If You Build It They Will Come
As many people know the real estate market has been a tough way to make a living in the last few years. Credit has been tight and the economy has been rough...forcing a lot of short sales and foreclosures. However, things seem to be looking up some...at least here on the Outer Banks. In the past few weeks I have seen about six new homes going up between Milepost 7 and Milepost 14. I usually take the Beach Road to and from work and started hearing hammering and seeing construction trucks and crews. This is a welcome sight. Back in the day...maybe eight or nine years ago...maybe a little longer...there were new homes popping up like mushrooms all over the OBX. Big homes, a lot of them, seemed to be the most popular of the new properties but there were also condos and smaller properties as well. Most of these were second homes. Then things slowed down...then slowed down more. However according to some recent reports (I am citing one from Captial Economics) the housing crisis may end this year. A big reason for this is loosening credit.
Some banks are lending amounts up to 3.5 the borrowers earnings and also loosening up on LTV (loan to value ratios). According to Capital Economics this is the clearest sign yet that an improvement of mortgage credit conditions is happening.
We certainly hope this trend continues. Our sales agents, all long time agents and very experienced, have been watching market trends and working with lenders and builders to get the very latest information out there to their clients.
It has been tough for buyers and sellers alike...buyers having difficulty getting credit and sellers not being able to sell because of that and other reasons. So, hopefully we are seeing a turn around in the market.
And now a word from our sponsor! Village Realty is locally owned and managed and has been in business for over twenty years. Our agents can give you information on any property listed on the Outer Banks MLS. www.villagerealtyobx.com/OuterBanks/RealEstate/MLS/
We have offices in Nags Head, Corolla and Columbia, NC (also known as the Inner Banks) and you will find us friendly and knowledgeable about the Outer Banks. If it is a year round residence, a second home or even a lot you are looking for, we invite you to stop by one of our offices and meet with a NC Real Estate Broker.