Outer Banks, NC – December 19, 2011 – (RealEstateRama) — For those interested in selling their Kill Devil Hills oceanfront home, right now is not a bad time to give it a try. Jumbo loans are available and there are plenty of people with down payment money and good credit who are looking to do something with their money. The conventional wisdom of investing in the stock market is starting to lose favor among a lot people with the stock market becoming too scary for a lot of people, especially after watching stock holdings evaporate overnight.
Real estate sales are up 20% this year as more and more investors move their portfolios over to real estate. An example can be found in the Kill Devil Hills oceanfront home sale market. Currently, in all of Kill Devil Hills there are only 10 oceanfront houses for sale. This lack of available inventory is happening because real estate sales are fairly brisk all across the Outer Banks. In the past 12 months there were six houses sold along the oceanfront in Kill Devil Hills. Combine these sold oceanfront properties with the 2 homes that are currently under contract with buyers in the process of closing and you have 8 oceanfront properties sold this past year.
This puts the absorption rate for Kill Devil Hills oceanfront homes at 1.25 years. What this means is an oceanfront house is sold in Kill Devil Hills every 6.5 weeks. With the current inventory available for sale it will take 1.25 years to sell them all off, if the market stays the same as it is now. This is good news when you compare it to all the doom and gloom news we hear on TV.
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, helping people buy and sell real estate on the Outer Banks since 1989. Call 800-647-1868 Shore Realty