2009 has gotten off to a good start for the Hatteras Island real estate market. President’s Day weekend was especially active - agents called to show our properties; prospective buyers called to ask about the prices of specific properties; sellers called in to reduce their asking prices, and, several properties went under contract or have offers working [...]
If we were to summarize the current state of the Hatteras Island real estate market, we would say that some components have stabilized while others are still trending downward. The number of residential properties that are listed for sale has remained relatively constant over the past year, ranging from 450 to 500 homes per month. [...]
While the present level of properties on Hatteras Island entering the foreclosure process is relatively low compared to other places around the country, the number of owners facing financial hardship can be expected to increase over the next three years when a substantial wave of Adjustable Rate Mortgages (ARMs) and exotic loans are forecast to reset. In [...]
We believe that foreclosure activity on Hatteras Island is certainly important, but it is by no means of crisis proportions. Approximately 22 properties that are either listed for sale, are under contract, or were sold this year are foreclosed properties (three tenths of one percent of the total number of real estate parcels on Hatteras Island). While the number [...]
As you recall, on February 20th two environmental groups filed a motion in federal court requesting a preliminary injunction to prevent driving on the beaches in six bird breeding and nesting areas within the Cape Hatteras National Seashore. Coincidentally, these areas are among the most popular for visitors and residents. They include the south end of [...]
The following article appeared on the Island Free Press web site (http://www.islandfreepress.com) yesterday.
The environmental groups that have sued the National Park Service over its interim protected species plan at Cape Hatteras National Seashore will ask a federal court judge on Wednesday, Feb. 20, for a temporary injunction to stop beach driving until the lawsuit is [...]
It doesn’t take a rocket scientist to know that 2007 was quite a year for both our local Hatteras Island market as well as real estate markets across the country. All of us have been inundated with reports of market declines, and we have been introduced to a new vocabulary of terms including sub-prime borrowers, Alt-A [...]
With all of the recent news reports about the housing market decline and problems related to sub-prime mortgages, it is easy to fall into the trap of thinking that the real estate market on Hatteras Island is completely dormant. In reality, nothing could be more distant from the truth. Here are some simple facts:
· Properties are [...]
Analyzing real estate market statistics is often like looking at the ocean after a storm. There are a lot of cross-currents, and rarely do all of the indicators point in the same direction. This seems to be the situation in the market today.
We think that a strong case can be made that the real estate market on Hatteras [...]
Prospective buyers of Cape Hatteras real estate received an early Christmas present today when interest rates dropped below 6.0 percent!
Interest rates on conventional 30-year fixed rate loans (those below $417,000) offered by a major lender are 5.875 percent with no points and 5.625 percent with the payment of one point (one percent of the loan [...]
