Not everyone looking to buy a home in the OBX is looking for their forever home. Many are looking for a rental property. When buyers decide to look for a rental property specifically, there are many additional aspects to consider. These aspects are different than a typical home buying process. The OBX vacation rental market is unique. Therefore, it is important for prospective vacation rental owners to understand the market and their options before making the investment. While Airbnb is … 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...
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...
Affordable OBX Ocean Front
Frequently in the summer we’ll get calls on the little affordable OBX ocean front homes for sale. Many of these smaller ocean front homes located in Kitty Hawk, northern Kill Devil Hills and South Nags Head appear to be priced to sell quickly. Good weather makes the beaches in front of these houses very inviting this time of year. Similar to most investments the pricing of these homes follow the risk versus reward theory. In short, the more risk involved the more reward possible. This post is a … Continue reading...
Best OBX Buying Information
It’s hard to make a smart OBX real estate purchase without the best OBX buying information. It's surprising how much information my clients find from an Internet research. Buyers finding owners on Facebook is a pretty common occurrence. Some of that type of information is not very helpful in making purchasing or selling decisions. Other information can make a big difference. For example, it is helpful to see actual vacation rental income. Depending upon the time of year you might be able to get … Continue reading...
Why should I get a survey?
We often hear the from Outer Banks buyers, "Why should I get a survey?". It's not necessary to have one completed and they cost a considerable amount of money. On the other hand, having an accurate drawing of your property does have its advantages. Here are some stories and thoughts on why having a survey is important. Land Swap A few years ago, a Kitty Hawk homeowner installed a pool in the side yard setback. Unfortunately, the town does not allow that. Instead of moving the pool the owner … 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...
Carolina Review Winter 2019
Our Carolina Review Newsletter was recently mailed out and the electronic version is emailed today. Here are a few OBX news items that did not make the newsletter... It's been rather mild on the Outer Banks this winter. I don’t remember seeing one snowflake so far and there has only been a handful of days where there has been frost on the ground. This relatively warm winter is not unprecedented. A few years back, our geraniums survived the entire winter on the front porch in Kitty … 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...
Outer Banks Real Estate Auctions
Over the years, the trend of Outer Banks real estate auctions has come and gone. Lately this trend and marketing tool is making a comeback. Perhaps one reason is that most auctions are on-line. On-line auctions cost sellers less money. Recent Outer Banks homes offered in on-line auctions were first marketed at well below fair market value. This marketing tactic helped to create a buzz about these properties. Here are a few things to keep in mind when considering a bid: Cost: Auction … Continue reading...