Investing in the Outer Banks

One thing you will find when you invest in real estate is that all markets are local.  While markets are definitely affected by what is happening nationally and internationally, take availability of credit and interest rates.  The greatest influence is exerted by the local area. 

Often areas are greatly influenced by the predominant industry.  Here in the Outer Banks of North Carolina, our main industry is tourism.  Tourism swells the summertime population and local businesses reap the benefit.  With very few hotels and motels, the majority of Outer Banks visitors stay in vacation rental homes. Often it is possible to forecast the coming season by how local property managers are doing. 

Initial estimates were very gloomy.  It seems now, that the numbers are definitely slower than last year but no where near the 20% off they were in early January.  This is great news for those who invest in vacation homes.  The decline in prices coupled with rents that seem to be holding steady, make homes in the Outer Banks especially attractive.  As capitalization rates rise, we will see some inventory clearing up. 

Right now it seems as if the biggest interest is in Outer Banks foreclosures and bank owned homes.  It is for good reason that these homes are generating so much interest.  Prices of bank owned homes have fallen and for those looking to make a long term invesment, may now be worth it. 

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