Hatteras Island Real Estate: Frequently asked questions By TOM HRANICKA

During the summer when the island is most active, I like to publish an updated version of an article that addresses some of the most frequently asked questions that I hear from prospective buyers and sellers. Many of the issues remain unchanged, but occasionally a new question will make its way into the list.  As an example, for the past few years, inquiries about foreclosures and short sales have become more noticeable.  

According to Park Service reports, each year several million people visit the Cape Hatteras National Seashore. Quite a few choose to spend some of their well-deserved vacation time talking with our local Realtors about property in Hatteras Island’s seven villages. While each person’s specific needs and interests are different, a number of surprisingly similar questions arise during these conversations. Some of the most commonly asked questions and their answers are presented below.

Question. We are just starting to consider buying property. Do you have any recommendations for a game plan?

Answer. Hatteras Island is a very special place, and each of its villages has its own novel charm. My advice is to visit each of the villages, drive around, and let your feelings be your guide. Usually, one or two areas will appeal to you more than the others. Once you find the location that feels right for you, then start to clarify price ranges that meet your criteria and zero-in on the “perfect” property.

Q. What does real estate cost on Hatteras Island?

A. There are properties to meet just about every need and every budget. Be aware that prices may vary among the villages.
 

When annual rental income is taken into account, the cost of owning a cottage on Hatteras Island can be surprisingly affordable.

Q.   How has the Hatteras Island real estate market performed over the past few years?

A.  Over the long term, the real estate market on Hatteras Island has rewarded property owners with attractive returns on their investments. As the real estate market weakened, the average selling prices of houses and unimproved lots declined, although a small price increase in residential properties was seen in 2010.

RESIDENTIAL

UNIMPROVED LOTS