Realtors in the Outer Banks and Nag's Head, North Carolina, report that inventories are rising, but the outlook for second home ownership along the coast remains strong, creating opportunities for buyers.
"This is a resort community between the ocean and the sound offering vacation investment homes, second homes, and year-round living," says Realtor Louanne Woody. "Mid-summer is showing an increase of inventory of both homes and land. Buyers, if you've been waiting to find your place on the Outer Banks, don't wait any longer! Interest rates remain very attractive and you have more choice in properties. The increase in lot inventory arises due to new subdivisions less than an hour from the beach. You have more options available than ever!"
"Sellers, if you've owned Outer Banks property for a while, you may be ready to move up to a larger home in the area or to cash out," advises Woody. "There are buyers waiting for your property!"
"The Outer Banks is a barrier island along the northeast coast and the connecting mainland with some of the best beaches in the US," says Realtor Shelia Williamson. "This is a great time to find your house at the beach -- close on the property and start collecting rental checks! Real estate prices are stabilizing and inventory has increased."
Williamson advises, "Buyers are taking advantage of the low interest rates and new loan products, such as interest only. It is a good time to add to your real estate portfolio. Sellers are taking advantage of the highest values in years, pulling out equity or using the 1031 Tax Deferred Exchange to avoid paying capital gains taxes. Interest rates are still hovering around 5.5 to 6 percent (30 year conventional mortgage), so the market is balanced for buyers and sellers!"
"The coast is a source of natural beauty which can contribute to a high quality of life where people can relax, experience nature and restore balance to their lives," says Realtor Tina Dopudja. "Whether it's watching a sunset with a spouse, sunbathing with a friend, walking with a family member, swimming or surfing, Outer Banks beaches provide residents some of the world's most beautiful shoreline settings."
"Nags Head, located on the Outer Banks, has many investment opportunities," suggests Dopudja. "The market for vacation and second homes in North Carolina is booming along the coast! The consensus is that North Carolina's vacation and second home market will remain strong well into the next decade. The 'bubble' that hangs over some markets is not seen as a threat since the factors that attract people to the state will not change. There are many factors including interest rates and favorable tax laws but foremost is the coming of the economic age of the 76 million "Baby Boomers" that have accumulated more wealth than any previous generation and is seeking lifestyle changes and investment opportunities. The Wall Street Journal noted that boomers are buying second homes as a test run for retirement, often in places where they have previously vacationed and also to diversify their investments."
"The Outer Banks is growing with new businesses and fun activities for families but is still protected by Federal Wildlife Sanctuaries that cannot be developed. Therefore, there is not much more land left to be developed and from my experience will only continue to appreciate in value," she says.