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I am just curious to what everyone's opinions are in regards to the future of home prices along the NC coast.
Given, the uncertainty of the flood insurance in 4 years, and right now the allowable increase up to 18% per year on the flood insurance, how will this effect home prices? We also have seen the increases in hail/wind insurance. Thanks in advance.
Given, the uncertainty of the flood insurance in 4 years, and right now the allowable increase up to 18% per year on the flood insurance, how will this effect home prices? We also have seen the increases in hail/wind insurance.
I am just a consumer, not a Realtor. I think the uncertainty makes homes harder to sell and will keep prices flat. Only those who really want a place at the beach will buy, and they will have to have a high enough income to absorb the insurance increases.
There are millions of baby boomers retiring in the near future. Many of them want to live near or at the beach. And there will always be folks that have the money to spend on a primary or secondary beach house. I can see the prices going up. It'll be interesting to see how inflated real estate costs are 10-15 years from now.
The uncertainty of insurance rates is a huge factor is keeping sales down. It's very difficult to understand the current rate structure and flood zones. Also, at anytime the last legislative changes could become undone.
I am just curious to what everyone's opinions are in regards to the future of home prices along the NC coast.
Given, the uncertainty of the flood insurance in 4 years, and right now the allowable increase up to 18% per year on the flood insurance, how will this effect home prices? We also have seen the increases in hail/wind insurance. Thanks in advance.
The allowable increase in flood insurance of 18% is for "non-compliant" properties in the floodplain.
1) The overwhelming majority of properties within 10-20 minutes of the coast ARE NOT in the floodplain.
2) The overwhelming majority of properties within the floodplain are IN COMPLIANCE.
There are a few exceptions...think communities mostly built pre-1983 that are in the floodplain. Of course much of the coast has been developed in the last 30 or so years.
So property value issues should be negligible, unless it is one of "those" properties.
For a while prices were at rock bottom. They are starting to go up and the trend will continue.
I agree...lots of locals bought in to the Beach and water when they saw the prices drop so much.
Many folks forget that, at least in Wilmington, that there is a whole big city right there and there are plenty of people looking for to move within town that want to get closer to the water. For that reason, prices will only drop so far. Carolina Beach had a lot of second homes that when the market went down, folks in town turned them into primary homes.
This is such a big issue with no single right answer. There are 20 coastal counties that fall within CAMA rules and regulations. There are 100's and 100's of micro/macro markets within these counties that differ from each other in price, supply of inventory and insurance.
Any statement that is 100% correct in one of these markets could be 180 degrees off in another, even if it is a neighboring market.
With the downsizing of the military, it's a buyer's market in Snead's Ferry/Topsail Beach area!
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