Corolla Real Estate – Market Report – 9/17*

The Corolla real estate market is thriving!  If you’ve been thinking about purchasing a home for sale in Corolla, you really should get off the fence, as the median sales price year to date in 2017 has increased a whopping 13% over median values in 2016.* Further, while there are still 3 more months to go in 2017, every indication is that we are on track to exceed the number of units sold in 2016.*

Inventory is down, and there are more buyers competing for fewer homes.  I’ve had several instances this year where there were multiple bids on properties, something that hasn’t happened much since the Corolla foreclosure market dried up.  These multiple offers were on non-distressed properties; as I say, there is more competition today for homes in the Corolla real estate market.

If you’re interested in exploring what properties might best serve you and your family’s needs, why not call your Corolla real estate agent Holleay Parcker today at 252.207.1617 and let’s get started finding your perfect Corolla home for sale.   

This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service.  Information contained herein is deemed reliable but not guaranteed.  Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market.

*YTD figures are based on information from the Outer Banks Association of REALTORS® MLS for the period January 1, 2017 through September 30, 2017. Historical data from OBAR MLS for the period 1/1/2013 – 12/31/16.

Showing property is the easy part of an Outer Banks real estate agents job; the heavy lifting doesn’t begin until the offer on an Outer Banks home for sale is accepted.  Once we are under contract, the real work begins.  I order every inspection on the property, which typically includes an Obx home inspection, a septic inspection and a pest inspection.  Once the home inspection is completed, I may then need to have other inspections performed, which may include a fireplace inspection, an elevator inspection, an hvac inspection, and a pool/hot tub inspection.  Depending on the results of the home inspection, a licensed Outer Banks builder may be needed to quote repair costs for electrical, plumbing, and roofing.  A new survey must also be ordered.

During the time we are under contract, I am at the property at least a half dozen times, to meet every inspector and to watch as the inspections take place.  I want to be present because more often than not, my Outer Banks buyers cannot be, as they live out of state and their schedules will not permit another trip down. During the inspections, as issues arise, I am on site and can ask questions to gain more clarity about the situation.  Because I’m present, I can ask the inspector’s advice on how best to proceed with the next step if there's an unusual situation.  And I almost always learn something new during each transaction.

Viewing the property multiple times also allows me to notice things about the neighborhood that my buyers and I may not have noticed while showing the home.  As an example, if there are any dogs that bark incessantly, or loose dogs running through the neighborhood, I may run across them.  My frequent trips to the property allow me to see which neighbors are home during the day, and which are not.  All of these things I then report back to my buyers.

It’s pretty rare to find an Obx real estate agent who is willing to go to these lengths for their clients.  Most don’t want to take the time, as it’s not a ‘money-making’ activity.  But as I see it, it’s my job to be my buyer’s eyes and ears.

So when you’re searching for the right Outer Banks real estate agent, be sure to find one who is willing to be present at EVERY inspection.  I am. 

For more information on Outer Banks real estate, call Holleay Parcker, Broker/Owner of Spinnaker Realty LLC today toll-free at 877.207.1617, or visit her website at OuterBanksRealEstateMLS.com.

If you're interested in purchasing a Corolla oceanside home for sale under $360,000, then 762 Lakeshore Court may just be the perfect fit.  Located in the Ocean Sands subdivision of Corolla, NC, this Outer Banks home provides both ocean and golf course views.  Enjoy a cup of coffee while watching the sunrise over the ocean, and the late afternoon is a perfect time to indulge in an adult beverage while watching the sunset over the golf course and sound.  Ocean Sands real estate for sale is a favorite among owners and renters alike, as the beaches here are wide and wonderful, and just a few minutes walk from the property. 

Spacious sun decks provide ample room for you and the family to enjoy the ocean breeze, and when you're ready for a dip, splash into the large 10 x 26 outdoor saltwater fiberglass pool.  Because this pool is in the sun all day, you can enjoy it more weeks out of the year than many others, which are shaded. When you've worked up a hearty appetite, enjoy your meal with the family in the screened porch.

There's plenty of seating available in the living room, complete with a gas fireplace for cold nights and a large flat screen TV to catch up on your favorite shows.  The whole family can eat together in the dining area, and the kitchen boasts granite countertops, amd plenty of cabinets.

The owners have meticulously maintained this Outer Banks home for sale, with too many upgrades to list here; but a partial list includes a new roof, 2 new heat pumps, and granite kitchen counters in 2013, new water heater and dryer in 2012, crows nest addition in 2010, and new carpet in 2011.  Please call Holleay Parcker toll-free today at 877.207.1617 for a complete list of improvements and more information on this Corolla oceanside home for sale located at 762 Lakeshore Court.  You'll be glad you did!       

Interested in an Outer Banks lot for sale?  Then look no further, as this parcel of Corolla real estate is among the finest lots for sale in Ocean Sands.  Located in the newest section of Ocean Sands, called Ocean Lakes, this lot is surrounded by Obx new construction homes that have been built recently.  The curb appeal of these Corolla homes is off the charts, which is why this subdivision has become a favorite among Outer Banks investors and second home owners alike.

Ocean Lakes offers outdoor tennis courts and a large outdoor community pool, both of which are an easy walk from the lot.  The beach is just a stone's throw away as well, since this lot sits just a few lots off the oceanfront.  And the rear of this Corolla lot for sale backs up to common space for added privacy, as well as a beach access for the community, which means that the ocean views here are protected.

Corolla real estate enjoys some of the widest and most beautiful beaches on the Outer Banks, and the Ocean Lakes beaches are certainly no exception.  If you're looking for an Outer Banks lot for sale as an investment, or to build out on over the winter, then you'll want to consider this Ocean Sands lot.  Priced at only $189,900, it's sure to sell quickly, so call Holleay Parcker today at 252.207.1617 for more information. 

Holleay Parcker Awarded 2014 Best of Trulia Top Agent Award

On January 29, 2015 I received the 2014 Best of Trulia TOP AGENT Award. Trulia began recognizing the most successful agents using Trulia last year. This recognition will now become an annual event. 

The factors Trulia used in its calculations were a combination of the number of reviews from past clients; the highest rankings those past clients gave their agents; and the number of buyer and seller side transactions that were completed in 2014 and added to the agent’s profile.

Less than 2% of all agents using Trulia across the nation qualified for this award.

I am honored to be recognized with the 2014 Best of Trulia Top Agent Award.

But real estate is much more than awards and recognition.  My career is really about helping people achieve their Outer Banks real estate dreams.  My job is to assist buyers and sellers with moving forward in their lives – sometimes the next step forward is purchasing an Outer Banks home, and sometimes the next step is to sell the home they have treasured for many years.

Whether beginning a dream or ending one, it is my privilege to meet so many wonderful clients and to walk beside them as they complete their transaction.  At the end of the day, the positive reviews I receive mean far more to me than any award.

So while I appreciate being honored by Trulia, my greatest accomplishments are the reviews from my satisfied clients, because I am fortunate to have the BEST. CLIENTS.  EVER.    

Holleay  

Why Now is an Excellent Time to Buy Outer Banks Real Estate

Perhaps you’ve heard the saying: “A rising tide lifts all boats.” The opposite of that statement is also true, as we have all seen since 2005 with falling market values. But many buyers and sellers don’t realize that whether the market is rising or falling, the tide isn’t lifting or lowering all boats equally.  And this provides you with an excellent opportunity, if you're considering purchasing Outer Banks real estate.

Near the market peak in late 2005 and early 2006, buyers of Outer Banks investment properties found themselves pushed further and further from the ocean, due to high market values. Many buyers were purchasing homes nearly a quarter mile from the beach, because these were the only homes that were within their budget.  

With the fall in values that our market has experienced during the last 8 years, buyers’ purchasing power has significantly increased. Many are finding that homes that are just a few lots off the ocean are now within their reach.

Property values have fallen most for Outer Banks oceanfront homes. (Think ‘the bigger they are, the harder they fall’) and then semi-oceanfront, two off the ocean, and so on. When the market begins to appreciate once more, the ‘tide’ of rising market values will raise oceanfront homes and those closest to the ocean higher than those that sit many lots away from the beach.

In other words, there hasn’t been a better opportunity for buyers to purchase this close to the ocean in many, many years. By purchasing now, you are poised for your Obx investment property or second home to enjoy the rising tide of price appreciation in the future. 

In the meantime, there is an additional benefit for you to enjoy: higher rental income. Outer Banks homes that sit closest to the ocean not only rent for more money, due to their proximity to the beach; they also rent first.  So, your income stream begins sooner in the year than for those property owners whose homes sit many lots further back. 

And so the conversation today about rising and falling tides is just another way of illustrating that lot location is the single most critical factor in your purchase.

If you are interested in buying Outer Banks real estate, I’m here to help.  Feel free to call me at 252.207.1617 with questions on any listing you see that interests you.

Holleay Parcker, REALTOR® has fourteen years of full-time experience assisting buyers and sellers, and in this challenging market, can assist you in maximizing the return from your purchase or sale.  Believing that education is the pathway to excellence, Holleay has earned the coveted Certified Luxury Home Marketing Specialist designation, is a MILLION DOLLAR GUILD Member, is a member of the Institute of Luxury Home Marketing, and holds the Resort and Recreation Specialist and Accredited Buyer’s Representatives designations, along with the e-PRO certification.  Holleay was recently awarded the 2014 BEST OF TRULIA TOP AGENT AWARD.

© 2015 OuterBanksRealEstateMLS.com

Location, Location, Location.  When most people think about real estate, this is one of the first statements that come to mind.  The fact that it is repeated three times indicates the importance of considering location.  As you will see below, when purchasing Outer Banks real estate, location isn’t just important; location really is everything.  

Purchasing a second home or investment property on the Outer Banks is a significant financial investment; typically, buyers spend more on their beach house than they did on their primary home.  So it’s important to get it right.  Here are some location tips for you to consider when selecting your home or lot. 

If you are purchasing an Outer Banks investment property to maximize cashflow, then you should look at the homes that you’re considering through the eyes of a renter. Why? Doing so will enable you to purchase a home that will rent well, because it’s in a location that renters deem desirable. 

• Renters care about the distance to the beach and how long it will take them to get there.  Outer Banks homes located on corner lots that have a direct beach access at the end of the street are more desirable to renters than homes located eight or nine lots from the corner. 

• Beach accesses that have parking available, and accesses that have a lifeguard on duty during the season, are more desirable to renters than accesses that don’t have these options. ​

• A nice, wide beach to enjoy will trump a beach that needs to be nourished in the eyes of a renter every time.   Be aware of the condition of the beach in the area where you’re considering purchasing.

• If you’re considering Outer Banks oceanfront homes for sale, then you will need to pay particular attention to the condition of the dune.  Wide, high, densely vegetated dunes will provide much protection from storm surge during hurricanes; while small, poorly vegetated dunes will not. I educate my buyers thoroughly on the importance of dune conditions before they purchase an oceanfront home here.

• Renters prefer an ocean or sound view.  After all, most of our vacationers are coming from one or more states away, mostly from inland locations.  If the location of the home that you’re considering provides an ocean or sound view (or both), it will tend to rent better than those homes that have little or no view. 

• Renters want easy access to shopping, fine dining, and the local attractions.  My buyers and I always look for homes that are in close proximity to these amenities.

• Location is also important as it relates to ease of getting around town during the tourist season.  Properties that are located near a traffic light are highly desirable, as during the season, it’s nearly impossible to make a left hand turn against traffic if you’re stuck at an intersection without one.

• Many renters enjoy having lots of neighborhood amenities at their fingertips, including fitness centers, nature trails, community tennis courts and swimming pools.  (These amenities always come at a cost, however, in the form of HOA dues, which will vary from one subdivision to another).  

So, now that you’ve looked at your list of Outer Banks homes for sale through the eyes of a renter, it’s time to switch gears.  Now let’s look through the eyes of an owner. Why is this important? Because simply put, renters have no financial investment in the property, while its location can have a significant financial impact on its owners.

There is a great deal happening with regards to flood insurance at present.  (You may have heard about this by now.)  New flood maps will be released early in 2015, and the new maps should prove beneficial to many property owners.  While an in depth discussion of flood insurance is beyond the scope of this blog post, please contact me with any flood insurance questions you may have.  I have an excellent Outer Banks insurance agent I can refer you to, who will be happy to address your questions.  My toll-free number is 877.207.1617 and my cell is 252.207.1617. 

Suffice it to say that Obx homes that are located in the 'x' flood zone (the ‘x’ flood zone is outside the 100 year flood plain; if you have a mortgage on the property, and it is located inside the ‘x’ flood zone, your lender will NOT require you to carry flood insurance) are becoming very popular with buyers. 

But there is more to this discussion than merely which flood zone the property is located in, because storm water runoff is a real concern for owners of Outer Banks real estate. 

So let’s look at the property that you’re considering with an eye for how the house is actually situated on the lot.

• Ideally, the house should be at the highest point on the lot, and the lot should be graded away from the house on all four sides.  The driveway should either be level with, or lower than the house, and sloped away from the house, not towards it.  This will ensure proper drainage during heavy rainfall.

Now let’s head out to the street, and look in both directions.

• Ideally, the house should be located on a high point in the street, and not at the lowest point, because storm water will always run towards the lowest areas.

• Standing at the street, let’s take a look back at the house.  The house should be higher than the street.  If it is not, storm water will run towards the house.

• For the same reason, the house should either be level with the neighbors on either side and to the rear, or higher than the neighbors.  If it is lower than surrounding homes, then again, runoff water will always find the lowest area.  

Most buyers believe that high wind is our biggest concern here on the Outer Banks…but the truth is that water does far more damage than wind. Our construction codes are stringent, and Outer Banks new construction homes are being built today to very high wind standards. But if the Obx home you’re considering is located on a low lying lot, or if it is situated where water is draining towards the house, rather than away from it, that is something to wary of.

When I show property to my buyer clients, these are the kinds of things I’m looking for regarding the location of the property, and I make my buyers aware of these issues as well. 

It is attention to details such as these that make the difference between buying an Outer Banks home you will be thrilled with for many years, as opposed to merely inheriting another person’s drainage problems. 

Please be sure to check out the What Clients Are Saying section.  I have dozens upon dozens of positive reviews from clients whom I have provided excellent service to.  I promise to provide you with that same level of careful and thorough service as well.

For more tips on buying Outer Banks real estate, call your local expert Holleay Parcker toll-free at 877.207.1617.

Holleay Parcker has fourteen years of full time experience assisting Outer Banks home buyers and sellers, and in this challenging market, can assist you in maximizing the return from your purchase or sale.  Believing that education is the pathway to excellence, Holleay has earned the coveted Certified Luxury Home Marketing Specialist designation, is a Million Dollar Guild member, and holds the Certified Residential Specialist, Accredited Buyer's Representative, Resort and Recreation Specialist designations, along with the e-PRO certification.      

 © OuterBanksRealEstateMLS.com 2015