OBX Market Info Archives - Scott Team Realty, Inc.

Is the NAR Settlement bad for OBX Buyers?

Imagine you are in the market to purchase new appliances. You go to Home Depot and see some that you like. Unfortunately, none of them have prices on them. Of course, you want to know what the prices are, so you pull up the Home Depot website on your phone. Perhaps prices can be found there. No prices are listed there either! This may be a little bit of an exaggeration, but this analogy is similar to what’s going on in the real estate industry right now. Agent Fees Prior to the National … Continue reading...

OBX Market Report Fall 2023

After finishing school in 1989, I immediately started my real estate career on the Outer Banks. The other Realtors who had been working in this market for a while kept saying "You should have been here last year." Evidently, I had just missed the peak of that previous real estate cycle. New agents who enter the market today are likley to hear simliar comments. After close to three years of very busy real estate activity, the Outer Banks Real Estate Market is showing some signs of cooling … Continue reading...

OBX Market Info Spring 2023

Are home prices dropping on the Outer Banks? Opinions vary on this and it’s difficult to quantify. However, it’s clear that the number of real estate transactions has gone down significantly compared to the same period of 2022. Just because the number of sales is down does not mean values have gone down. On the other hand, fewer transactions often help cause lower values. This post will outline some recent statistics and OBX Market Info for the spring of 2023. Supply The indicator that … Continue reading...

Have we found the market?

A friend recently expressed concern about his vacation home rental income. He told me that he had raised all his weekly rates 15% every year since 2020. In those past years, he was fully booked for the next year by November 1. This year he still has a few weeks available and was concerned. Could he have asked more for those 2020 and 2021 weeks and still booked the entire summer? An argument could be made that he had below market rates those two years since they booked up so quick. This year I … Continue reading...

Making an Offer on an OBX Property in 2022

Recently we listed a home for sale in Duck. In just four days we ended up with eleven offers. Just one of them was for the asking price. The rest were higher. During the time we were receiving offers about half the agents told me that their clients had made offers on two, three or four other houses and had not been able to be the accepted offeror. This certainly is an usual market. It’s unknown how long this will last but if you are serious about purchasing an Outer Banks property now then … Continue reading...

Market Preparation for Outer Banks homes

On the Outer Banks, market preparation can look different, than in other areas or types of homes. Once you have determined you want to sell your home, the next steps outlined in this blog are essential in ensuring you get the biggest bang for your buck! Preparing your home for the market Market preparation is not just signing with a selling agent. There are important steps sellers should take. These steps will increase a seller's return on their investment. Two to highlight … Continue reading...

Virus Effects to Outer Banks Real Estate

With access to Dare and Currituck County beaches closed off to most people without local driver's licenses, we are sure to see some virus effects to Outer Banks Real estate. Some changes to the busy Outer Banks real estate market are already happening. Probably the most affected type of property is homes for sale since people can not get here. Here are some initial thoughts about how local real estate is being affected. Comparing Months It makes sense to compare residential real estate … Continue reading...

Outer Banks Market Report Winter 2018-19

Thanks for taking a moment to view the Outer Banks Market Report Winter 2018-19 edition. The last few months have been promising for Outer Banks real estate activity. Sales for the first two months of 2019 have been better than recent years. Part of this trend may be due to the lack of snow storms and relatively calm winter weather. When a snowstorm is forecasted for a weekend anywhere between Virginia Beach and Boston usually buyers postpone their trips to view homes here. Rarely did … Continue reading...

OBX Real Estate Sales Winter 2018-19

We're reporting that 2108 ended up being the second best year for OBX real estate sales since the boom years of the early 2000’s. The number of transactions in the local MLS was down just slightly compared to 2017. Poor weather and higher interest rates may have had an effect on sales. A great piece of news is that the average and median sales prices went up in just about every area. The sold price per square foot also continues to climb as sellers are able to demand more for their … Continue reading...

OBX Home Sales Improve

The summer of 2018 was relatively busy compared to recent years. The number of OBX home sales over the last few months has been fairly similar to 2017. Last year was our best year since the boom years of the last decade. Poor weather hampered sales earlier in the year but brisk summer/fall sales are helping us catch up. According to the Outer Banks Association of Realtors’ August report, the number of residential sales for the year is now off just 3% compared to last year. See our full fall … Continue reading...

Is the NAR Settlement bad for OBX Buyers?

OBX Market Report Fall 2023

OBX Market Info Spring 2023

Have we found the market?

Making an Offer on an OBX Property in 2022

Market Preparation for Outer Banks homes

Virus Effects to Outer Banks Real Estate

Outer Banks Market Report Winter 2018-19

OBX Real Estate Sales Winter 2018-19

OBX Home Sales Improve

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