Since 2020, we have seen the housing market explode. Some expected this to fizzle out in 2021, but three months into 2022 and the housing market, especially in the OBX is hot. More importantly, there is a lack of inventory, which is sending prices up. Inventory is down 34% between February 2021 and February 2022. Current inventory in the Outer Banks Association of Realtors’ MLS system is sitting near 700 properties whereas last year it was just over a thousand. Moreover, in March 2020, there were over 2,000 properties available to future buyers.
Due to the drastic lack of inventory, more property owners are getting cold calls from Realtors. They are asking if they would be willing to sell their home to their interested buyers. While this is a flattering offer, this can leave potential sellers in a predicament of understanding their home’s value in relation to the current market. Sometimes in this situation sellers will rely on their tax assessment value or a valuation from a website. Unfortunately, this value can often be out of sync with the current market. If you are caught off guard by an offer like this, you could be leaving precious dollars on the table.
Test the Market. Get Market Exposure.
The best way to alleviate these concerns surrounding the possible price of your home and preparedness is to put your home or rental property on the market. In this unusual market, you do not know what someone is willing to pay for it until you put it on the market. Therefore it is in any potential seller’s best interest to list their property. They’ll then get market exposure and receive a more accurate measure of what someone is willing to pay for it.
Utilize Advertising Through Timing of Tourists’ Vacations
As the seasons’ change and the OBX becomes an east coast hot spot for summer tourism, think about the free publicity of putting a Scott Team Realty sign on your front yard, and testing the market. Think about all the cars and visitors coming to the beach and exploring the beauty the Outer Banks has. Contact our team today to get started and see how much you can get in this crazy market!
I might be interested, what would I do next?
Be on the lookout for our next blog post that will cover the next steps, once you decide to test the market and put your home for sale.