the market. The price your home will bring on the market is determined by two things, a willing seller (you) and a willing buyer.

1031 Tax Exchanges

It is a big decision to sell an Outer Banks property. You must take into consideration how much you currently use the property, the current market conditions, tax ramifications, and the emotional ties you have to the property.

If your current property is an investment property and you plan on buying additional investment property, it may be advantageous for you to do a tax deferred exchange. Internal Revenue Code Section 1031 provides a vehicle for deferring the payment of capital gain taxes on the sale of investment property allowing you to reinvest the proceeds from the sale of your current investment property into another investment property without paying your capital gains at this time.

If you choose to do a 1031 tax exchange, you must follow IRS guidelines to complete the exchange. Check with your accountant to see if a 1031 tax deferred exchange would be beneficial for you. More information on tax deferred exchanges is available at www.starker.com

Selling for Maximum Value

After you have used the CMA and market research packet I prepared for you to determine the asking price for your property, it is time to forget all of the emotional attachments you have to the home and to view it as if you are seeing it for the first time.

Does the exterior of the home look nice or is the paint peeling? Is the yard well kept? Is the carpet clean? Is it neat or did renters leave the games all over the game room? Does your home smell nice? Don't laugh, buyers remember bad smell!

I'll give you my honest opinion of how your home will show to prospective buyers against the other competing homes on the market. My goal is to help you sell your property quickly and for maximum market value.

Marketing Plan

1. All properties are entered into the Outer Banks Association of Realtors Multiple Listing Service, Outer Banks MLS, providing all Outer Banks Realtors with the information about your property.
   
2. Unless it is against your community association guidelines, I place a for sale sign on your property with an information box containing professionally designed full-color brochures of your property.
   
3. Your property is advertised in HomeTour of the Outer Banks magazine.
   
4. Your property is listed in the classified section of the North Beach Sun which is mailed to all Northern Beaches homeowners and available FREE to Outer Banks visitors at many Outer Banks locations.
   
5. Your property is advertised on the internet at several sites for maximum exposure to buyers: www.REALTOR.com, www.OuterBanksGreatEscapes.com and  www.LeslieGilmore.com 
   
6. I contact other Outer Banks investors who already own property similar to yours as they are very likely to invest in additional Outer Banks property.
   
7. I contact buyer prospects who have contacted Great Escapes Realty for information on buying Outer Banks property.
   
8. If it is appropriate, your property is advertised in National publications such as The Washington Post, Washingtonian or Unique Homes.

The North Carolina Turnpike Authority put out a press release this week about the 3 options they have decicded to go with for the proposed new bridge. The options include a "No Bridge" option that was just added recently. That's right they are now considering to not build the bridge and just do road improvements from the Wright Memorial Bridge all the way to Corolla. I can tell you that option is not going over well with the locals and local government. To read the article go to my blog at my website at www.HometownOBX.com or to the Mid-Currituck Bridge post directly.

Also don't forget to listen and subscribe to the Outer Banks Real Estate & Local News Podcast on iTunes or at Outer Banks Podcast. Get weekly commentary about the Outer Banks Real Estate market plus local news and happenings, IT'S FREE!!!

Prices are more affordable than ever. Lending is still strong yet the Under Writing process has definately shown evidence of learning from past mistakes. In my most recent transaction, the underwriters beat my buyers up and down and the closing date was delayed over 3 weeks. I've learned that getting a commitment letter these days doesn't come easy. But they say, nothing worth while comes easy! Currently, you can get a 2 bedroom ocean front condo for $299,000 or a 3 BR sound front condo for $250,000. Additionally, last Friday, a 2 bedroom foreclosure came on the market for $112,000. All of these are available on the Outer Banks of North Carolina! As a REALTOR, it is my duty to present these great deals to my buyers but make sure the loan they choose is one they can afford and that is a 30 year fixed. With good, solid qualification mixed in with a great deal, this is the best time to grab a great investment.