Is it the right time to buy in Oriental?
With most major markets picking up around the county, Oriental, North Carolina is starting to feel the energy. Although there were a couple of sputtering starts, the real estate market in 2013 began with a slow steady momentum and now is beginning to pick up a little speed. Many of the foreclosures have been purchased, the real estate prices are beginning to rebound and the interest rates are starting to bump up which is pushing the people who are sitting on the fence to make a move.
You can still find a limited inventory of nice, site built houses under the $100,000.00 categories but they are getting difficult to find. The under $200,000.00 home is by far what is hot on the real estate market right now. Generally these are the 3 bedroom 2 bath homes in established neighborhoods with amenities such as garages, decks and/or porches, as well as upgraded kitchens and baths.
It’s the waterfront houses under $400,000 that is the buyer’s dream market. This is where a buyer can still find waterfront homes with many desirable amenities at prices that would be hard, or impossible to replicate. The waterfront lots were priced higher than these homes 8 years ago. Who would have believed that a 2,800 heated square foot elegantly designed home with to die for kitchen, baths and other top amenities, located on deep water with a dock and boatlift, large multi-car garage with workshop, expansive deck and screened porch, beautifully landscaped AND in the Oriental area would have an asking price of only $379,500. This home is shown above left and a sale is pending.
As the banks and mortgage companies continue to ease up on lending, the markets around North Carolina and the country continue to improve. It will not be long before waterfront homes at these prices will be a thing of the past.
The home shown below recently sold for just under $500,000.
Call or email us at Mariner Realty. Our experienced, professional Realtors can answer your questions or assist you with buying or marketing your home or land.