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How is the housing market in the Outer Banks? From 2004-2006, property values increased by 25-30% each year. Now they're increasing by about 10%. On the upside, this year is starting off better than last year.
Any trends that you've noticed? The rental season is getting longer.
The typical buyer: Lives in interior North Carolina, Virginia, Ohio, New York, Pennsylvania, or New Jersey. Retirees are the biggest buying group. Many of them originally moved to Florida, but found it to be too hot during the summer. Also a lot in the 45-55 age group. Seeing some 35ish buyers who are buying properties as an investment for now, but plan to sell the property and buy in the area when they retire.
Avg. cost of a home:
Low-end: 3BR on the West side with no view. $250-300K.
Mid-range: 5BR with beach access. $599K.
High-end: 8BR on beach. $1.8 Million
What do prospective buyers look for in a vacation property in your area?
Property Type: New construction houses. 5-8BR is most popular size.
Location: Oceanfront.
Any specific amenities: Heated pools, indoor movie theaters, open living room/kitchens, ocean views, dual sinks, every bedroom has a bath.
What tourist attractions and events would pull in renters? Beach, lighthouses, Jockey's Ridge, largest migrant sand dunes, hang-gliding. Best offshore fishing for tuna, dolphin, rockfish. Events: Wright Memorial. Kite Shows.
Tips for buying a vacation rental home in the Outer Banks area:
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Contact a mortgage person. Let them know that you're considering renting out the property. They can factor this into how much house you can afford.
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Contact a realtor that knows the vacation rental market.
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Get the newest house that you can. Less for you to worry about.
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Buy a house with as many beds and baths as you can afford.
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If you can't afford a house on the beach, buy one in a community with beach access.
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Also, consider communities with amenities like a golf course, etc.
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If you purchase a home with rentals on the books - you must honor all rentals that are scheduled for 180 days from closing.
And lastly, why should a buyer choose a vacation rental home in your area? The Outer Banks is a relaxing area with clean beaches and beautiful sunsets. There's no boardwalk, no high rise hotels.
Beth Dobney claims local status by virtue of the fact that she's lived in northeastern North Carolina since age 3. Beth took her passion for public relations to the Outer Banks and became a full-time real estate agent in 1999. http://www.obxoceanfronts.com.
To get a feel for the Outer Banks Vacation Rental Market or to find a great vacation property to rent, browse Outer Banks Vacation Rentals on HomeAway.com.
Are you a realtor in a vacation market who'd like to do a Q&A? Email us.
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