Outer Banks Fans,

Foreclosures and shorts sales for property investment in Nags Head continue to create hot deals for potential buyers.

It started in December of 2010 when our property values decreased, and since then, they have dropped between 5% and 10%, depending on the property. While many of us who are owners cringe at this idea, it does represent an incredible opportunity for those looking to buy a home for sale in Nags Head. Our Nags Head property market is definitely solid: defying the trends in the larger tourism industry. It’s a simple concept – prices are low, but rents remain strong.

homes for sale in nags head

Three Reasons Why

Shadow inventory is a term used quite frequently and this is one of three big factors in the dropped prices. With so many foreclosures in Nags Head, it has jammed the system up, leaving many homes in limbo, and just waiting to be listed in the future. Short sales have also contributed plenty to the mass of distressed properties.

Seller exhaustion is a another factor. Many sellers believed that it would turn in 2007, 2008 or 2009. Even the most optimistic person has realized by now that prices will not likely escalate for years to come. Many sellers gave up on principle and either strategically defaulted or have agreed on short selling their home.

The third factor in the fast drop since 2010 is the continuing difficulty in the mortgage property market. This is a double edge sword because it can affect both buyers and sellers. The only way for you, as the potential buyer, to handle this is to talk to a lender before buying a home.

homes for sale in nags head

Your Best Chance

This is your opportunity find the perfect home for sale in Nags Head. Talk Dean Agency today and ask them about the short sales or foreclosures on the market and find the best bargain ever!