Outer Banks Real Estate

Internet Buyers are the future of Real Estate on the Outer Banks

The folks over at Sellsius Real Estate Blog published an interesting article about the Real Estate Internet Buyer. 

Their statistics showed an Internet Buyer spends on average 2.2 weeks before making a purchase while traditional buyers spend over 7 weeks.  The Internet Buyer also previewed half of the homes of a traditional buyer.   

The Outer Banks Real Estate Market is more dependent on the Internet than most.  It seems there are new online tools and Web 2.0 applications being released every week specifically to help agents and homeowners promote their properties.  If you would like a list of available services or if you have questions about the emerging technology, send me an email and I will be glad to answer your questions.      

Insurance Rates going up for Outer Banks homeowners

Homeowners on the Outer Banks and surrounding coastal counties will see a 25% increase in their insurance rates starting May 1, 2007.  North Carolina Insurance Commissioner Jim Long announced earlier in the year that most counties will see a 5.4% increase but the coastal counties are getting the brunt of the cost with a 25% increase in rates.  The estimated monthly increase in premiums will equal around $ 150 for a house valued at $ 500,000. 

With such a dramatic increase, the escrow accounts of many will be short which will cause a substantial increase in their mortgage payment to make up the difference.

Mid Currituck Bridge update

The North Carolina Turnpike Authority authorized and released a study by the engineering firm Wilbur Smith Associates.  The estimated cost of the bridge is currently $800 million and the firm has concluded that motorist should pay $8 one way toll for use during the tourist season.  Tolls would be reduced to $6 one way during the off season.

For those of you vacationing in Corolla and the four wheel drive area of the Outer Banks, this bridge should cut at least an hour of waiting in traffic each way.  It would also cut down the time to evacuate the northern OBX if we had an early season hurricane.

The bridge is slated to be completed in 2013.  For more information, you can read the article published in the Daily Advance.  You can also visit the North Carolina Turnpike Authority to stay informed on the project status.