Outer Banks, NC – December 15, 2011 – (RealEstateRama) — The recession seems to be affecting different segments of the population differently. While all we ever hear about are the people who lost their jobs and who lost their houses and trashed their credit we never seem to hear about the vast majority of people who still have jobs, still have credit and managed to not borrow more than they could afford. These clever folks have managed to stay on the sidelines waiting for the smoke to clear so they could see when it was time to take advantage of the decline in real estate prices brought on by a minority of Americans.
The activity in the Duck oceanfront home sales market is coming back with a vengeance. Currently the absorption rate for oceanfront houses in Duck is less than 1 year. This means that if you list your oceanfront house for sale in Duck you can expect to sell it within the next 12 months.
How does this work? Currently there are 13 beachfront houses for sale is Duck . In the past 12 months the market was able to absorb 10 oceanfront houses in Duck and there are 3 more homes currently under contract with buyers in the process of closing on the properties. This puts the absorption rate for Duck oceanfront homes for sale at 12 months. It takes 12 months for the market to absorb the current inventory.
So, if you want to sell your oceanfront home in Duck, and you are willing to price it at market value, then you can expect to see all of the available inventory sell, including yours, in the following 12 months. This doesn’t mean you can put your oceanfront property on the market at a price higher than the market will bear, nor does it mean prices are going up. Until the foreclosures stop, prices will continue to decline as the banks compete to see how fast they can sell off their inventory. Unfortunately, these banks don’ take into consideration the harm they are doing to their neighbors who sometimes happen to be owners with loans held by these same banks.
If you are planning to sell your oceanfront home then now is a good time. There are plenty of buyers waiting for the right property to come on the market at market value. If you can price your home at market value then you can sell your property. To find out what the market value is for your OBX property call Greg Cremia at Shore Realty 800-647-1868, helping people buy and sell real estate on the Outer Banks since 1989.