obx real estate market Archives - Page 2 of 3

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...

Get OBX Market Exposure

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 … Continue reading...

Sight Unseen OBX Purchase?

A sight unseen OBX purchase was as rare as purple sea glass just a few months ago. Our bridges to the Outer Banks have been closed since mid-March. Prior to the pandemic many out of town buyers were seriously looking at purchasing and collecting the summer rental income. Of course, those plans are over or delayed for most folks since they can not get here to see the houses. Not everyone has stopped shopping here though. In fact, we’ve had three different buyers who have been comfortable … Continue reading...

OBX Real Estate Marketing Changes

One of the first big OBX real estate marketing changes that occurred when the virus hit was the Homes and Land Real Estate magazine stopped publishing. That magazine has published continuously here for about 30 years. I had been advertising with them for every issue since we started Scott Team Realty in 2002. Print advertising for real estate has become less and less effective as smart phones have become ubiquitous. Resort Real Estate Market Outer Banks Real Estate marketing has always been a … 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...

Dare County 2020 Tax Revaluation

This past Thursday I received my Dare County Tax Revaluation in the mail. By Noon on Friday I had received numerous calls or visits from OBX property owners wanting to know if this is really what their house is worth. This post is a little bit about this new revaluation. Hopefully it will help you in your decision about what to do next. What is a revaluation? The state requires that counties revalue property values at least once every eight years. Dare County decided to complete their … 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 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...

Spring 2018 OBX Real Estate Conditions

Real estate conditions on the Outer Banks are improving. Both average sales prices and median sales prices are higher than they were for the first quarter of 2017. According to the Outer Banks Association’s MLS system average prices are up 7% over last year and median prices are up 1%. Another indicator pointing towards appreciation is the sold price per square foot. You can see that trend in this report. It’s interesting that these indicators point towards appreciation even though the number of … Continue reading...

Making an Offer on an OBX Property in 2022

Get OBX Market Exposure

Sight Unseen OBX Purchase?

OBX Real Estate Marketing Changes

Virus Effects to Outer Banks Real Estate

Dare County 2020 Tax Revaluation

Outer Banks Market Report Winter 2018-19

OBX Home Sales Improve

Spring 2018 OBX Real Estate Conditions

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