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Old 02-18-2008, 09:14 PM
 
28 posts, read 96,157 times
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Western and Middle NC?
Can anyone tell me any cheaper areas on the coast?
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Old 02-19-2008, 07:26 AM
 
Location: Wilmington, NC
8,575 posts, read 6,356,646 times
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the coast is pretty overpriced. it is a lot more expensive than the middle of the state, but pretty similar in price to western NC. if you go to places near new bern they are less expensive than a place like wilmington because there are no jobs. some place in between wilmington and the outer banks would be your best bet for inexpensive housing near the coast.
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Old 02-19-2008, 09:10 AM
 
Location: Cape Carteret, NC
713 posts, read 3,472,990 times
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Smile A lot depends on what you want

Quote:
Originally Posted by Allena View Post
Western and Middle NC?
Can anyone tell me any cheaper areas on the coast?
I have sold people very nice detached single family homes under $170K so I don't necessarily buy the argument that "the coast is pretty overpriced."

It is very hard to make broad generalizations about real estate because of the nearly unbelievable variety of homes on the market.

We have also seen a major readjustment in housing prices on the coast. The same can be said for many areas, but there are areas inland in NC that are just starting to go through an adjustment. Their prices could be more out of line than the ones on the coast.

I recently sold a very nice home for about 1% more than what it sold for in 2004 when it was brand new so I would have a really hard time saying it was overpriced.

The best way to buy a home is decide how much you can spend, and most areas will have a range of things which will fit in your budget.

If your budget is $350K you might be able to get anything from a small 1300 square ft beach cottage on the third row to a 2500 square ft home with a with a boat lift.

For $200K you probably cannot get over on the beach, but you could get a brand new 1600 sq ft home a few miles from the beach or a much larger older home.

That is just the way real estate works. The value of property is decided by what people are willing to pay for it.

By looking around at properties, you will know what ends up being a good value for you.

Sure if you want to buy a beach front home, that will cost you more money but so will a lake front one on Lake Norman.

Here we do have the advantage of being able to rent those beach front properties when you aren't using them.

Near the beach, property rentals have helped to stabilize real estate values in the desirable coastal counties. We are seeing people who want long term rentals and not necessarily on the beach. If people can't sell, they rent.

You also want to careful about seeking the "cheapest" areas on the coast.

Often the "cheapest" properties in a given area have a history of flooding.

The bottom line is that you can find reasonably priced homes in many of NCs coastal areas including the Crystal Coast.

Do a Google search for "Coastal NC Paradise," and you will find my "Coastal NC" site.

You can also check out my post about Carteret County and why it turned out to be the right spot for us after searching from Chincoteague to Oak Island.

Last edited by dsobotta; 02-19-2008 at 09:12 AM.. Reason: left out word
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Old 02-19-2008, 02:24 PM
 
Location: Wilmington, NC
8,575 posts, read 6,356,646 times
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it is not all overpriced. you can find some reasonable prices if you look around for a while. but when you find one, you had better pounce on it because they don't last. the housing recession is happening all over the country for the most part. the NC coast is affected by other housing markets because it is a relocation area and a lot of people are choosing to stay up north.
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Old 02-19-2008, 03:11 PM
 
Location: Cape Carteret, NC
713 posts, read 3,472,990 times
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Smile I would not suggest pouncing on a property

This is not a market where you have to rush a decision to buy a property.

There are plenty on the market even in places like Raleigh where the housing slump is just being felt.

Even this past fall Raleigh was a pretty steady market.

There are still people coming from the north and working towards their decision to move to the Carolina coast. I have seen a lot of people this past January from all over the country looking at homes here on the coast.

There just isn't any reason for a buyer to rush at this point. Interest rates are low, and there are plenty of homes to choose from here on the coast.

As many homes as there are, it still boils down to finding one the closest to your dream at the best possible price.

Instead of rushing to make an offer, you need to make certain that your Realtor does some research on similar homes that have closed in the area so that you don't pay too much.

I have seen no panic among sellers and no rush among buyers.

That makes it a great time to look for homes.

When we started looking in 2004, often the good homes would have a contract on them before you received an email that they were available.

Today the first thing you want to do is find out if you qualify for a loan and how much you can borrow.

If you cannot qualify for loan, and it is harder now, then you are wasting your time and that of the Realtor® you pick.

It normally takes from four to six weeks to qualify for a loan, find a home, negotiate a contract, have a closing, and get in your new home.

It can be quicker but it takes more time than most people think.

Last edited by dsobotta; 02-19-2008 at 03:13 PM.. Reason: missing letter
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Old 02-19-2008, 03:23 PM
 
Location: Wilmington, NC
8,575 posts, read 6,356,646 times
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my point of pouncing on a property is that deals are rare in the wilmington market. you can tell that there are some people that are serious about selling, and some people who are just putting their house on the market to see if they can get someone to bite. I knew I had a serious seller. he had to sell the house. so I skimmed off 12% of his asking price and we went from there. I gave him a realistic inflation rate. I didn't pounce, I looked for a year. I knew this market very well and did a lot of research. I just knew it was a deal. I have often said that this market is more stable than others though. prices don't seem to be moving either way. that is much better than the markets where they are going down 5% per year. the time of making a fortune on real estate is gone for a while, but if you know this market well, you can pounce on the deals!
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