Outer Banks Real Estate Update

Real estate professionals on the Outer Banks continue to see a positive shift in real estate activity.

Recent statistics demonstrate that there are many interested buyers in OBX real estate.  For the fifth month in a row, the number of homes sold on the Outer Banks was above 100. On top of the sale of homes, the sale of raw land also saw an increase.

Low mortgage rates have helped stimulate sales in the area.  Professionals are also seeing the number of luxury homes sold increase as well.  This could be because rates for jumbo loans have been dropping and 10% down programs are being offered to 2nd home buyers.

Distressed sales have also been helping some to boost the Outer Banks real estate market.  In September, 25% of homes sold were considered distressed.  Out of the 100 plus number of homes sold, 17 were bank owned and 7 were short sales.