Outer Banks Real Estate

Build the Bridge-Preserve our Roads meeting November 30 2005

If you have ever been to Duck, Corolla or the 4WD beaches in the summer, you probably got a good look at this sign. 

The Build the Bridge - Preserve our Roads group is meeting tonight at the Pitts Center at 7:00pm.  The group is trying to gather support for a Mid Currituck County Bridge that would make it easier to get to and get out.  You can sign their online petition or just get additional information.

Feds announce new conforming loan limits

The feds announced today that the new conventional conforming loan limits will be increased from $359,650 to $417,000.  Lenders offer the best rates for mortgages that they can sell to Fannie Mae and Freddie Mac. 

Existing Home Sales down

The number of unsold homes across the nation is now at 2.87 million - the highest it has been in 19 years.  The trend on the Outer Banks has been the same - more listings while the number of sales has remained steady.

David Lereah from the National Association of Realtors said "We feel confident that housing is landing softly as rates continue to rise". 

While there is no predicted end to the feds raising the short term interest rates, mortgage bonds have rebounded their two month decline and are back on the rise which means lower rates. 

Currituck County officials calling for more lifeguards on northern beaches

Business is booming along the Currituck portion of the Outer Banks - so much that local officials feel the need for additional lifeguards.  Many sections of the northern beaches have no covereage. 

Anglers heading to Outer Banks in search of Stripers

The fishing season is upon us and anglers are heading this way to catch the Stripers along the beaches.  They are a lot of fun to catch and some fresh fish is just what the doctor ordered for those that have had too much turkey over the last few days. 

It is a beautiful day on the Outer Banks - Kitty Hawk is sunny and 75 degrees today.  Not bad for the end of November.

Cool Google Map Tool

I found a really cool Google Map tool that allows you to customize your local maps.  The name of the program is YourGMap and you can add all sorts of features.  I just added our office and a local restaurant to my Outer Banks Map and I think I will continue to update it.  This is what the finished product looks like.

Corolla residents seek ban of fireworks

Corolla has ten homeowners associations joining forces to try to ban fireworks on the northern beaches.  The reason - fire hazard to the million dollar ocean front properties.  Currituck County officials are wondering how they are going to deal with the added duties of patroling the beaches for the offenders. 

Making sense of Mortgage Rates

You see it in the Newspapers - You hear it on the Radio - You see it on Television - even in your in-box - unbelievably low mortgage rates.  In most cases, that is just what they are.  Here is an article from Hot Property which is a blog about Real Estate that explains the difference (or lack of) in mortgage rates.  David Porter from Pacesetter Mortgage does a great job explaining the way it really works.

The rate is the rate - it is just that simple.  Some lenders get creative and offer "teaser" rates - but as the Dave Mathews song goes - You pay for what you get.  Prepay penalties, thousands of dollars in junk fees, and poor customer service are just a few examples of why the rate is too good to be true. 

Proposed Tax Reform

If you are having trouble sleeping at night, you can always read the President's Advisory Panel suggestions for Federal Tax Reform.  On second thought, some of this might actually keep you up at night. 

What should your closing costs be for purchasing a home on the Outer Banks?

Closing costs for a loan usually have many hidden or junk fees.  According to Bankrate, the averages for North Carolina are very high.  You will always have closing costs such as appraisal, attorney fees and title insurance.  What you shouldn't pay are the fees that go in the lenders pocket such as:

• Administrtation Fee
• Application Fee
• Committment Fee
• Doc Prep
• Funding Fee
• Processing Fee
• Underwriting Fee