It’s Heating Up Already!!

Summer at the Outer Banks!Can you feel it? It’s not only the weather heating up on the Outer Banks, it’s our Vacation Home Market!!

According to the National Association of REALTORS®, vacation home sales have gone up 10% nationwide since 2012 with extremely strong sales for Spring.

“A lot of buyers who were sitting on the sidelines decided last year was probably a good time to take advantage of buying a vacation home,” says Paul Bishop, NAR’s vice president of research. “They were feeling pretty good about their own financial situation, given the growth in the market and in the economy.”

CNBC reports Vacation Home rentals are fully booked for the season.

123 20 Georgetown Sands, Duck, NCAlso according to the report, the storms of previous years are not hampering buyers’ willingness to buy vacation homes along the ocean. Many are buying investment properties taking advantage of the seasonal rentals and are paying cash. In fact 46% of vacation home buyers paid cash in 2012, according to the recent NAR survey.

Those who are financing vacation/second homes are also finding out interest rates are not that much different than interest rates for primary residences.

“Growth in household wealth will help vacation home purchases moving forward,” Lawrence Yun, NAR’s chief economist, said in a recent economic forecast.

It’s still not too late to purchase a vacation home on the Outer Banks and take advantage of all the Summer Fun just waiting for you!

Contact me today and see which Outer Banks vacation home is right for you!