If you have been on the fence about buying a home on the Outer Banks before the New Year, the last quarter of 2013 may be the perfect time to act.
An Outer Banks home is more than a place to enjoy our pristine beaches and fantastic year-round weather, it’s also an incredible investment opportunity that could pay BIG dividends later on.
Here are six great reasons to buy a home on the OBX before the end of 2013:
- Mortgage rates are still low. The national average for a 30-year fixed rate loan is right around 4.50% percent today. Although this is 1.15% percent more than the historically low 3.35% percent last year, it’s still a very attractive rate for prospective home buyers.
- Home prices are still affordable. Overall home prices on the OBX are still down from pre-recession. However the gap is getting smaller and northeastern North Carolina home prices have increased several percentage points this year alone.
- It may be easier to get a mortgage in 2013. Local banks may be making it easier for some prospective buyers to qualify for a mortgage on a northeastern North Carolina house. Like most mortgage advisers will say, having good credit and a sizable down payment will increase your chances of buying the perfect oceanfront home on the Outer Banks.
- Fewer home flippers right now. Many investors are looking to buy and flip houses but are unable to move as quickly as they did in recent years. Housing prices are increasing which has made house flippers less common. There are plenty of deals on bank-owned properties and short-sales on the OBX, you just have to find a great local real estate agent.
- Avoid the cost of rising rent. This year has been predominantly a buyer’s market. If you are currently renting a home and tired of giving your landlord all of your money, consider the benefits of buying a home instead. If you have an outstanding credit history, you may be able to secure a fantastic rate and end up paying the equivalent or less in monthly payments as you build equity in a home. Renting can be a more affordable option for the short term, but renters are helpless when facing rising rental costs year after year.
- Invest in your future! When you make your mortgage payment each month, you are building equity and investing in your financial future. Even if you end up parting ways with your northeastern North Carolina home in five or ten years, you could profit from the sale and invest that money in a bigger home.