The Oracle of Omaha recently shared his thoughts about recovery in the housing market.
“Warren Buffett, the billionaire investor and Berkshire Hathaway CEO, said on CNBC’s “Squawk Box” recently that he’d “buy up a couple hundred thousand” single-family homes if it was practical.”
A 3BR, 2BA Home for $80,000!
Bank owned – 3 bedroom, 2 bath home in a waterfront neighborhood. The current tax assessment is over $207,000.
Contact me for more information. mark@obxdreamhomes.com
To most people, these terms scream, “Bargain!”
People ask me daily about foreclosures and the impact they have on Outer Banks real estate. Bank owned properties are a driving force in the current Outer Banks real estate market. In 2011, 1,156 single family-detached homes were reported as “Sold” by the Outer Banks Association of Realtors. 263 (22.8%) of these homes were bank owned properties. An additional 171 closings in 2011 were listed as, “potential short sales,” which means that 37.5% of our closings last year were “distressed properties.”
What does this mean to you?
You can find a great deal on a bank owned home but you need to go in with your eyes wide open. You will be negotiating against a large corporation with no emotional attachment to the home. You are also signing a stack of paperwork written to protect the bank. And you are typically purchasing a home “as is” with no warranty from the seller.
Is it worth it? Absolutely! I have witnessed some incredible deals over the last three years. If you would like to receive a weekly list of Outer Banks foreclosures, send an email to: foreclosures@obxdreamhomes.com
Here’s an interesting article in the Wall Street Journal about home affordability and housing sector recovery.
“Based on income, this is as affordable as it gets,” said Mark Zandi, chief economist at Moody’s Analytics. “If you can get a loan, these are pretty good times to buy.”
Welcome to the new Advantage Realty Outer Banks website!
Why did I choose a blog format? Well, I spent several years managing a more traditional real estate website. It was an attractive, well designed site with an integrated property search function, and a ton of regularly updated content. It was expensive and labor intensive to update and maintain and it was practically useless at its intended tasks. When I started my first Outer Banks Real Estate website in 2003, it was intended to provide information to prospective buyers, market property for clients, and generate prospective clients. It offered hundreds of pages of useful information for people considering investing in Outer Banks real estate and detailed information about current homes listed for sale. Unfortunately, most visitors didn’t venture far beyond the homepage. I received several requests a week for information that was readily available on the website! It seemed that if the information they were looking for wasn’t available on the homepage, the average visitor either contacted me for additional information or disappeared into cyberspace. I really thought the website would be a valuable tool for my buyer and seller clients but the only thing it did well was attract future clients.
Using this format will make it easier for me to keep this site updated with current information about general market conditions and specific opportunities. I think this format will be much more useful for my current and future clients.
Feel free to contact us to ask any questions or request additional information. Thanks for visiting. Come back soon and often!
