Outer Banks foreclosed homes continue to make up a large portion of all sold homes. After foreclosures we see distress sales like short sales, being very popular. Until there are no foreclosed homes available, the market will continue to strongly favor the buyer.

For those interested in buying a home in the Outer Banks, there may not be a better opportunity. Interest rates currently remain low but signs show them rising. Since January we have seen many indicators pointing to a strong rental season. The coupling of strong rents and lowered prices will continue to make the Outer Banks as attractive place to own a vacation or investment home.

Currently our team is following over 41 foreclosed homes. We find the foreclosed homes scattered throughout the area. As you can imagine some areas are more affected than others. Currently we are seeing the most available foreclosures in Kill Devil Hills. Below is a table showing the current bank owned homes in each town.

A couple notes on buying a bank owned homes. The inventory of homes is constantly changing as we are finding banks start to aggressively price their homes. The best deals can be gone fast, with multiple offers. Secondly, banks are requiring offers to come with a pre-approval letter. It is best to speak with a lender before going to view bank owned homes.

On March 20th come and enjoy a great day on the beautiful OBX and learn all about buying an Outer Banks foreclosed home. Our team of local real estate professionals will be available throughout the tour to answer any real estate specific questions you may have.

In addition we will have local mortgage, property management, and insurance consultants available to explain the unique nature of buying a bank owned vacation home. Each professional will better explain the specific costs associated with vacation home ownership. For those who will be looking to rent their home, our local property manager can explain the costs and benefits of using a local property manager.

If you are looking for a stress free way to learn about investing in bank owned homes, this is it. The morning starts with breakfast and the then a tour of bank owned homes in Kitty Hawk, Kill Devil Hills, and Nags Head. This is a great way to enjoy a day by the beach and learn about the possibilities offered in foreclosed homes. For more information visit - OBX foreclosure tour.

The Outer Banks climate has allowed the vacation season to expand well beyond the traditional summer season of Memorial to Labor Day. With the local population exploding during the summer, spring and fall months of tourism, numerous businesses are needed to serve the swelling population. The rise in population creates the need for places to eat. Many who want to live and own a business here do it by purchasing an Outer Banks restaurant.

Besides the need for restaurants, tourism creates a demand for hotels and motels. Many Outer Banks hotels offer an owner's apartment, which would afford you housing in addition to the business. In addition to businesses directly related to tourism the Outer Banks and especially Currituck county offer excellent opportunities for commercial and industrial real estate.

Currituck County Commercial real estate is an area that could be slated for strong long term growth. With the Mid Currituck Bridge planned to start this year, the eventual change in traffic patterns should have a positive effect on businesses along that corridor.

With the addition of a beautiful restaurant and clubhouse to go with the outdoor pool, tennis courts, and fitness center, life at Kilmarlic just gets better. The community is located 4 miles from the Wright Brothers Brige allowing you easy access to the beaches of the Outer Banks without having to get stuck in that summer traffic.

For those that love golf and the beach, Kilmarlic has it all including excellent community amenities. Currently there are 9 homes available in Kilmarlic. If you are considering life on the Outer Banks and love to golf, owning a home in Kilmarlic may be for you.

The amenities at Corolla Light include: trolley service, 2 oceanfront pools, oceanfront restaurant, volleyball courts, tennis courts, shuffleboard courts, basketball courts. soundfront gazebo, fishing pond, nature walks, indoor pool with fitness center and more. For unparalled access to the beautiful beaches of Corolla and world-class amenities Corolla Light can not be matched.

For those looking to invest in Corolla real estate. Corolla Light continues to remain as one of the largest draws for vacationers coming to Corolla. A well appointed home, should yield years of satisfied vacationers and strong rental history.

Nags Head still remains a much sought after community to own a second home or investment property. For those looking to buy a home, conditions are especially strong. Nags Head foreclosures are one way people are taking advantage of the current market conditions.

We are also seeing opportunities besides foreclosures, such as short sales and even many homes that are normal purchases have come down in price. The biggest question is, for how long will this buyers market remain? It looks like the market could be boosted by an extension in the Homebuyer's Tax Credit. In addition to the potential tax credit, interest rates continue to remain low. It is a great time to look at investment properties or second homes in the Outer Banks.

If you are ready to learn more about purchasing a foreclosure in Nags Head or a home along the Outer Banks, feel free to contact me or a member of my team.

Currently we are tracking 26 available homes in Monteray Shores. We see the homes ranging in price from $129,900 to $1,275,000. Of the 26 homes available only 1 is an available Corolla foreclosure. The average home in Monteray Shores has been on the market 251 days with a median days on the market of 160. Often when you see days on the market this high, there can be excellent opportunities for those looking to buy.

So far for the first 9 months of the year we saw 15 homes sold in the Currituck Club. 4 of the 15 sold homes were foreclosures. (Currently we are tracking 3 available - Currituck Club foreclosures.) Currently there are 54 homes for sale in The Currituck Club. We continue to follow excellent opportunities in homes throughout the community.

Currituck Club Sold Homes Data for January to October 2009

• 15 homes sold (4 foreclosures)
• Cheapest sold home - $285,000
• Cheapest sold foreclosure - $398,500
• Highest sale price - $674,463
• Highest sold foreclosure - $751,000
• Avg. sale price of Currituck Club foreclosure $539,955
• Avg. sale price of non bank owned homes - $458,973

As of writing this, there are 28 foreclosured or bank owned homes on the Outer Banks. The homes range from Corolla to Ocracoke and you will find some in every town of the Outer Banks. Prices also have a wide range from $134,000 for a 2 bedroom Kitty Hawk townhome to $1,975,000 for a 8 bedroom Nags Head oceanfront home.

One consequence of bank owned homes being priced so far below tax value, is that they sell quickly. If you are in the market for a bank owned home, I would recommend being pre-qualified and working with a local agent who can keep you apprised of homes that come on the market, they represent an excellent opportunity.