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Mike’s NEWSLETTER Topic of the Week

Vacation & Investment Home Sales Surging

What’s the BUZZ?……What’s Happening? How will the most recent data help you?
If your plans are to secure an investment vacation home here on the Outer Banks some day or if you own one you have been trying to sell, you will be interested in maintaining an eye on the latest data.
There is some very interesting, new numbers, available that may surprise some and probably please many.
According to the NAR (National Association of Realtors) 2012 Investment & Vacation Home Buyers Survey covering existing- and new-home transactions in 2011:
• Investment-home sales surged an extraordinary 64.5 percent to 1.23 million last year from 749,000 in 2010. Vacation-home sales rose 7.0 percent to 502,000 in 2011 from 469,000 in 2010.
• Vacation-home sales accounted for 11 percent of all transactions last year, up from 10 percent in 2010, while the portion of investment sales jumped to 27 percent in 2011 from 17 percent in 2010.
• All-cash purchases have become fairly common in the investment- and vacation-home market during recent years: 49 percent of investment buyers paid cash in 2011, as did 42 percent of vacation-home buyers.
• Half of all investment home purchases in 2011 were distressed homes, as were 39 percent of vacation homes.
• The typical vacation-home buyer was 50 years old, had a median household income of $88,600 and purchased a property that was a median distance of 305 miles from the primary residence; 35 percent of vacation homes were within 100 miles and 37 percent were more than 500 miles. Buyers plan to own their recreational property for a median of 10 years.
Here’s a BIG number that buyer’s will be very excited about. Vacation Home prices in 2011 were down 19.1 percent from 2010!
How do these numbers compare to the Outer Banks Sales Data you may ask? The fact remains that it is still much better news for buyers than sellers these days.
Contact me and let’s talk about your comfort price point, your area of interest and locate you a deal for the ages!

Contact me today to discuss the possibility of putting your cash to work for you, here, on the present low risk & potentially high reward Outer Banks.

The Outer Banks of North Carolina is made up of pristine, ocean beaches where many have vacationed. Some decide to buy a rental home here, some decide to live here and ALL enjoy it for its beauty and laid back lifestyle. I know the OBX from the wide beaches of Corolla, to the quaint village setting of Duck, to the rolling dunes of Southern Shores, to historical Kitty Hawk, Kill Devil Hills & Nags Head and finally to the Rodanthe, Waves, Salvo, Avon, Buxton, Frisco and Hatteras…

Living here for over 25 years has allowed me to deliver the spirit and lifestyle to my clients. While that sounds intriguing, it is all about service and results, so they can live the dream! Contact me today to talk about the Outer Banks Home Buying or Selling process.