Category — Bank Owned

The OBX Team recently offered a great recap of the January 2010 real estate market on the Outer Banks. 

Posted by The OBX Team on Wednesday, February 17th, 2010. 

The OBX real estate market saw an increase of 102% for residential sales in January 2010 compared to January 2009; 82 sales in 2010 to 40 sales in January 2009.  Distress sales, bank owned homes and short sales made up 40% of all sales.  If January is any indicator of the coming spring, we are looking at a much improving real estate market on the Outer Banks.

OBX January Real Estate Highlights

• 22 homes sold in the $300,000 – $399,000 price range 
• $100,000 increase in residential median sold price
• An 11 percent decline in total inventory of homes
• Residential Sales doubled January 2009 to January 2010

Distressed sales made up 29% of all residential properties sold in the Outer Banks in the month of July.  Distressed properties include short sales and bank owned homes.  Bank owned homes made up 20% of all sold residential homes for July. 

Distressed properties tend to push real estate values down.  An increase in distressed property sales can be viewed from a positive light because the sales demonstrate that buyers are coming back into the market, and as the distressed properties are cleared out prices can stabilize and eventually grow.

In the month of July the Outer Banks received very encouraging news that 101 properties were sold in the area.  July was the third consecutive month that saw over 100 closings.  Even more encouraging is the fact that this July was up 13 sales compared to 2008. 

Bank owned homes and short sales account for a large percentage of these transactions.  29 out of 101 sales were distressed properties.  Of the 29 distressed homes, 20 were banked owned.  Here’s a great source for the Outer Banks Foreclosure Report. 

Local Real Estate professionals feel the market will continue to improve, and distressed properties will continue to have a large impact. 

 Are you interested in buying a home in the Outer Banks, but are unsure of how to proceed?  If you are looking for a no pressure way to learn about buying a home in the Outer Banks, visit our weekly Homebuyers Seminar.  The seminar is being held weekly throughout the summer.  

     Come spend an hour, and learn about investment opportunities in the Outer Banks.  Two seminars will be offered weekly.  The Wednesday seminar will be held in the Kitty Hawk office of Seaside Vacations.  The Corolla seminar is being held on Thursday’s in the Corolla offices of Seaside Vacations.  Come on in, and learn about the benefits of buying a vacation or investment home in the Outer Banks.  

 Some Topics the Homebuyers Seminar will cover:

Today’s Outer Banks real estate market

Difference between short sale, foreclosure and bank owned

Steps in buying a vacation or investment home

Insuring your Outer Banks home

Managing your Outer Banks investment

Costs associated with owning a beach home.

**Just Added**: Buying a bank owned home or short sale  

Weekly Outer Banks Homebuyers Seminar

When: Every Wednesday in the Kitty Hawk offices of Seaside Vacations

           Seaside Kitty Hawk Office is located at 4820 N. Croatan Highway, Kitty Hawk NC 27949 

           Every Thursday in the Corolla office of Seaside Vacations

           Seaside Vacations Corolla office is located at 1070 D Ocean Trail, Corolla NC 27929

Time: 10 am.  

Who: Seminar is open to anyone who is interested in buying in the Outer Banks.

For Additional Information: Kevin O’Brien – 252 489 3706 – Kevin@seasiderealty.com

Bidding Wars are breaking out as a result of falling homes prices.

In most of the nation, the supply of unsold homes outpaces the demand, and as a result real estate values are falling.  A major trend contributing to this oversupply is the increasing volume of foreclosures on the market.

However, even with oversupply, reduced prices on many foreclosed homes are driving multiple bid situations. Many real estate brokers are reporting that they are receiving multiple offers on their listings.

Tamby Leonard of Santa Ana, California, says that she has been outbid four times since January when trying to buy a home for her family of five.  The more appealing bank-owned homes in her price range tend to be sold quickly to investors that are able to pay cash.

The Federal Finance Agency recently reported that home prices nationwide have risen 0.7% in February from January.  It is predicted that these bidding wars will continue until prices become more stable.

May 13, 2009

Dear Coldwell Banker® Brokers/Owners:

During the first week in June, I am heading to Washington DC to meet with key members of the House and Senate as well as the media to have a dialogue on the critical issues still facing the real estate industry. As many of you would agree, the $8,000 first time homebuyer tax credit has been a good start and there have been some positive signs in our economy recently. But to fully pull real estate and the economy out of its current state, our government needs to do more. And in order for me to make the strongest impact possible while in Washington, I need your assistance.

During the week prior to my meeting (the four days that follow Memorial Day, May 26-29), all Washington DC representatives are expected to be back in their home offices, and will be working. I am proposing we initiate a “Coldwell Banker Legislative Week” during this time, in which Coldwell Banker brokers nationwide meet with their local representatives and discuss what else needs to be done with the housing market to truly mend the economy.   

So between now and then, I’m asking that you please reach out to your local representative and set up a face to face meeting during these four days. Call their local office and ask for the person who coordinates the representative’s schedule. If you cannot get an appointment with the representative, ask for a meeting with their chief of staff. Also, if you are asked why you want to meet, let them know local real estate affects the national economy and Coldwell Banker would like to present suggestions on how to remedy the real estate market. (As a side note, please put your political beliefs aside regardless of your support for the representative – this is about real estate which affects us all.)

In terms of what you should be communicating in your actual meeting, I will be recording a Webinar by the middle of next week, that will highlight our message points so you’ll know what to say and what questions to ask. We will e-mail you access information for the webinar by early next week, as well as make it available on CB Works once complete.

We have created an email address electedofficial@coldwellbanker.com as a place to gather all feedback – we ask that you send us a brief report to this address highlighting whom you met with and what was discussed. When we distribute details about the webinar, we’ll also include a “fill in the blank” form for reporting back what was discussed that you can just forward to the electedofficial@coldwellbanker.com e-mail address.

If you’re unsure about the contact information for your representatives, there are two websites that you can visit for all necessary info:

• Congress: to find your local representative and make an appointment, please visit:

https://writerep.house.gov/writerep/welcome.shtml

• Senate: this site will take you to individual senator Web pages and their respective contact info:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

I understand there is a short window of opportunity for us to complete this and not all of you will be able to secure an appointment. Even if you can only secure a brief or future appointment or hold a phone conversation, please inform us anyway. Just know that even if you are unable to secure any type of appointment, the message is logged with the representative, so you are still making a difference no matter the outcome. But do whatever you can to make these meetings happen during the Memorial Day week as this is a perfect chance to showcase the national power and influence of the Coldwell Banker brand. 

I look forward to reading all your feedback. If you have any questions in the meantime, feel free to e-mail me and I’ll be happy to respond.

Let’s make the Coldwell Banker voice heard!

Regards,