There's a certain feeling that many of us get when we cross a bridge to the Outer Banks. It's excitement mixed with awe, blended with the spirit that something wonderful might happen at any moment. It's also a feeling of coming home. Any visitor to these shores who has that feeling should know one thing: It only gets stronger, and it makes leaving increasingly difficult. When you get that feeling, you know that it's time to look at Outer Banks real estate.

It's the desire to belong here, as much as the desire to own here, that puts the ink on all those real estate contracts. Before you take up a pen, however, realize that no matter how much experience you have buying and selling real estate in other areas, you need a deep understanding of the Outer Banks and its unique real estate market in order to make a sound decision. There's a lot to learn about seasonal versus residential neighborhoods, coastal and wetlands regulations, investing in an income-producing property versus buying a second home, buying an existing home versus building-you get the picture. It's not unusual for real estate agents to work with prospective buyers for two or three years before it all comes together. Then again, you may find exactly what you want your first day out looking.

So if you're serious about buying on the Outer Banks, begin by reading this chapter, and when you're done, consider that you've learned just enough to be dangerous. Do two things: (1) Start interviewing real estate professionals, and (2) begin collecting and reading everything you can get your hands on that will help you decipher the real estate market. Subscribe to the local newspapers (see our chapter on Media), and get to know the areas, the issues, and the prices. Read the weekly column in the Virginian-Pilot by Shirley Mozingo, who has been writing about Outer Banks real estate for years and who imparts substantive information helpful to both buyers and sellers. Surf the Internet and pick up the free real estate magazines. Smart buyers begin performing this due diligence well before they're ready to make a purchase.