Are you thinking about buying OBX real estate? As the 2014 vacation season approaches, now is an excellent time to seriously consider this excellent opportunity. Last year’s numbers were great and showed that the bottom of the real estate market has come and gone. A comparison of 2012 to 2011 showed that there was a 12 percent increase in the number of sold homes in 2012 (OBX Association of Realtors). In terms of the vacation market, thousands flocked to the Outer Banks ready for some quality summer time fun.
For this year, we are anticipating the continued growth in both the rental and sales market. “We were very happy with how things turned out in 2012 and are excited to get this year in motion,” says Carolyn Hickok, Broker/Realtor at Élan Real Estate Sales.
The Outer Banks is a place that draws at the soul of its guests who end up wanting to either move here permanently or, at least, have a summer home here as a vacation or rental property. In fact, this is how many full-time residents end up here. One comment we hear from our guests has to do with whether people live here year round. The answer is a resounding YES!! There are, in fact, over 57,000 full time residents who live in Dare and Currituck Counties.
As for the perfect town on the Outer Banks, each one caters to a different buyer. While there are vacation rental properties in each town, most of the full-time residents live in Nags Head, Kill Devil Hills, Kitty Hawk and Southern Shores. The options available are numerous. Hickok says that, “approximately half of the residential properties are vacation rental investments.”
In terms of list prices, potential buyers should anticipate the spectrum to be between $200,000 and about $4 million with a wonderful selection of quaint cottages, bungalows and large multi-million dollar vacation homes. No matter the purpose of buying real estate, potential buyers can expect to find homes listed between somewhere around $200,000 and about $4 million.
For more information on the real estate opportunities in Duck, Corolla, or any other eastern NC real estate, contact Élan Real Estate at (252) 491-8787 or (855) 383-877 or via email.