Storm Car Magnets

Show your support for the OBX Storm Soccer club by purchasing a Storm soccer magnet (or two), for your car.  Storm coaches will have them at future practices and games.  They are just $5 a piece and will likely increase the value of your vehicle by hundreds if not thousands of dollars! ;)

Also a link to the league schedule is on the web site.  Since they scheduled four of our games in the Richmond area we are working to have the schedule modified to get at least a couple of these games at home.  Go to the web site and check the schedule for changes over the next week or so.
http://obxstormboys98-00.blogspot.com/

Blog is Moving

I am working to consolodate some of my writings and will now be regulalry posting at scottrealtyobx.com/blog for now on.

If I can figure out a software program that will post them here as well then I'll make sure they get here.

Vacation Home Market Improving

Why bank owned properties have a higher list to sales price ratio

Even though it is counterintuitive, it's a fact; the average list price to sales price ratio is higher for bank owned properties. A few reasons for this will be addressed here. Keep in mind that the only person who sets the sales price is the person paying for the property. A seller can price their property at any price they want but it will not sell until a buyer sees the value. The closer a property is priced to the buyer's buying threshold the higher the list price to sales price will be. The bank's asset managers are usually better at pricing property than private owners. Unlike the typical property owner, the asset manager has no emotion attached to their decision making process. Their main goal is to cut the bank's losses. Before they make a decision about a marketing price the asset managers will receive more than one opinion of value on the property. Often times this includes a professional appraisal. They also ask for information about the property's market segment; are prices going up or are they going down? This helps them logically determine what price will generate buyers. Often times the private owner sees value in features of their property that buyers will not accept. For example, an Outer Banks seller recently thought that dark paneling walls actually added value because they are easy to clean. In reality, dark paneled walls reduce the value in the eyes of most buyers today. The bank's asset manager also requires regular updates on their property activity and their property's market segment. If a property is not receiving showings and/or offers then they'll lower the price to entice buyers. On the other hand, if the house is receiving tons of activity they will be less likely to negotiate on the price. Oftentimes these asset managers are more aware of market conditions than private sellers. Private homeowners are generally not as aggessive with their pricing because can use the property while it is on the market. If you are seriously looking at properties today, don't expect to purchase a bank owned property for much lower than their asking price. Over the last few months, sales prices were close to 94% of asking price on bank owned homes. Private sales were selling for less than 92% of asking price. Have your Scott Team Realty agent provide you with a market analysis on the property you would like to purchase prior to making an offer. This will give you a target price prior to beginning negotiations. For more good info on Outer Banks real estate click here: http://www.scottrealtyobx.com

What should I know about Outer Banks Short Sales?

Short sales have become a larger part of the Outer Banks' real estate market. A short sale occurs when a seller has to sell and they owe more on their property than it is worth. Short sales differ from a normal sale because the seller's lender gets involved. Here are some of the differences: First, they usually take months to get a response from the seller's lender. It can take the seller's lender anywhere from a month to six months to respond to your offer. This happens because the lender wants to make sure the seller has no way to make up the difference owed and because they want to sell the property for as much as possible under current market conditions. Second, a common practice today is for the seller to under price their property to generate a quick offer. They do this because most lenders will not talk with a seller about allowing a short sale until they have a contract on the house. Often these sellers are just a few months away from foreclosure and they are anxious to be done with the property. Third, it often takes a seller a while to provide the lender with all the information they need to make a decision on selling short. Once the lender has all the seller's financial information they get an opinion of value from a real estate agent or appraiser who has no interest in the transaction. As mentioned above, the goal of the lender is to get as much money as possible for the property. They look at what the property is worth, what it would cost to foreclose on the property and then make a decision on the best course of action. Fourth, OBX buyers today often see a short sale property with a status of "under contract continue to show". This status means that a buyer and the seller have agreed on the price and are now waiting for the seller's lender to make a decision. As long as the first buyer continues to move forward with the purchase of the property, the seller and his lender can not sell the property to you. Buyers today often get impatient waiting for the seller's lender to make a decision and void the contract so submitting a back-up offer might be a good option for the right property. There are many other differences in a short sale and a normal sale. Using a Realtor who is familiar with short sales and who is in the market every day will improve your chances of a successful short sale transaction.

Where can I find good general information about Outer Banks real estate?

Buying and selling property on the Outer Banks is different than most areas because of the nature of the resort real estate market as well as issues that arise with purchasing coastal property. If you are serious about purchasing here then you'll need to find a good resource for learning about this different market. Realtors who have made a signficant investment to attract buyers through print media and the Internet are a good place to start. Most of these Realtors have good information on their web sites. Good information can also be found at the Dare and Currituck County web sites. Here information is available on tax assessments, property sizes and other things going on within each county. Contact a local Realtor. They should be able to send you the addresses of many helpful local web sites.

Why should I use just one local Realtor?

Using just one Realtor will save you time for enjoying the Outer Banks and will likely make a difference in the service you receive. Oftentimes Outer Banks buyers will call a Realtor about a property they have listed and then call another when they see another property they find interesting. When you call different listing agents about their listings, more often than not you will be asked many of the same questions by every Realtor you call. Also, most Realtors who have made a career of selling Outer Banks real estate now have CallerID. When you contact them about a property it is likely you will receive additional follow up calls. Even if you don't take these calls they take up your time. Contacting just listing agents eliminates your ability to receive representation because they automatically represent the seller. Every property on the Outer Banks has good features and bad features. Of course listing agents have to tell you about all the defects with the property but they would be doing their seller a disservice if they told a buyer how some of the features are less desirable. A smart buyer will want someone who is very familiar with the area to point out all the pros and cons of each property so they can make an educated buying decision. A listing agent can not do this. Agents who have made a career of selling real estate want your future business and referrals. Therefore they will do all they can to make your buying experience a happy one. Chose one Realtor with whom you can build a lasting relationship and allow them to serve you in your property buying experience.