One of the hottest areas of the Outer Banks real estate market has been distressed home sales. Distressed sales include bank owned homes and potential short sales. In the month of July we saw 101 residential properties close on the Outer Banks MLS. 29 of the 101 properties were distress sales for a staggering 29%. Of those 29 sales, 20 homes were sold as bank owned. This was up from 18 bank owned homes sold in June.
It seems we will continue to see bank owned homes dominate the market until the inventory is cleared. This makes for excellent opportunities for those looking to take advantage of today's real estate market. Many bank owned homes are easily converted into income producing vacation rental homes.
Our team can point you towards the best investments in the Outer Banks from foreclosures to oceanfront rental homes. Why wait any longer? Join our OBX Bank Owned Homes Newsletter.
Posted by Mike Bishal on
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