Outer Banks, NC – December 8, 2011 – (RealEstateRama) — Despite the constant battles between liberal and conservative news outlets they have united under one banner for a common cause. With their combined influence over the American public they have set out to make sure this recession does not end anytime soon. Crazy, isn’t it?
When times are good business owners don’t need to advertise to attract consumers so business owners cut their advertising budgets. During a recession businesses have to advertise more to maintain their market share. Advertising bugets go up. The news outlets are making record profits because of the recession. When the recession ends the news outlets know their advertising revenue is going to go down as business owners once again cut their advertising budgets.
The result is any good news on the economy gets downplayed and the bad news is reported on with enthusiasm. You can actually see it on the faces and hear it in the voices of the news anchors as they assure us our suffering is not going to end anytime soon. With a know-it-all attitude they assure us it would be foolish to buy a home in times like these. They talk incessantly about how the banks won’t make any loans to anyone. This is just not true. Loans are available for those with good credit and a down payment.
Despite all this bad news the Outer Banks real estate market is and has been humming right along for the past 3 years. 2011 is the 3rd year in a row where we have experience an increase in the number of closed real estate transactions on the OBX. This is increase in home sales is occurring concurrently with an unprecedented negative advertising campaign put in place by all the media organizations. Both liberal and conservative news outlets are determined to maintain this recession as long as possible.
Even with all the negative propaganda we see on TV this year so far from Jan 1 to October, 2011 there have been 1,204 closed real estate transactions across the Outer Banks in Dare and Currituck Counties.
Of these 1,204 transactions 881 have been single family residential homes. The median price for these homes was $320,000 and the average price was $405,000. The total dollar amount for these sold homes is $356,976,000.
102 of these transactions were either condos or townhouses with the median price here being $185,000 and an average price of $214,000. The total dollar amount for these sold condos and townhouses is $21,851,000.
The remaining 221 properties were vacant lots with a median price of $89,000 and an average price of $135,000. The total dollar amount for all of the lots sales combined was $29,861,000.
With over $408,689,000 in closed real estate transactions on the Outer Banks this year so far it looks like a very healthy real estate market. While prices and interest rates remain low there are more and more buyers showing up to take advantage of the situation while simultaneously satisfying the desire to own a beach house on the OBX. The time can’t get much better than it is right now to make your dream come true.