We are approaching our second “buying” season here in the Outer Banks. Most people believe Spring is the best time to buy and it very well could be, but Fall has it’s definite advantages. Home prices are typically higher here in the Summer. Owners of investment properties are receiving income from their vacation rental homes and are in the mindset that they do not “have” to sell because they are generating income. Once rental season is over, around the first of September, owners are in a different state of mind. The rental income has ended and you will see home prices being reduced, at times, quite significantly. That beach bargain you have been looking for could be on the market now and the list price will or has been reduced, or it could be coming onto the market soon.
This is a very competitive market. Homes do not last long if the price is right and the location is better! The closer you purchase to the water, the better your return on investment will be. There are other factors to consider, such as condition of the property, age of the property and proximity to a beach access, but what really matters is location, location, location.
If you have been considering buying an investment property in the Outer Banks, now is the time! Please call or email me at your convenience and I will be happy to answer any questions you may have or gather any additional information that may help narrow your search.
Happy House Hunting!