Outer Banks Fans,

Foreclosures and shorts sales are still hot for property investment in Duck making deals sweeter for potential buyers.

In December of 2010, we saw our property values decrease, and ever since they have dropped between 5% and 10%, depending on the location or property. While many owners cringe because of this, it does mean an incredible opportunity for those looking to buy a home for sale in Duck. Our Duck property market is definitely rock-solid: defying the trends in the larger tourism industry. It’s a simple concept – prices are decreasing, but rents remain strong.

homes for sale in Duck

Three Factors for Price Drop

There are three reasons why investment properties are still suffering:

  • Shadow inventory: It’s a term used quite frequently and this is one of three big factors in the dropped prices. Because of so many foreclosures in Duck, it has jammed up the system, and many homes are left in limbo, just waiting to be listed in the future. Short sales have definitely contributed to the mass of distressed properties, as well.
  • Seller exhaustion: can be considered the second factor. Many sellers believed that the cycle would turn in 2007, 2008 or 2009. Even the most optimistic person has now realized that prices will not likely balance out for years to come. Many sellers abandoned principle and either defaulted strategically, or agreed on short selling their home.
  • Mortgage Market: The third factor in the fast drop since 2010 has to do with the continuing difficulty in the mortgage market. This is a double edge sword for both buyers and sellers because it can affect both of. If you are a potential buyer, the only way to handle this is by talking to a lender before buying a home.

homes for sale in Duck

Now’s Your Chance!

This is the perfect opportunity find a great bargain for a home for sale in Duck. Call Dean Agency today and ask them about the foreclosures or short sales on the market and find the best deal ever!