OBX Homes Real Estate News

 

Jan. 17, 2019

Discover Historical Treasures on Frisco Property

Native American history is lovingly preserved on Frisco property. The Native American Museum first opened its doors in 1987 with a dedication to protecting precious cultural artifacts of local tribes.

The grounds now boast a two-story building packed with a wealth of information, a research facility, natural history center, preparation area and bookstore. Today thousands of items representing Native American culture from across the country make up an impressive collection. Nature trails wind throughout creating a peaceful ambiance for guests to appreciate.

Explore the Serenity of the Outdoors Near Frisco Homes

Exhibits tell the tale of the lives led by Native American tribes. An impressive array of artifacts depict the details of everyday life. Clothing, baskets, weaponry, tools and cooking items are well represented. Origins of items span from across the United States and a special space is reserved for North Carolina tribes as well.

There is plenty to explore outdoors too. Trails meander through a maritime forest and across streams. Benches are strategically placed about for reflecting. Many who find their way to the lush pond spare a moment or two for contemplation of times gone by. Somewhere along the way sits the Fossil Pile. This amazing site may appear as a pile of sand but in truth contains an assortment of natural treasures such as shark teeth and other fossils.

Hours to the Native American Museum are seasonal and can be found on the website. General admission is $5 per person or $15 per household. Discounts to the Frisco property museum are offered to senior citizens. Guided tours are great ways for groups to explore and are available with prior reservations. Interested parties can find out more information by calling 252.995.4440.

Before leaving the facility most folks find their way into the gift shop. Over two dozen Native American artists contribute to an eclectic assortment of goods. The shelves are filled. Shoppers are delighted with artwork to hang in their Frisco homes, dream catchers, baskets, musical instruments and more. Youngsters beg for games, books and Native American dolls. Whatever one is looking for is sure to be found inside this amazing store.

 

Posted in News
Jan. 16, 2019

Beautiful Duck Real Estate Awaits

Duck real estate is picture perfect. Mother Nature’s strokes of beauty surrounds Duck Town Park and Soundside Boardwalk. Found in the heart of the town of Duck, residents gather around to enjoy the brilliance of land and sea.

In the park over 10 awe inspiring acres beg to be explored. Trails wind through areas of maritime forest and willow swamp and open up to the Soundside Boardwalk. Entertainments are held in the amphitheater and in open fields. Local children eagerly meet up for merriment on the playground. There is a public canoe and kayak launch for those seeking the sights on the water and ample fishing spots for licensed anglers to get lost for the day. The boardwalk spans less than a mile and welcomes walkers and bicyclists.

Community Events Bring Together Families Calling Duck Home

Special events are held during the year throughout the Duck real estate property. Exercise is best done with friends. Yoga and calisthenics classes are scheduled  in the fresh North Carolina air. The amphitheater sets the stage for concerts and children’s interactive theater events. Magic shows, storytime and other fun activities attract spectators. Nature on the Boardwalk programs bring folks closer to wildlife. Docents from the North Carolina Aquarium lead periodic guided nature walks pointing out flora and fauna and spotting animals.

Columbus Day weekend is eagerly anticipated with the annual Jazz Festival. A lively vibe fills the grounds with live music, good food and much more. Another yearly tradition includes the Yuletide Celebration. Kids of all ages love the lighting of the crab pot tree and youngsters in attendance beg an audience with Santa Claus.

Duck Town Park is located at 1200 Duck Road and is open everyday from sunrise to sunset. And, the Soundside Boardwalk welcomes visitors from dawn until 1 a.m. Spend some time out and about. The beauty of North Carolina awaits.

 

Posted in News
Jan. 15, 2019

Embrace Your Wild Side on Currituck Property

The world’s most unique creatures are in the house on Currituck property. Visitors to the OBX Lizard Land appreciate all things creepy and crawly. The serpentarium contains both reptiles and amphibians native to local areas and around the world. Families who dare to venture in find themselves meandering through a vivid collection.

OBX Lizard Lane was “created to educate the public about the beautiful creates from around the world to in our own backyards.” Working off of this mission, a dedicated hands on staff is ready and eager to impart their knowledge on each animal inside the building. Their passion comes true as they provide demonstrations and answer questions as they are posed.

Meet the Leaping Lizards Calling Currituck Home

Hop on over to where the frogs are. A variety of colorful amphibians jump out at visitors including the Dyeing Poison Arrow Frog, Bicolor Poison Dart Frog and Blue Poison Dart Frog. Slither up to the snakes. Learn all about the similarities and differences of boas, pythons and cobras. Favorite snakes to observe include the Giant Madagascar Hognose, Baron’s Green Racer and False Water Cobra. Many different species of monitor lizards roam the globe. Habitats on the grounds contain examples of the Nile Monitor, Green Tree Monitor, Black-Headed Monitor and Peach Throated Monitor. Other reptiles worth taking a glance at are the Veiled Chameleon, Frilled Dragon, Blue Tailed Skink and Day Gecko.

A number of the critters calling Currituck home were rescued animals. Guests learn all about their histories as well as fun facts about their species, habitats and care. Feedings are fine times to gather insight about the characteristics of the animals here. Animal ambassadors are out and about. Interactions also allow patrons to hold some intriguing snakes and lizards.

OBX Lizard Land is a great place for Currituck property owners to host birthday parties for their kids. Youngsters will go wild with all the fun in store. Party packages include animal interactions with up to nine creatures, feeding demonstrations and tickets to the center. Field trips and school presentations are also great educational experiences.

The serpentarium is open six days a week. Hours are weekdays from 11a.m. to 5 p.m., Saturdays from 11 a.m. to 5 p.m. and on Sundays from 12 to 5 p.m. The museum is closed on Tuesdays. Leap on into the land of lizards today!

 

Posted in News
Jan. 10, 2019

Outer Banks Real Estate January 2016 Market Stats

Outer Banks Real Estate Market Statistics For January 2016:

For the first month of 2016, the Outer Banks real estate market continues to build on 2015’s record setting year.  The hottest price range is still the $400,000 and below which accounted for 65% of all sales in 2015. New construction continues pop up all over the Outer Banks especially in the lower price ranges. One of the most interesting statistic is the one that shows just how much the market has strengthened over the last 6 years. Below is the difference in the percentage of the average list price vs the average sales price:

2015 – 5.07%

2014 – 5.4%

2013 – 6.4%

2012 – 6.6%

2011 – 7.1%

2010 – 7.6%

2009 – 7.8%

A $400,000 house listed in 2009, on average, sold for $368,800 and in 2015 $379,720.

What does this mean for the Outer Banks Market?

1) the market is slowly turning from a buyer’s market to a seller, market, not there yet but things are moving in that direction.

2) As more buyers come into the market sellers do not have to reduce the prices as much to get their property sold.

3) Inventory is down as sales are at an all-time high.

4) Prices are slowly rising over the lows in 2010 and as buyer demand goes up inventory goes down leading to       rising sales prices.

Home affordability on the Outer Banks is the best it’s been in 20 years with low mortgage rates and rental income at an all-time high.  The FED is set to raise the federal funds rate which will have an impact on mortgage rates so if you are looking to take advantage of the low 4% rates, now is the time to do it. With the stock market uncertainty these days,  why not look at an investment that you can use, have someone else help pay for and enjoy the possible tax benefits. On average the out of pocket costs of owning a beach house on the Outer Banks is approximately $400 to $700 a month.

If you are thinking about buying the Spring is the perfect time to come down to look at houses. The weather is great, the tourists are gone and the houses are available to see.

 

Pair of Red For Sale Real Estate Signs with Sold in Perspective.

 

Outer Banks Real Estate by the numbers

 

 

The numbers below were adjusted to reflect residential housing from Corolla to Hatteras.   Excluded from the numbers are vacant lots and Commercial properties.Sold Listings 01/01/2016 to 01/31/2016

 

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
78 222 $362,500  $490,065 $2,275,000 $140,000

 

Sold Listings 01/01/2015 to 12/31/2015

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1350 225 $325,000  $412,791 $4.900,000 $30,500

 

Sold Listings 01/01/2014 to 12/31/2014

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1194 218 $319,500  $420,884 $5,000,000 $54,900

 

Sold Listings 01/01/2013 to 12/31/2013

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1163 236 $321,000  $402,890 $3,175,000 $23,000

 

Sold Listings 01/01/2012 to 12/31/2012

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1209 230 $330,000  $420,245 $3,750,000 $55,000

 

Sold Listings 01/01/2011 to 12/31/2011

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1075 238 $315,000  $411,915 $2,820,000 $32,000

 

Sold Listings 01/01/2010 to 12/31/2010

# of Sold  Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1108 217 $335,000 $407,068 $3,650,000 $49,000

 

Sold Listings 01/01/2009 to 12/31/2009

# of Sold  Listings Avg Days On Market Median Price Avg Price Max Price Min Price
874 208 $340,000 $426,875 $3,100,000 $77,500

Sold Listings 01/01/2008 to 12/31/2008

 # of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
802 210 $385,000 $483,712 $3,675,000 $92,450
 

Sold Listings 01/01/2007 to 12/31/2007

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
958 192 $405,00 $527,007 $4,500,000 $115,000
 

 

 

Sold Listings -1/01/2006 to 12/31/2006

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
982 163 $434,000 $556,090 $3,940,000 $129,000
 

 

 

*** All information obtained from the Outer Banks Association of Realtors***
***All information is deemed reliable but not guaranteed***

July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates
Dec. 22, 2016

8 Scams to Watch Out For This Holiday Season

The holidays are a happy time for celebrating with family, friends, and co-workers. Unfortunately, this time of year can also be turned sour by a wide variety of clever frauds, unauthorized debit and credit card transactions, and bogus person-to-person scams. By the end of 2015, individuals, retailers, charitable donors, and companies were victimized to the tune of $1.5 billion… and that number is expected to have gone up in 2016.

Just as you protect your home with an alarm system, you should set up defenses for your credit and identity. During the holiday season, fraudulent activity spikes, but here’s how to protect yourself from the eight most common scams.

Big Data Breeds Data Breaches

Big data during the holidays is great for marketers; it’s a bonanza of consumer information to use to lure shoppers to Black Friday deals and the like. However, while companies wrangle in the chaos of holiday orders, scammers search for weaknesses in a company’s cyber-security. According to a top executive at one of the leading credit bureaus, “Data breaches are inevitable and most consumers are vulnerable to identity theft… especially during the holidays.” In fact, 25% more consumers were affected by identity theft during the holidays in 2015 than in 2014!

The best way to reduce your risk of data breaches is use cash for all your purchases. According to a survey by TransUnion, however, only 20 percent of shoppers plan to pay with cash. If you’re part of the 80 percent using plastic, use a credit card instead of a debit card. You have more purchase protection using a credit card than a debit card if a data breach occurs or fraud happens.

Other protections from data breaches include:

  • Using a low-limit credit card for online purchases so you can detect fraudulent activity.
  • Utilizing services like PayPal to lower the risk of your card information being lost at the retailer.

Package Theft

E-commerce is great for holiday shoppers… but it’s also great for thieves. Last year, Insurancequotes reported that 23 million people had packages stolen at their front door!

To prevent this from happening to you, have your packages delivered to your office or delivered to a pick-up area such as a UPS store or Amazon Locker.  You can also set up tracking notifications so that you know when to expect delivery.

And while you’re waiting for your packages, be on the lookout for this scam: a note on the front door saying you have a package waiting for pickup. The note asks for a call, often to a pricey number that leaves you on hold for a long period while they collect premium phone rates, or it leads to a person asking for details on your personal information to “verify your identity.” If the note isn’t from a shipper you recognize, or if the Googled number isn’t found, don’t get involved.

Online Shopping Scams

The big brother of package thievery is the online shopping scam. Phony online stores lure shoppers in through searches and online ads, enticing you with low-priced, high-quality items. These “bargains” cost you not only money, but also hours of time trying to fight the fraudulent transaction. To put salt in the wound, once these websites nab your personal information, they often also infect your computer with malware that compromises your login to your online bank.

To avoid the pitfalls of the fake online merchant, only purchase from retail names you know and trust. You could also Google the site and look for reviews. Yelp is a legitimate site for reviews as is the Better Business Bureau. Before you make a purchase online, double-check that “https” appears in the URL, which signifies that the site has passed stringent security compliance standards.

Poisonous Holiday E-Cards

E-cards are popular during the holidays because they’re a free, fun, and easy way to catch up with friends and family members. But beware because it’s just as easy for scammers to use fake e-cards to steal your personal information. A lot of fake e-cards you may get are from your hacked address book or the hacked address book of someone you know. At first glance, the card may look legitimate, but once you open it, you’ve been phished.

The only way to avoid this from happening is paying attention to detail. The number one tell of a fake E-card is any kind of misspelling. The URL will have a subtle misspelled word or your friend’s name is misspelled. Usually the misspelled word will contain a number: T1msmith@comcast.net for instance.

Fake Apps

ConsumerAffairs is reporting a huge spike in fake apps. Scammers are using fake retail and product apps found in Apple’s App Store to steal unsuspecting consumers’ financial information. Many of these thieves rip off company or brand logos to make the fake app look real. So before you get that convenient retail or product app, make sure it’s legit.

Just as with fake e-cards, fake apps will seem normal until you start looking at the details. Before you download that convenient retail or product app, make sure you check for the following:

  • A nonsensical description
  • No reviews
  • No history of previous versions

Gift Card Scammers

Scam artists skim or copy the codes on the back of gift cards before they’re bought. After the card has been activated, the scammers drain the card’s funds.

To prevent yourself from becoming a victim of compromised gift cards, buy gift cards displayed behind store counters, make sure preloaded cards are still loaded, and make sure the protective scratch-off strip is flawless.

Malicious Charities

During the holiday season we all feel an extra sense of giving. Grifters and thieves play on this sensibility by creating false charities and hitting you up on Twitter, Instagram, and in your e-mail inbox.

There are online resources to help you verify the legitimacy of charities. The website Charity Navigator is a non-profit organization that rates over 8,000 U.S-based charities operating throughout the world. Another way to get free reviews and evaluations on national charities is through the Better Business Bureau’s Wise Giving Alliance.

Corrupted Wi-Fi

You’ll probably hit the mall this holiday for some in-person price checking, and you’ll probably have your smartphone, laptop, and/or your iPad with you. Please be careful because skimmers and scammers love to manipulate Wi-Fi signals in places like malls and coffee shops to gather your financial information. These people create Wi-Fi signals that mimic the signal you use, then hack your info when you connect to it.

To protect yourself from Wi-Fi manipulators, just don’t make online purchases with your credit or debit card when you’re in a public space.

Who Should You Turn To?

If you catch the trouble soon enough, credit or identity fraud can be an inconvenience. If you don’t, however, one instance can have long-term impacts. If, for example, someone bought an appliance using your name while you were trying to refinance your mortgage, then you might not get approved for the loan!

If you’re curious to know if you’ve been affected, or if you know your credit is in disrepair and need help fixing it, please let us know so we can refer you to our recommended professionals.

Dec. 15, 2016

Outer Banks Real Estate Market November 2016

Outer Banks Real Estate Market November 2016- How is the Market?

  • Overall – When comparing the Outer Banks real Estate market for November 2016 with 2015 sales, it appears that 2016 is trending a little below last year with unit sales down 1% (15 units), total volume sold up 1% ($8,728,314) and average sale price up 2% ($8,024), but there are some bright spots in 2016. See the breakdown below:
    •  Inventory – Resident property inventory is down 11%, Lots / Land inventory is down 21% and Commercial inventory is down 13%
    •  Residential Sales Condo Sales – Condo unit sales are at their highest level since 2005 and if the sales trend continues in December, then Condo sales will break the all-time sales record set in 2005. As of November 30, 164 units have been sold (178 units sold in 2005).
    • Single Family Detached – Single Family Detached unit sales are on track to make 2016 the secondbest year since 2005 when 1819 units were sold.
    •  Land Sales – Land unit sales are up 6% over 2015 and the total volume sold is up 8%. Will this trend continue?
    •  Distressed Properties – Short Sale sales picked up in November after two months of very little activity but Bank Owned property sales remained the same. Not much to report on.

Click here to see the OBX Real Estate Stats for October 2016

Outer Banks Real Estate Market November 2016

 

Outer Banks Real Estate Market by the numbers:

      Year to Date Comparison – Total OBX Property Sales      
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg Qty Active % Chg
Residential                    
  Current Period 1608    $          591,264,278    $     367,701    $  295,000   1531  
  One Year Ago 1644    $          591,310,130    $     359,677    $  285,750   1717  
Increase / Decrease -36 -2%  $            -45,852 0%  $     8,024 2%  $   9,250 3% -186 -11%
                     
Lots / Land                    
  Current Period 448    $            60,089,959    $       134,129    $    73,500   823  
  One Year Ago 423    $            55,638,313    $     131,532    $    75,000   1044  
Increase / Decrease 25 6%  $          4,451,646 8%  $     2,597 2%  $     (1,500) -2% -221 -21%
                     
Commercial                    
  Current Period 26    $            16,204,017    $  623,321    $  330,000   85  
  One Year Ago 30    $              11,881,497    $    396,049    $  257,500   98  
Increase / Decrease -4 -13%  $            4,322,520 36%  $  227,272 57%  $  72,500 28% -13 -13%
                     
All Classes                    
  Current Period 2082    $          667,558,254    $     320,633    $  265,000   2439  
  One Year Ago 2097    $          658,829,940    $     314,177    $  249,900   2859  
Increase / Decrease -15 -1%  $          8,728,314 1%  $       6,456 2%  $    15,100 6% -420 -15%
      Year to Date Comparison – Residential Property    
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg
Single Family Detached                
  Current Period 1365    $          531,400,381    $     389,304    $  314,000  
  One Year Ago 1413    $          542,597,227    $     384,003    $  296,900  
Increase / Decrease -48 -3%  $            (11,196,846) -2%  $       5,301 1%  $   17,100 6%
                 
Condominium                
  Current Period 164    $           41,840,519    $     255,125    $  234,950  
  One Year Ago 132    $            31,704,705    $     240,187    $  221,250  
Increase / Decrease 32 24%  $            10,135,814 32%  $       14,938 6%  $    13,700 6%
                 
All Residential                
  Current Period 1608    $          591,264,278    $     367,701    $  295,000  
  One Year Ago 1644    $          591,310,130    $     359,677    $  285,750  
Increase / Decrease -36 -2%  $            -45,852 0%  $       8,024 2%  $   9,250 3%
      Year to Date Comparison – Land Sales      
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg
Land – Residential                
  Current Period 409    $            50,348,315    $       123,101    $    74,500  
  One Year Ago 392    $            51,434,235    $     131,209    $    75,000  
Increase / Decrease 17 4%  $          -1,085,920 -2%  $     (8,108) -6%  $     (500) -1%
                 
All Land                
  Current Period 448    $           60,089,959    $       134,129    $    73,500  
  One Year Ago 323    $            55,638,313    $     131,532    $    75,000  
Increase / Decrease 25 6%  $            4,451,646 8%  $     2,597 2%  $     (1,500) -2%
      Year to Date Comparison – Distressed Properties  
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg
Residential – Short Sale                
  Current Period 28    $            13,531,400    $    483,264    $  297,500  
  One Year Ago 70    $            25,648,007    $     366,400    $  297,500  
Increase / Decrease -42 -60%  $             (12,116,607) -47%  $       116,864 32%  $   0 0%
                 
Residential – Bank Owned                
  Current Period 71    $            17,622,028    $     248,197    $  194,000  
  One Year Ago 96    $            23,441,350    $     244,180    $  176,812  
Increase / Decrease -25 -26%  $          (5,819,322) -25%  $       4,017 2%  $  17,188 10%
                 
All Residential – Distressed                
  Current Period 99    $            31,153,428    $     731,461    $  491,500  
  One Year Ago 166    $            49,089,357    $     610,580    $  474,312  
Increase / Decrease -67 -40%  $          (17,935,929) -37%  $     120,881 20%  $    17,188 4%
          Corolla Real Estate Sales          
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 12 13 26 14 22 20 12 15 9 19 29 12 204
2013 11 11 17 23 19 14 12 16 5 19 16 16 179
2014 9 9 12 17 16 19 12 15 20 13 11 24 177
2015 17 14 17 21 18 30 16 17 19 10 16 21 216
2016 18 11  14  25  26  25  17  21  19  19  19   212
                           
                           
          Duck Real Estate Sales          
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 11 8 9 6 8 7 9 8 10 12 6 6 100
2013 5 7 8 6 14 13 7 6 8 8 6 7 95
2014 5 6 9 9 17 11 4 6 3 9 4 13 96
2015 8 6 7 10 12 10 7 8 11 2 7 12 100
2016 6 4  12 8  10  15  6  4  6  7  9   86
                           
                           
          Southern Shores Real Estate Sales      
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 10 5 9 6 7 6 9 7 9 5 12 5 90
2013 4 6 9 6 4 6 9 6 8 3 3 13 74
2014 8 3 7 10 20 4 4 7 7 7 10 7 97
2015 9 4 5 10 11 6 11 8 6 4 10 13 97
2016 6 2  4  9  7  7  8  5  5  11  6   70
                           
                           
          Kitty Hawk Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 8 7 6 7 10 8 7 8 7 8 7 5 88
2013 5 6 7 10 10 9 11 6 4 7 9 10 94
2014 4 2 8 11 15 6 9 10 5 11 5 7 93
2015 5 6 9 5 19 6 12 10 5 5 11 8 101
2016 7 6  8  8  6  12  7 6  9  8  11    88
                           
                           
          Colington Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 1 7 13 10 12 8 2 11 6 2 3 9 84
2013 5 7 7 8 4 12 4 8 8 6 4 4 77
2014 6 2 4 13 8 2 8 3 10 11 6 11 84
2015 5 5 6 11 12 13 9 16 7 14 9 7 114
2016 11 7  8  11  10  7  8  9  14  12  10   108
                           
                           
          Kill Devil Hills Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 7 12 24 24 25 23 18 15 23 20 13 19 223
2013 14 14 21 40 30 23 26 16 21 14 19 19 257
2014 16 14 21 21 26 26 19 16 26 21 22 20 248
2015 10 23 26 21 31 30 25 26 21 27 24 16 280
2016 12 17  22  23  34  31  20  30  21  27  20   256
                           
                           
          Nags Head Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 10 11 17 17 22 19 12 12 14 12 18 20 184
2013 10 5 10 16 20 11 20 20 22 7 17 15 173
2014 14 7 8 18 22 12 12 15 23 18 16 15 180
2015 11 12 14 20 32 18 8 14 14 19 16 19 197
2016 12 12  23  22  22  14  16  9  20  13  12   176
                           
                           
          Hatteras Island Real Estate Sales      
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 14 19 27 22 25 15 18 15 17 12 19 14 217
2013 12 10 18 25 17 18 16 17 16 14 10 14 187
2014 11 14 13 12 22 22 13 15 19 20 18 27 208
2015 13 13 18 19 25 17 26 18 22 26 12 15 224
2016 10 14  16  23  26  26  27  25  18  13  14   212
                           
                           
          Roanoke Island Real Estate Sales      
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 4 7 7 2 5 7 10 9 17 15 7 7 98
2013 4 8 9 9 10 8 19 10 6 10 6 2 101
2014 11 8 7 13 11 8 14 14 11 9 6 5 117
2015 2 2 10 10 3 19 11 8 16 15 10 13 119
2016 6 7  9  11  11  20  18  21  13  13  11   143
                           
                           
        Currituck Mainland Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 14 13 17 13 16 19 17 12 19 19 9 7 175
2013 10 7 17 11 20 21 18 19 14 14 11 13 166
2014 9 10 10 15 19 23 14 14 11 11 9 9 155
2015 8 8 16 15 25 22 27 10 9 18 16 10 184
2016 16 10  14  9  14  17  17  14  17  12  12   152
   Corolla Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               500,000.00 -5%
2013  $               480,000.00 -4%
2014  $               470,000.00 -2%
2015  $               493,950.00 5%
2016  $               425,000.00 -14%
   2016 numbers reflect year to date values
     
     
   Duck Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               479,500.00 -18%
2013  $               499,900.00 4%
2014  $               511,250.00 2%
2015  $               442,000.00 -14%
2016  $               444,500.00 1%
   2016 numbers reflect year to date values
     
     
   Southern Shores Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               400,000.00 -6%
2013  $               420,000.00 5%
2014  $               430,000.00 2%
2015  $               360,000.00 -16%
2016  $               399,700.00 11%
   2016 numbers reflect year to date values
     
     
   Kitty Hawk Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               291,500.00 11%
2013  $               262,000.00 -10%
2014  $               285,000.00 9%
2015  $               309,000.00 8%
2016  $               305,000.00 -1%
   2016 numbers reflect year to date values
     
     
   Colington Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               204,500.00 11%
2013  $               215,000.00 5%
2014  $               214,000.00 0%
2015  $               239,000.00 12%
2016  $               234,500.00 -2%
   2016 numbers reflect year to date values
     
     
   Town of Kill Devil Hills  Real   Estate Values  
Year  Median Sales Price Percent Change
2012  $               215,000.00 2%
2013  $               214,500.00 0%
2014  $               239,000.00 11%
2015  $               236,000.00 -1%
2016  $               266,075.00 13%
   2016 numbers reflect year to date values
     
     
   Town of Nags Head Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               342,500.00 7%
2013  $               335,000.00 -2%
2014  $               350,000.00 4%
2015  $               363,500.00 4%
2016  $               387,000.00 6%
   2016 numbers reflect year to date values
     
     
   Hatteras Island Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               292,500.00 2%
2013  $               285,000.00 -3%
2014  $               263,775.00 -9%
2015  $               262,250.00 -1%
2016  $               266,950.00 2%
   2016 numbers reflect year to date values
     
     
   Roanoke Island Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               258,000.00 3%
2013  $               222,000.00 -14%
2014  $               260,000.00 17%
2015  $               245,100.00 -6%
2016  $               263,667.00 8%
   2016 numbers reflect year to date values
     
     
   Currituck Mainland Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               180,000.00 1%
2013  $               197,000.00 9%
2014  $               210,000.00 7%
2015  $               221,200.00 5%
2016  $               238,561.00 8%
   2016 numbers reflect year to date values
Dec. 6, 2016

Outer Banks Holiday Home

Outer Banks Holiday Home – Top 12 Tips for a Safer Holiday Home

 

Our world is full of risk at every turn—from perilous jobs to dangerous driving conditions. That’s why we all love to get back to our homes and not worry about everyday safety hazards. It’s great to feel comfortable and safe at home, but is it as safe as it can be?

Your home should be your haven: the place where you will be protected from harm. It should be a top priority, and yet every year 1200 people or more visit the emergency room during the holiday months due to accidents and unintended injuries sustained from hidden dangers around the home.

With a sharp eye and preventive action you can reduce the chances of lurking safety dangers for everyone who visits your home.

The Top 12 Outer Banks Holiday Home Safety Tips

  1. GOOD LIGHTING— Adequate lighting reduces the risk of tripping and falling both inside and outside your home. This is especially important in winters when days are shorter. Critical areas that need to be illuminated are the stairs, outdoors, and foyers. Make sure your street number is well lit and visible from the street to aid first responders find your home. The fix: Make sure adequate wattage is utilized and long-life bulbs and motion detectors are in place.
  1. ELECTRICAL PROBLEMS?— Electrical issues, like a flickering light or a dead outlet, can be mild annoyances that actually signal serious dangers. If not addressed promptly, a faulty electrical system can result in house fires and shocks. The fix: If you’re experiencing any problems with your electricity, contact a professional right away. In your daily life, make sure electrical cords are not frayed or pierced and extension cords are securely connected. Do not run too many cords to a single outlet. Unplug small appliances, space heaters, and power tools when not in use.
  1. DO ROUTINE CLEANING— Not maintaining your appliances leads to a greater chance of accidental home fires. The fix: Do simple tasks regularly like cleaning grease off your stovetop, emptying the lint trap on your dryer, and keeping your chimney clean and clear.
  1. SMOKE AND GAS DETECTORS— Every home needs functional warning devices that detect smoke and gases. The fix: When purchasing smoke alarms, make sure they also detect carbon monoxide, a deadly gas that is especially dangerous because it is colorless and odorless. Replace the batteries every six months—or whenever you change your clocks. Create an emergency evacuation plan, build a preparedness kit, and practice regular safety drills with your family to ensure awareness of procedures.
  1. SECURE YOUR HOME— Many homes now have the latest technological advancements but still rely on locks and hardware from decades ago to keep you safe from intruders. The fix: Do an audit of all entry points to your home—doors and windows and screens. If any do not have secure screens, locks, and deadbolts, have them installed. For those entry points that do already have door knobs, handles, and locks, make sure that they are in good working condition.
  1. WHEN YOU ARE AWAY— We all enjoy long weekends and out-of-town vacations, but unfortunately that leaves your home vulnerable to intruders. The fix: Create the illusion that someone may still be there. Leave a TV or stereo on in the room where a burglar would most likely break in. Have neighbor pick up mail and the daily paper. Turn down phone ringers, keep blinds drawn, and don’t leave unsecured valuables in the home even if you think they are well-hidden. Never hide keys around the home or garden, and don’t leave notes on the door that suggest you are out of town.
  1. HOUSEHOLD REPAIRS— Even if you are an expert and know your way around electrical, plumbing, car or other household repairs, proceed with caution. A poor repair could be a recipe for disaster. The fix: Call a professional or ask me for a referral from our trusted sources.
  1. VEHICLE CAUTION— Remember that there is danger even before you drive on the street. If you are backing your car up, watch out for children and pets on the sidewalk and road. The fix: Be cautious and proceed slowly when driving vehicles in or out of your driveway. If your driveway does not have good visibility in both directions, walk down and look in both directions before you get in your car.
  1. MAKE IT SAFE FOR VISITORS— If you are hosting friends and family, consider what additional safety challenges they may face. The fix: Put yourself in the shoes of a small child and look for low, hard edges, sharp objects, easy-to-open cabinets with chemicals and cleaning agents. Look for falling and tripping hazards that may fell seniors.
  1. BRACE YOURSELF— Heavy objects are rarely braced in the home. Appliances, artwork, televisions, and aquariums present real hazards if they are knocked down by a person or a natural disaster. The fix: Strap and brace heavy objects and use security hardware for large artwork.
  1. UNCOVER HIDDEN DANGERS— If your home was built before the late seventies, there’s likely lead in the paint under the top coats on your walls and windows, and there might be traces in the varnish used on many hardwood floors. In addition, asbestos often can be found in insulation and “popcorn” ceiling textures. The fix: Hire a licensed contractor to test for possible contaminants and remove them safely, especially prior to a remodel.
  1. MOTHER NATURE— Your homeowners insurance will cover you in many instances, but did you know that you may not be insured against natural disasters like earthquakes, floods, tornadoes, and hurricanes? They typically require an additional policy. The fix: Contact your insurance agent to make sure you have adequate replacement coverage as home values escalate and coverage amounts can stay static. Discuss costs for adding disaster policies for the natural disaster most likely to hit your area. Finally, having a disaster and communication plan can minimize the risks.

Safety Dangers to Kids You May Not Think About

Do you have small children who live with you? Even if you don’t, with the holiday season rapidly approaching, your home may welcome friends with young children and older family members. This makes now the ideal time to survey home your home for potential safety problems.

OPEN WATER

Did you know that as little as an inch of water can be a major hazard? A pail of water in the yard, large puddles from a storm, even a washing machine can induce a small child to trip or fall into and become at risk. The fix: Watch for open ice chests and other standing water, and don’t leave toilet seats open.

SMALL BATTERIES

Button-sized lithium batteries power small electronic devices, including remote controls, watches, musical greeting cards, and ornaments. When accidently swallowed, they can get stuck in the esophagus and generate an electrical current that can cause severe chemical burns and tissue damage. The fix: Only let small children play with mechnical devices and toys under supervision, and make sure to put these items away when not in use.

WINDOWS AND STAIRS

Every year, more than 5,000 kids end up in the emergency room after tumbling out of a window. Combat that by installing window guards or window stops so kids can’t fall out. Stairs are another potential hazard for youngsters with less-than-perfect balance. The fix: Baby gates can prevent young kids from venturing up or down. Steps should always have firm footing and be clear of objects as even older people can slip and fall or trip on items left on the stairs.

FAMILY PETS

Cats can scratch a child not used to playing with finicky felines. The family dog may be big and loving but can outweigh a child by five times. Children can be easily knocked down, nipped, or even bitten by a dog not used to the activity of small children. The fix: Monitor play activity and make sure your pet is not getting anxious or annoyed.

CORDS

Babies can be strangled by cords on blinds and shades. The fix: Excessive cords of all types should be removed or secured down. Always keep cribs away from windows with loose cords.

Now’s the Time

With the upcoming holidays at hand, now is the perfect time to survey your home and address potential safety hazards to yourselves, your family, and your friends. It doesn’t take long, most fixes are very inexpensive and simple to do, and your efforts will pay dividends in peace of mind for years to come.

 

If you would like our advice on how to make your home safer and need a list of trusted sources for home repairs, please contact us today. It’s our business to ensure that your home is safe and secure for your family.

Posted in Real Estate
Nov. 18, 2016

Outer Banks Real Estate Market October 2016

Outer Banks Real Estate Market October 2016- How is the Market?

  • Overall – Sales for the month of October show little change in that the number of units sold (1923 vs 1921 units). There has been some improvement in the total sales volume (up 4%) and the median sale price is also up (4%). Overall, inventory is down 13%. See the details below:
  •  Residential Sales
    •  For the year, residential unit sales are down 2% but condominium sales have been exceptional with sales up 21 % (147 vs 121 units) and total volume sold up 27%. Average sale price on condominiums is also up 5%. Single Family detached homes have not done as well with unit sales down by 3% (1256 vs 1289 units); however, average sale price is up 3% so maybe sales are looking up.
    •  Inventory – Residential inventory is down 9% and continues to decline. With only 1621 units listed for sale this is the lowest number of available units since January 2016 and the lowest October inventory in more than 10 years.
  •  Land Sales – Land sales appear to be holding their own with unit sales up 5%, total volume sold is up 14% and average sale price is up 7%. Land inventory is down 20% (852 vs 1064 units) – the lowest inventory in more than 10 years.
  •  Distressed Properties –
    •  Short sales – For the second month in a row, only one short sale listing was sold.
    •  Bank Owned – The number of bank owned listings sold this year is down 28% (64 vs 89 units).

Click here to see the OBX Real Estate Stats for September 2016

 

Outer Banks Real Estate Market October 2016

Outer Banks Real Estate Market by the numbers:

      Year to Date Comparison – Total OBX Property Sales      
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg Qty Active % Chg
Residential                    
  Current Period 1478    $          546,041,370    $     369,446    $  295,000   1621  
  One Year Ago 1502    $          537,185,144    $     357,646    $  285,000   1780  
Increase / Decrease -24 -2%  $            8.856,226 2%  $     11,800 3%  $   10,000 4% -159 -9%
                     
Lots / Land                    
  Current Period 422    $            55,941,359    $       132,562    $    70,500   852  
  One Year Ago 395    $            48,998,013    $     124,045    $    75,000   1064  
Increase / Decrease 27 7%  $          6,943,346 14%  $     8,517 7%  $     (4,500) -2% -212 -20%
                     
Commercial                    
  Current Period 23    $            15,331,517    $  666,587    $  340,000   74  
  One Year Ago 24    $              8,011,100    $    333,795    $  215,000   94  
Increase / Decrease -1 -4%  $            7,320,417 91%  $  332,792 100%  $  125,000 58% -20 -21%
                     
All Classes                    
  Current Period 1923    $          617,314,246    $     321,016    $  264,000   2547  
  One Year Ago 1921    $          594,194,257    $     309,315    $  247,000   2938  
Increase / Decrease 2 0%  $          23,119,989 4%  $       11,701 4%  $    17,000 7% -391 -13%
      Year to Date Comparison – Residential Property    
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg
Single Family Detached                
  Current Period 1256    $          491,271,897    $     391,140    $  315,000  
  One Year Ago 1289    $          491,550,491    $     381,342    $  295,000  
Increase / Decrease -33 -3%  $            (278,594) -0%  $       9,798 3%  $   20,000 7%
                 
Condominium                
  Current Period 147    $           37,357,519    $     254,132    $  239,000  
  One Year Ago 121    $            29,308,655    $     242,220    $  225,900  
Increase / Decrease 26 21%  $            8,048,864 27%  $       11,912 5%  $    13,100 6%
                 
All Residential                
  Current Period 1478    $          546,041,370    $     369,446    $  295,000  
  One Year Ago 1502    $          537,185,144    $     357,646    $  285,000  
Increase / Decrease -24 -2%  $            8,856,226 2%  $       11,800 3%  $   10,000 4%
      Year to Date Comparison – Land Sales      
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg
Land – Residential                
  Current Period 384    $            46,534,715    $       121,184    $    71,500  
  One Year Ago 366    $            45,138,935    $     123,330    $    75,000  
Increase / Decrease 18 5%  $          1,395,780 3%  $     (2,146) -2%  $     (3,500) -5%
                 
All Land                
  Current Period 422    $            55,941,359    $       132,562    $    70,500  
  One Year Ago 395    $            48,998,013    $     124,045    $    75,000  
Increase / Decrease 27 7%  $            6,943,346 14%  $     8,517 7%  $     (4,500) -6%
      Year to Date Comparison – Distressed Properties  
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg
Residential – Short Sale                
  Current Period 25    $            12,333,400    $    493,336    $  300,000  
  One Year Ago 63    $            22,873,007    $     363,063    $  295,000  
Increase / Decrease -38 -60%  $             (10,539,607) -46%  $       130,273 36%  $   5,000 2%
                 
Residential – Bank Owned                
  Current Period 64    $            16,754,080    $     261,782    $  203,537  
  One Year Ago 89    $            20,659,430    $     232,128    $  182,000  
Increase / Decrease -25 -28%  $          (3,905,350) -19%  $       29,654 13%  $  21,537 12%
                 
All Residential – Distressed                
  Current Period 89    $            29,087,480    $     755,118    $  503,537  
  One Year Ago 152    $            43,532,437    $     595,191    $  477,000  
Increase / Decrease -63 -41%  $          (14,444,957) -33%  $     159,927 27%  $    26,537 6%
          Corolla Real Estate Sales          
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 12 13 26 14 22 20 12 15 9 19 29 12 204
2013 11 11 17 23 19 14 12 16 5 19 16 16 179
2014 9 9 12 17 16 19 12 15 20 13 11 24 177
2015 17 14 17 21 18 30 16 17 19 10 16 21 216
2016 18 11  14  25  26  25  17  21  19  19     194
                           
                           
          Duck Real Estate Sales          
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 11 8 9 6 8 7 9 8 10 12 6 6 100
2013 5 7 8 6 14 13 7 6 8 8 6 7 95
2014 5 6 9 9 17 11 4 6 3 9 4 13 96
2015 8 6 7 10 12 10 7 8 11 2 7 12 100
2016 6 4  12 8  10  15  6  4  6  7     77
                           
                           
          Southern Shores Real Estate Sales      
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 10 5 9 6 7 6 9 7 9 5 12 5 90
2013 4 6 9 6 4 6 9 6 8 3 3 13 74
2014 8 3 7 10 20 4 4 7 7 7 10 7 97
2015 9 4 5 10 11 6 11 8 6 4 10 13 97
2016 6 2  4  9  7  7  8  5  5  11     64
                           
                           
          Kitty Hawk Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 8 7 6 7 10 8 7 8 7 8 7 5 88
2013 5 6 7 10 10 9 11 6 4 7 9 10 94
2014 4 2 8 11 15 6 9 10 5 11 5 7 93
2015 5 6 9 5 19 6 12 10 5 5 11 8 101
2016 7 6  8  8  6  12  7 6  9  8      77
                           
                           
          Colington Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 1 7 13 10 12 8 2 11 6 2 3 9 84
2013 5 7 7 8 4 12 4 8 8 6 4 4 77
2014 6 2 4 13 8 2 8 3 10 11 6 11 84
2015 5 5 6 11 12 13 9 16 7 14 9 7 114
2016 11 7  8  11  10  7  8  9  14  12     98
                           
                           
          Kill Devil Hills Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 7 12 24 24 25 23 18 15 23 20 13 19 223
2013 14 14 21 40 30 23 26 16 21 14 19 19 257
2014 16 14 21 21 26 26 19 16 26 21 22 20 248
2015 10 23 26 21 31 30 25 26 21 27 24 16 280
2016 12 17  22  23  34  31  20  30  21  27     237
                           
                           
          Nags Head Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 10 11 17 17 22 19 12 12 14 12 18 20 184
2013 10 5 10 16 20 11 20 20 22 7 17 15 173
2014 14 7 8 18 22 12 12 15 23 18 16 15 180
2015 11 12 14 20 32 18 8 14 14 19 16 19 197
2016 12 12  23  22  22  14  16  9  20  13     164
                           
                           
          Hatteras Island Real Estate Sales      
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 14 19 27 22 25 15 18 15 17 12 19 14 217
2013 12 10 18 25 17 18 16 17 16 14 10 14 187
2014 11 14 13 12 22 22 13 15 19 20 18 27 208
2015 13 13 18 19 25 17 26 18 22 26 12 15 224
2016 10 14  16  23  26  26  27  25  18  13     198
                           
                           
          Roanoke Island Real Estate Sales      
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 4 7 7 2 5 7 10 9 17 15 7 7 98
2013 4 8 9 9 10 8 19 10 6 10 6 2 101
2014 11 8 7 13 11 8 14 14 11 9 6 5 117
2015 2 2 10 10 3 19 11 8 16 15 10 13 119
2016 6 7  9  11  11  20  18  21  13  13     132
                           
                           
        Currituck Mainland Real Estate Sales        
            Units Sold            
  Jan Feb Mar April May June July Aug Sept Oct Nov Dec YTD
2012 14 13 17 13 16 19 17 12 19 19 9 7 175
2013 10 7 17 11 20 21 18 19 14 14 11 13 166
2014 9 10 10 15 19 23 14 14 11 11 9 9 155
2015 8 8 16 15 25 22 27 10 9 18 16 10 184
2016 16 10  14  9  14  17  17  14  17  12     140
   Corolla Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               500,000.00 -5%
2013  $               480,000.00 -4%
2014  $               470,000.00 -2%
2015  $               493,950.00 5%
2016  $               428,500.00 -13%
   2016 numbers reflect year to date values
     
     
   Duck Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               479,500.00 -18%
2013  $               499,900.00 4%
2014  $               511,250.00 2%
2015  $               442,000.00 -14%
2016  $               439,000.00 -1%
   2016 numbers reflect year to date values
     
     
   Southern Shores Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               400,000.00 -6%
2013  $               420,000.00 5%
2014  $               430,000.00 2%
2015  $               360,000.00 -16%
2016  $               399,700.00 11%
   2016 numbers reflect year to date values
     
     
   Kitty Hawk Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               291,500.00 11%
2013  $               262,000.00 -10%
2014  $               285,000.00 9%
2015  $               309,000.00 8%
2016  $               305,000.00 -1%
   2016 numbers reflect year to date values
     
     
   Colington Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               204,500.00 11%
2013  $               215,000.00 5%
2014  $               214,000.00 0%
2015  $               239,000.00 12%
2016  $               235,000.00 -2%
   2016 numbers reflect year to date values
     
     
   Town of Kill Devil Hills  Real   Estate Values  
Year  Median Sales Price Percent Change
2012  $               215,000.00 2%
2013  $               214,500.00 0%
2014  $               239,000.00 11%
2015  $               236,000.00 -1%
2016  $               267,000.00 13%
   2016 numbers reflect year to date values
     
     
   Town of Nags Head Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               342,500.00 7%
2013  $               335,000.00 -2%
2014  $               350,000.00 4%
2015  $               363,500.00 4%
2016  $               387,000.00 6%
   2016 numbers reflect year to date values
     
     
   Hatteras Island Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               292,500.00 2%
2013  $               285,000.00 -3%
2014  $               263,775.00 -9%
2015  $               262,250.00 -1%
2016  $               265,000.00 1%
   2016 numbers reflect year to date values
     
     
   Roanoke Island Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               258,000.00 3%
2013  $               222,000.00 -14%
2014  $               260,000.00 17%
2015  $               245,100.00 -6%
2016  $               263,000.00 7%
   2016 numbers reflect year to date values
     
     
   Currituck Mainland Real Estate Values  
Year  Median Sales Price Percent Change
2012  $               180,000.00 1%
2013  $               197,000.00 9%
2014  $               210,000.00 7%
2015  $               221,200.00 5%
2016  $               238,561.00 8%
   2016 numbers reflect year to date values
Nov. 7, 2016

The OBX Home Equity Playbook

OBX Home Equity

The OBX Home Equity Playbook

 

What is Home Equity?

Home equity seems to be a very simple calculation — the total amount of mortgages owed subtracted from the current market value of a home. Here is a simple example:

Current Home Market Value                  $325,000

Existing Mortgage                                       $225,000

Homeowner Equity                                     $100,000

One side of the equation is well defined, and it is found on the monthly mortgage statement, the loan balance. The other side is less obvious — the current market value of the property.

As a homeowner, your down payment purchases your initial equity, and your monthly (or additional) principal payments increase your equity. In strong real estate markets and in-demand locations, equity can increase quite rapidly as the property value increases, but the inverse can also happen — too much available inventory and market down-cycles can lead to falling home values and a reduction in homeowner equity.

It can be difficult to put an accurate value on something that you have emotional and monetary vesting in. It is safe to say that most people think their home is worth more than then it is.

Homeowners can make savvy assessments about their home’s current market value by following the sales of similar properties in the neighborhood, but should stay away from websites such as Zillow and Trulia, which provide inaccurate and outdated estimates. The most accurate measurement requires a comparative market analysis from a real estate professional or having the home professionally appraised. But, the bottom line — your home is worth as much as someone is willing to pay for it.

Creating Value is in Your Hands

Maintaining the condition of a home is vitally important to retaining and increasing value. Homes are judged against their peers: how they compare to similar homes in the neighborhood. Another way to retain value is to not over upgrade, since it is rare to ever recoup the money spent if you exceed neighborhood value. Keep up the landscaping and do the little things to add curb appeal.

Putting Home Equity to Work

Home equity represents the largest single asset of millions of people, and because it represents so much of an individual’s net worth, it must be treated with respect. Home equity is not a liquid asset until a property is sold, or it is borrowed against.

There are two types of loans that tap into homeowner equity as collateral.

Home Equity Loans

Many home equity plans set a fixed period during which the person can borrow money, such as 10 years. At the end of this “draw period,” the person may be allowed to renew the credit line. If the plan does not allow renewals, the homeowner will not be able to borrow additional money once the period has ended. Some plans may call for payment in full of any outstanding balance at the end of the period. Others may allow repayment over a fixed period, for example, of 10 years.

A home equity loan, sometimes called a second mortgage, usually has a fixed rate and a set time to pay it back, generally with equal monthly payments.

Home Equity Line of Credit

A home equity line of credit is similar to a credit card. The lender sets a maximum amount you can borrow, and you can draw money as you need it, though many home equity lines of credit require an initial draw. The interest rate varies daily, and is usually prime plus a set number, but the required payment is usually interest only. Once the loan has been paid down, the payment is reduced, and it can be paid off and initiated as many times as a homeowner requires.

How Much Equity can be Accessed?

Since the financial institution is lending money and using a home as collateral, they will not lend 100% of the home’s equity. The bank does not want to take the risk that if the house price drops, they would be carrying a loan for more than its market value. Therefore, most banks will allow a qualified homeowner to borrow approximately 80% of their equity.

It’s Important to Use Your Home Equity Wisely

Because it is likely the biggest asset most people have, losing your home equity is hard to overcome. It must be used in prudent ways, and the payments against the loan must be affordable. Using equity money to make the loan payment is only acceptable for a short-term solution.

There are number of good reasons to use money from a home equity loan… and some really bad ones. First, let’s cover smart uses.

  1. Invest in Your Home

The best way to use the money is create more equity in the home. Among the very best returns on your investment (ROI) include kitchen and bathroom remodels, adding square footage or an extra bath, enhancing curb appeal and repairing/keeping the existing structure sound. Making prudent investments in your home is a wonderful win-win: you enjoy the upgrades and the repairs can add value to the home.

  1. Invest in your Children’s Education

Using your home equity to finance a child’s higher education may be the greatest payoff of all. Not only is the rate much lower than a student loan, it is an investment in the child’s future.

  1. Supplement Retirement Needs

Older homeowners spent their working lives paying down their mortgage. At retirement, when monthly income is reduced, a home equity loan could pay for a dream vacation or an unexpected major expense.

  1. Augment the Impending Sale of a Home

If you’re planning to sell soon, a home equity line of credit may be the best way to finance improvements, and you can pay it off entirely when you sell. Investing wisely on upgrades and repairs may even reap a profit on your investment.

Here are some examples of some not very wise choices.

Adding luxury amenities like a swimming pool, a hot spa, lavish landscaping, expensive appliances and exotic countertops and flooring rarely pay off.

Purchasing a car or boat or most any personal luxury items is a poor use of the funds, since these items quickly depreciate in value.

Also stay away from using money on risk-heavy investments. Financing stock purchases, start-up businesses and paying routine bills is not financially smart. If you cannot afford to purchase those items with available funds, using equity from your home means they should not be in your budget.

You should treat a home equity loan as an investment and not as extra cash when making financial decisions. If your intended use of the money doesn’t pay you back in some way, it’s not the best use of your valuable equity.

We Are Happy to Assist You

If you would like an assessment of the market value of your home and the home equity you can access, give us a call for a comparative market analysis.  You can also get an automated valuation by going to https://tidalouterbanksrealty.com/whats-my-home-worth/  and use the box on the right.