Outer Banks of NC Real Estate, Community News, and Fun activities 

May 20, 2024

Stay Informed: Essential Outer Banks Community News and Resources

Stay Informed: Essential Outer Banks Community News and Resources

Are you looking to buy or sell real estate in the beautiful Outer Banks? Staying informed about local events, news, and resources is key to making the best decisions and fully enjoying this incredible coastal community. As a local realtor deeply invested in the Outer Banks, I've gathered some essential resources to help you stay updated and make the most of your Outer Banks experience.

Why Stay Informed?

Whether you're a prospective buyer, a seller, or simply a resident looking to keep up with local happenings, staying informed about the Outer Banks community can provide you with valuable insights. From real estate trends to community events, local news helps you stay connected and make informed decisions.

Top Outer Banks News and Resource Links:

Here are some fantastic resources to keep you in the loop with everything happening in the Outer Banks:

  1. Island Free Press

    Your go-to source for up-to-date news on everything from local government updates to community events and real estate trends. Island Free Press Link

  2. OBX Today

    Offering the latest headlines and in-depth coverage of news, weather, and community stories. This is a great resource to stay informed about the Outer Banks. OBX Today Link

  3. Outer Banks Voice

    Providing a mix of local news, sports updates, and feature stories that capture the essence of life in the Outer Banks. Outer Banks Voice Link

  4. North Beach Sun

    This lifestyle magazine offers a closer look at the culture, art, and events that make the Outer Banks unique. It's a wonderful way to stay connected with the local community. North Beach Sun Link

  5. Outer Banks This Week

    Perfect for finding out about upcoming events, dining options, and activities around the Outer Banks. It's an excellent resource for both visitors and residents. Outer Banks This Week Link

Stay Connected with OBX Home Professionals:

For those looking to dive deeper into the Outer Banks real estate market, I encourage you to explore the Community and Resource pages on my website. These pages offer valuable information tailored to your needs, whether you're buying or selling property.

  • Community Page: Discover local insights, neighborhood information, and tips for new residents. My Community Links Page

  • Resource Page: Access tools and guides to help you navigate the real estate market with confidence. My Resource Links Page

My website, OBX Home Professionals, is your one-stop place for all your real estate search and resource needs. Whether you're searching for the perfect property or need expert advice, you'll find everything you need right here.

Staying informed about the Outer Banks community is crucial for making informed real estate decisions and fully enjoying what this beautiful area has to offer. Be sure to check out the listed resources regularly, and don't hesitate to reach out if you have any questions or need assistance with your real estate needs. Let's make your Outer Banks experience truly exceptional!

 

Feel free to reach out to me at any time for personalized real estate advice and insights. Together, we can find your dream home or the perfect buyer in the Outer Banks!

Posted in Community News
May 15, 2024

Unpacking the Outer Banks Real Estate Market: Insights from April 2024

Unpacking the Outer Banks Real Estate Market: Insights from April 2024

 

Welcome to your go-to guide for understanding the bustling real estate market in the scenic Outer Banks and surrounding areas! Whether you're a potential homebuyer, a curious observer, or an investor, there’s a lot to unpack in the April 2024 MLS Statistical Report. Let’s dive into the trends, figures, and what they could mean for you!

 

A Surge in Inventory: A Breath of Fresh Air!

The standout news from April is the significant rise in inventory levels across the board. Compared to last year, residential inventory has soared by a whopping 57%, and land lots aren't far behind with a 6% increase. This brings a much-needed breath of fresh air for buyers who have been navigating a tight market. The expansion in choices could potentially lead to more competitive pricing – a win for buyers!

 

Residential Sales: A Mixed Bag

While the inventory is up, the sales landscape presents a mixed bag. Single-family detached homes have seen a 19% year-on-year increase in sales, although the year-to-date figures for 2024 show a slight decrease of 5%. Condos are similarly positioned, with an 18% increase compared to April last year but a 6% drop over the year. This suggests that while the market is recovering, there are still some fluctuations affecting overall sales performance.

 

Market Trends Across Towns

 

  • Corolla: The market is heating up with a median sales price increase to $887,500, a 13% rise! Coupled with a drastic reduction in days on market from 63 in 2023 to just 19 in 2024, Corolla is becoming a hot spot for quick and high-value sales.

  • Duck: Known for its charm, Duck has seen a modest 15% increase in sales with the median price slightly adjusting downward to $932,500. It seems the market here is stabilizing after a hefty increase last year.

  • Southern Shores: This quaint town experienced a decrease in year-to-date sales, though the median sales price increased by 9% to $804,999. Properties are moving faster, with days on market decreasing from 41 to 23.

  • Kitty Hawk: Sales dropped by 17%, but the median price slightly increased to $579,000. The market here is tighter, reflecting a selective but steady demand.

What This Means for You

If you’re looking to buy, the increased inventory and varied market performance across different areas suggest that there's more room to explore and negotiate. For sellers, understanding the specific trends and demand in your locality is key to pricing your property competitively.

 

The Bigger Picture

Overall, the Outer Banks real estate market is showing signs of robust health with growing inventory and enthusiastic buying in certain hot spots. Whether you're a first-time homebuyer or a seasoned investor, now is a fascinating time to engage with the market.

Stay tuned to this blog for more monthly updates and insights into the Outer Banks real estate market. Whether it's navigating market trends or finding your dream home, we're here to help you make informed decisions in this vibrant real estate landscape. Happy house hunting!

 

This breakdown not only gives you a snapshot of the current market but also provides a deeper understanding of how different areas are performing. Whether you're planning to buy, sell, or just stay informed, there's never a dull moment in real estate here at the Outer Banks!

 

Posted in Market Updates
May 14, 2024

What You Need to Know About Outer Banks NC Real Estate

What You Need to Know About Outer Banks NC Real Estate: May 14, 2024 Update

The Outer Banks, North Carolina, is not just a vacation paradise; it's a dynamic real estate market with unique opportunities for both buyers and sellers. Whether you're looking to sell your OBX home or buy a new one, staying informed about the latest trends, statistics, and local insights is crucial. Here’s a comprehensive guide packed with the knowledge and secrets you need to navigate the Outer Banks real estate market effectively as of May 14, 2024.

Current Market Trends:

The Outer Banks real estate market is experiencing a robust phase, characterized by high demand and appreciating property values.

  • Market Conditions: The market is currently favoring sellers, with inventory levels remaining tight. According to Realtor.com, the median listing home price in the Outer Banks is $525,000, up 7.2% from the previous year. The number of active listings has decreased by 15% compared to 2023, creating a competitive environment for buyers.

  • Sales Trends: Data from Zillow shows that homes are selling faster than last year, with the average time on the market now at just 45 days compared to 60 days a year ago. Additionally, 25% of homes are selling above the asking price, highlighting the strong demand.

  • Price Appreciation: Over the last five years, property values in the Outer Banks have increased by approximately 35%, from $387,000 in 2019 to $525,000 in 2024. Projections from the National Association of Realtors indicate continued growth of 4-6% annually, driven by limited supply and strong demand.

Insights for Sellers:

If you're considering selling your OBX home, timing and presentation are key.

  • Seller's Market: With the current market favoring sellers, now is an excellent time to list your property. Limited inventory and high demand mean that well-priced homes are selling quickly and often above asking price. In fact, Redfin reports that 60% of homes in the Outer Banks receive multiple offers.

  • Staging Tips: Enhance your home’s appeal by staging it effectively. According to HomeLight, staged homes sell 73% faster than non-staged homes and can fetch up to 20% more. Key areas to focus on include the living room, kitchen, and master bedroom.

  • Pricing Strategy: Pricing your home correctly from the start is crucial. Overpricing can lead to your home languishing on the market, while underpricing might result in a quick sale but less profit. Utilize a comparative market analysis (CMA) to set a competitive price. Homes priced within 2% of the market value tend to sell within 30 days, as noted by Trulia.

*****Did you know you my website has new links for Community and OBX Real Estate Resources? Check them out:

Community Link Page

Outer Banks Real Estate Resources, All your needs on one page

Insights for Buyers:

For those looking to buy a home in the Outer Banks, understanding the market dynamics and acting swiftly can make all the difference.

  • Financing Options: Mortgage rates are currently around 5.5% for fixed-rate loans, according to Bankrate. However, rates can vary depending on credit score and loan type. It’s beneficial to shop around and get pre-approved to strengthen your buying position.

  • Hot Neighborhoods: Popular areas like Duck, Corolla, and Nags Head continue to see high demand. According to Redfin, these areas have experienced a 10% increase in median home prices over the past year, with Duck leading the way at a 12% increase.

  • Property Types: Whether you’re looking for a beachfront property, a cozy cottage, or a luxury home, the Outer Banks offers diverse options. Vacation rentals are particularly lucrative, with an average annual occupancy rate of 70-80% during peak seasons, according to AirDNA.

*****Did you know you my website has new links for Community and OBX Real Estate Resources? Check them out:

Community Link Page

Outer Banks Real Estate Resources, All your needs on one page

 

Rental Market Insights:

Investing in a rental property in the Outer Banks can be highly profitable.

  • Vacation Rentals: The popularity of short-term rentals remains strong, with an average nightly rate ranging from $200 to $500 depending on location and amenities. High-end properties can command even higher rates, especially those with beachfront views. According to Vrbo, some luxury beachfront homes can earn up to $10,000 per week during peak season.

  • Long-term Rentals: There’s also a steady demand for long-term rentals, particularly in residential areas. According to RentCafe, the average rent for a single-family home in the Outer Banks is around $1,800 per month, with an occupancy rate of 95%.

Legal and Regulatory Considerations:

Navigating local regulations is essential for both buyers and sellers.

  • Zoning Laws: The Outer Banks has specific zoning regulations that affect property usage. It’s crucial to review these before purchasing or making changes to your property. Resources are available on the Town of Nags Head website. For example, certain areas are zoned exclusively for residential use, which impacts rental possibilities.

  • Short-term Rental Regulations: Each town has its own rules regarding short-term rentals. For instance, the Town of Duck requires registration and adheres to strict occupancy limits. Details can be found on the Town of Duck website.

  • Property Taxes: Property taxes in the Outer Banks are relatively low, averaging around 0.8%, which is favorable compared to other coastal areas. The Dare County Tax Office provides detailed information on property tax rates and assessments. For example, a home valued at $500,000 would incur an annual property tax of approximately $4,000.

Local Amenities and Attractions:

The Outer Banks' appeal isn’t just about the beautiful beaches; it’s also about the vibrant community and amenities.

  • Tourism: Attractions like the Wright Brothers National Memorial and Cape Hatteras National Seashore draw millions of visitors annually. The Outer Banks Visitors Bureau reports that tourism generates over $1 billion in economic activity each year.

  • Community Features: The area boasts excellent schools, healthcare facilities, shopping centers, and a variety of dining options. The Dare County Schools system is highly rated, with a student-to-teacher ratio of 14:1, and the Outer Banks Hospital provides top-notch medical services.

  • Lifestyle: The Outer Banks offers a laid-back coastal lifestyle with activities like fishing, surfing, and hiking. The region is also known for its vibrant arts scene and numerous festivals, highlighted by the Outer Banks Chamber of Commerce. Annual events such as the Outer Banks Seafood Festival and the Duck Jazz Festival attract thousands of visitors.

Risk Factors

Understanding potential risks can help you make a well-informed decision.

  • Weather and Natural Disasters: The Outer Banks is susceptible to hurricanes and coastal flooding. Investing in comprehensive insurance and flood-proofing measures is crucial. The National Flood Insurance Program (NFIP) provides valuable resources and recommends policies that cover up to $250,000 for the building and $100,000 for contents.

  • Market Volatility: Real estate markets can fluctuate. Staying informed about economic conditions and market trends helps manage this risk. The North Carolina Department of Commerce offers economic data and insights that can help predict market movements.

  • Economic Factors: The local economy, driven by tourism and seasonal employment, can impact property values and rental demand. According to the Outer Banks Chamber of Commerce, the tourism industry supports over 15,000 jobs in the region, making it a vital component of the local economy.

By considering these factors, you can make informed decisions and maximize your investment potential in the Outer Banks. As a seasoned Realtor with extensive knowledge of this unique market, I'm here to assist you every step of the way. Contact me today to explore the exciting opportunities awaiting you in the Outer Banks real estate market.

 

If you have any questions or need further information, please feel free to reach out. You can contact me at michelle@obxhomeprofessionals.com or visit my website www.obxhomeprofessionals.com. Let's make your Outer Banks real estate investment a successful venture!

 

Posted in Market Updates
April 27, 2024

This dynamic start to 2024 paints a promising picture for the Outer Banks real estate market.

Outer Banks Real Estate Market Update – YTD March 2024

Hello, Outer Banks community and prospective newcomers! As your go-to source for local real estate insights, I’m excited to dive into the latest trends and numbers from our beautiful coastal area. The spring season is blooming and so is our market—with changes that might just be in your favor whether you’re buying or selling. Let’s take a closer look at how each area is performing as of March 2024.

Overall Market Trends

Our market is showing signs of vibrant activity with significant changes in inventory and sales prices across various sectors:

  • Total Inventory: We've seen a 28% increase compared to last March, rising from 759 to 969 listings. This growth is a breath of fresh air for buyers searching for that perfect beachfront home or a quaint hideaway.

  • Residential Sales: Year-to-date, residential sales are slightly down by 8% compared to last year, aligning with a total of 178 properties sold.

Spotlight on Residential Properties

  • Inventory Upswing: There’s good news for home seekers—residential inventory has surged by 58% over last year, now standing at 563 properties. More options mean more opportunities to find your dream home!

  • Median Sale Price Rise: The median sale price for single-family detached homes has grown by 7% over the past year. For those eyeing a simpler lifestyle or perhaps a vacation getaway, condo prices have jumped even higher, showing a 12% increase.

Days on Market

  • The average days on market for residential properties has decreased by 19%, now at about 52 days. This quicker turnaround indicates a market that’s gaining momentum and interest.

Lots and Land

  • Stable Growth: The lots and land sector remains stable with a modest 1% increase in inventory compared to last year. Whether you’re thinking about building from scratch or investing, now might be a good time to start looking at plots.

Distressed Properties

  • While not a large segment of our market, distressed property sales and inventory have seen slight fluctuations. Currently, there are 3 distressed properties on the market, which is a 50% increase from last year.

Town-by-Town Highlights

  • Duck: A significant 24% increase in sales this year, with a decrease in median sale price to $857,500.

  • Southern Shores: Sales down by 15%, but a notable rise in median sales price up to $815,000, showing a 12% increase.

  • Kill Devil Hills: Experiencing a 15% increase in sales, with median sales prices climbing to $550,000, reflecting a 7% growth.

This dynamic start to 2024 paints a promising picture for the Outer Banks real estate market. Whether you're planning to buy or sell, there seems to be an opportunity at every corner of our beloved coast.

As always, if you’re curious about specific areas or need advice on navigating the current market, don’t hesitate to reach out. I’m here to help make your real estate dreams a reality—let's chat about your perfect spot on the Outer Banks! 

 

Warm wishes and happy house hunting,

 

Michelle

Posted in Market Updates
April 10, 2024

Resources for Buying and Selling Real Estate in the Outer Banks, NC

OBX Listing Agent, OBX Buyer Agent, Real Estate Resources

Exploring the Real Estate Journey in the Outer Banks: A Guide to the Duties of a NC Real Estate Agent

In the picturesque coastal region of the Outer Banks, North Carolina, the real estate market boasts a unique charm and allure. From pristine beaches to stunning waterfront properties, the Outer Banks offers a dream lifestyle for both buyers and sellers. However, traversing the real estate landscape here requires expertise and guidance. This is where a seasoned NC real estate agent steps in, serving as a trusted advisor throughout the buying and selling process.

The Role of a Listing Agent:

As a listing agent in the Outer Banks, the responsibilities extend far beyond just putting up a 'For Sale' sign. A skilled listing agent is dedicated to maximizing the value of your property while ensuring a smooth selling experience. Here are some key duties of a listing agent:

1.         Property Evaluation: A listing agent conducts a comprehensive evaluation of your property, considering factors such as location, amenities, and market trends in the Outer Banks. This evaluation helps in setting the right price to attract potential buyers.

2.         Marketing Strategy: Utilizing the latest marketing techniques and platforms, a listing agent promotes your property to a wide audience. From professional photography to virtual tours, they showcase your home's unique features to capture the interest of potential buyers.

3.         Negotiation Expertise: Negotiating the best possible deal is a crucial aspect of selling a property. A listing agent represents your interests during negotiations, aiming to secure favorable terms and optimal pricing.

4.         Transaction Management: From handling paperwork to coordinating inspections and appraisals, a listing agent manages the entire transaction process efficiently. Their attention to detail ensures a seamless closing for both parties involved.

For sellers looking to list their property in the Outer Banks, partnering with a trusted real estate agent is essential. At OBX Home Professionals, our experienced team offers personalized service and strategic marketing to showcase your property effectively. Explore our comprehensive resources to learn more about selling your home in the Outer Banks: Resources.

The Role of a Buyer Agent:

On the other side of the transaction, a buyer agent plays a crucial role in helping clients find their perfect home in the Outer Banks. Here's what a buyer agent brings to the table:

1.         Market Insight: A buyer agent possesses in-depth knowledge of the local real estate market in the Outer Banks. They guide buyers in exploring various neighborhoods and understanding current market conditions to make informed decisions.

2.         Property Search: With access to a vast network of listings, a buyer agent identifies properties that align with the client's preferences and budget. Whether it's a beachfront condo or a quaint coastal cottage, they help buyers find their ideal home.

3.         Offer Preparation and Negotiation: Crafting a strong offer is crucial in a competitive market like the Outer Banks. A buyer agent assists in preparing offers that stand out while negotiating on behalf of the buyer to achieve the best possible terms.

4.         Due Diligence: From conducting property inspections to reviewing legal documents, a buyer agent ensures that buyers are fully informed about their potential investment. Their expertise minimizes the risk and ensures a smooth closing process.

At OBX Home Professionals, we are committed to guiding buyers through every step of the home-buying journey in the Outer Banks. Explore our resources to learn more about the buying process and discover the latest listings: Resources.

Additional Tips for Buying and Selling Real Estate in the Outer Banks:

            Understand Local Regulations: Familiarize yourself with zoning laws, building codes, and environmental regulations specific to the Outer Banks region.

            Consider Seasonal Trends: The real estate market in the Outer Banks experiences seasonal fluctuations. Timing your buying or selling decision strategically can impact your outcome.

            Work with a Local Expert: Partnering with a real estate agent who specializes in the Outer Banks ensures that you have access to invaluable local knowledge and insights.

            Explore Financing Options: Whether you're buying or selling, understanding your financing options is essential. Consult with a mortgage lender to explore loan programs tailored to your needs.

In conclusion, the Outer Banks real estate market offers a wealth of opportunities for both buyers and sellers. By enlisting the expertise of a knowledgeable NC real estate agent, you can traverse the complexities of buying and selling with confidence. At OBX Home Professionals, we are dedicated to helping you achieve your real estate goals in this captivating coastal paradise.

Visit OBX Home Professionals for more information and resources.

Whether you're dreaming of owning a beachfront retreat or selling your current property for top dollar, let Michelle Brown be your trusted partner in the Outer Banks real estate journey.

Posted in Selling Your Home
March 16, 2024

Your Premier Guide to Listing Your Home in the Outer Banks

 

Your Premier Guide to Listing Your Home in the Outer Banks

 Today, I want to share an insider’s view on listing your home in our beautiful Outer Banks, North Carolina. As a local realtor, I bring a blend of professional expertise and personal touch to help you navigate this exciting journey. Let's explore what sets a good listing agent apart, the importance of an Exclusive Right to Sell agreement, and how I can help your home stand out in this competitive market.

 

The Role of a Listing Agent:

A listing agent is your champion in the real estate market. Here's what I offer to my seller clients:

·         Market Expertise: Deep understanding of the Outer Banks market to position your home effectively.

·         Tailored Marketing Strategy: Creating a unique marketing plan that highlights your home's best features.

·         Negotiation and Advocacy: Skilled negotiation to secure the best possible terms and price.

·         Attention to Detail: Managing every aspect of the sale process, ensuring a smooth transaction.

 

The Steps to Listing Your Home:

·         Consultation: We'll discuss your goals, timeframe, and how to showcase your home’s unique appeal.

·         Home Preparation: Advice on staging, minor repairs, and improvements to enhance value.

·         Pricing Strategy: Analyzing market data to set a competitive price that also meets your expectations.

·         Exclusive Right to Sell Agreement: This crucial document outlines our relationship, ensuring commitment and protection for both parties.

·         Marketing: Implementing a customized marketing plan, including digital, print, and networking strategies.

·         Showings and Open Houses: Coordinating these events to attract potential buyers.

·         Negotiations and Closing: Guiding you through offers, negotiations, and the final closing process.

 

Exclusive Right to Sell: Why It Matters:

The Exclusive Right to Sell listing agreement is vital in North Carolina real estate. It allows me to fully commit to marketing and selling your home, ensuring you receive dedicated and focused efforts. This agreement clarifies our roles and commitments, providing a clear path to a successful sale.

 

Preparing Your Home for Listing

As your agent, I'll help you prepare your home for the market. This includes:

·       Gathering essential documents like utility bills, home improvement records, and warranty information.

·       -Providing contacts for local utility and service providers to ensure your home is fully functional and appealing:

·       -Recommending reputable local professionals for inspections and legal advice.

****Stay tuned, my website will have a large reference list of local OBX service providers to help Sellers and Buyers with Outer Banks, NC in the next month. Please reach out if you need information prior(:

 

Making Your Home Stand Out:

In a sea of listings, it’s crucial to make your home stand out. As your listing agent, I utilize:

·       Professional Photography: Capturing the beauty and unique features of your home.

·       Virtual Tours and Online Showcases: Reaching a wider audience through immersive experiences.

·       Local Networking: Leveraging my connections to attract interested buyers.

·       Personalized Open Houses: Tailoring events to highlight your home’s unique characteristics.

 

Listing your home in the Outer Banks is a significant decision, and choosing the right listing agent is crucial. With my knowledge, dedication, and network, I am committed to making your home stand out and securing the best outcome for you. Let’s work together to turn your real estate goals into reality.

Your home's story deserves to be told in the best light, and I am here to do just told in the best light, and I am here to do just that. Contact me today to begin this exciting journey together.

 

Posted in Selling Your Home
March 16, 2024

Why Partnering with a Buyer Agent is Crucial in North Carolina Real Estate

Why Partnering with a Buyer Agent is Crucial in North Carolina Real Estate

As an Outer Banks real estate agent, I've witnessed firsthand how the journey of purchasing a home can be both exhilarating and complex. In North Carolina, especially in our picturesque Outer Banks region, having a buyer agent by your side is not just a convenience, it’s a necessity. Here's my take on why a Buyer Agency Agreement is crucial, and how it streamlines your home-buying process in the Outer Banks.

The Essence of a Buyer Agency Agreement

In North Carolina, a Buyer Agency Agreement is a pivotal document that establishes a professional relationship between you (the buyer) and your agent – someone like me. This agreement clearly lays out my duties to you, encompassing the scope of search, negotiations, and transaction management. Essentially, it's your assurance that I am committed to representing your interests passionately and exclusively.

Navigating the Steps of Home Buying

As your buyer agent, I guide you through each step:

                          Financial Pre-Approval: Knowing your budget is key. I can connect you with trusted lenders like Kathie Nesbitt at Caliber Home Lending (252-489-3604, Kathie.nesbitt@caliberhomeloans.com) or Carrie Cubine at Towne Mortgage (252-202-2201, Carrie.cubine@townemortgage.us), among others.

                          Property Search: I will curate a list of homes that match your criteria, arrange viewings, and provide insights.

                          Making an Offer: Rely on me to draft a compelling offer and negotiate favorable terms.

                          Home Inspection: It's crucial. I recommend experts like Nikki Hise at OBinspex (252-996-5401, nik@obinspex.com) or Matt Lowcher at Coastal Home Inspections (252-256-1330, chilowcher@gmail.com).

                          Closing: I'll ensure a smooth closing process, coordinating with all involved parties.

Who Covers the Real Estate Commissions?

Typically, in our area, the seller pays the real estate commissions, making my services to you as a buyer’s agent effectively cost-free.

My Role as Your Buyer Agent

As your agent, I'm here to understand your needs, guide you in your search, negotiate the best deal, coordinate with other professionals, and solve any challenges that arise. It's not just about finding a house – it's about finding your home.

Why You Should Reach Out to Me

I am dedicated to representing clients as a buyer agent in the Outer Banks. My knowledge of the local market, combined with my commitment to your satisfaction, makes me an ideal partner in your home-buying journey. Whether you are looking for a coastal dream home or an investment property, I am here to make it a reality.

In my upcoming blog post, I'll delve into the seller side of things and how I represent clients as a listing agent. But for now, if you’re looking to buy in the Outer Banks, I’m your go-to realtor. Let’s turn your dream home into a reality together.

 

Posted in Buying a Home
Feb. 13, 2024

Wind, Rain, and Real Estate Reign: Outer Banks YTD & YOY Report - January 2024 Edition! Where Houses Stand Stronger Than Our Kids' Umbrellas!!!!

Wind, Rain, and Real Estate Reign: Outer Banks YTD & YOY Report - January 2024 Edition! Where Houses Stand Stronger Than Our Kids' Umbrellas!!!!

***I am reporting live from my kitchen table on 2/13/2024. Dare County Schools are closed today due to heavy rain and wind and my 3 kids are helping mom with her latest Blog. 

In this whirlwind edition of our January 2024 Outer Banks Real Estate Statistics, we dive into the latest YTD and YOY figures faster than our kids got blown out of school today! With winds howling louder than a beachfront bidding war and raindrops falling as thick as our property portfolios, it's clear that not even Mother Nature's mood swings can dampen the hot property market here in the Outer Banks. So, grab your windbreaker and join us on a gusty journey through the latest real estate trends – it's an adventure where the only thing more unpredictable than today's weather is the next exciting property opportunity!

  • New listings soared by 43% compared to January 2023, and a remarkable 79% from December 2023. This surge indicates a vibrant market, bustling with opportunities for buyers and sellers alike.
  • Under contract home sales increased by 14% from December 2023, signaling strong demand and buyer interest.
  • Total inventory rose by 9%, providing a wider array of choices for prospective buyers.
  • Notably, Dare County property foreclosures have been on an upward trend for the past five months, a crucial trend for investors and market analysts to monitor .

Understanding Median vs. Average Prices:

Median Price: This is the middle price in a list of property sales prices sorted from lowest to highest. It's less affected by outliers (extremely high or low prices) and often provides a more accurate picture of the market's central tendency.

Average Price: Calculated by adding all property sales prices and dividing by the number of sales. It gives a general sense of the market, but can be skewed by a few very high or low-priced properties.

These metrics are vital in understanding the health and direction of the real estate market. The median price often reflects the market's core, while the average price can indicate overall market trends and property values.

Here are some fascinating year-to-date (YTD) insights from January 2024, compared to the previous year:

  • Corolla: This picturesque town witnessed a slight decrease in YTD sales, with 5 units sold in 2024 compared to 7 in 2023. However, the median sales price saw a modest increase to $1,000,000 in 2024, up from $990,000 in 2023. The average days on the market (DOM) improved dramatically, dropping from 100 days in 2023 to just 38 in 2024
  • Duck: Known for its serene beaches, Duck experienced a 25% increase in YTD sales with 5 units sold in 2024. The median sales price also rose to $805,000 in 2024 from $737,450 in 2023. The average DOM improved significantly, dropping from 75 days in 2023 to only 14 in 2024 .
  • Southern Shores: This tranquil town saw a 25% increase in YTD sales with 5 units sold in 2024. The median sales price rose to $805,000 in 2024, a 9% increase from 2023. The average DOM saw a remarkable decrease from 75 days in 2023 to just 14 in 2024 .
  • Kitty Hawk: Famous for its rich history, Kitty Hawk had a stagnant Jan.YTD sales with 5 units in 2024. The median sales price decreased to $370,000 in 2024, down from $470,000 in 2023. The average DOM increased from 27 days in 2023 to 43 in 2024.
  • Kill Devil Hills: This vibrant town saw a 75% increase in YTD sales with 7 units sold in 2024. The median sales price also rose sharply to $839,900 in 2024, up from $665,000 in 2023. The average DOM decreased from 82 days in 2023 to 69 in 2024 .
  • Nags Head: This town, known for its beautiful beaches, 69 days average Jan. 2024 vs 82 days Jan. 2023, 7 units sold YTD Jan 2024 and Average Median Price $839,900 Jan. 2024 vs $665,000.00 Jan. 2023.
  • Roanoke Island: Steeped in history, Roanoke Island had steady YTD sales with 7 units sold in both 2023 and 2024. The median sales price skyrocketed to $1,022,000 in 2024, a significant increase from $465,000 in 2023. The average DOM decreased from 47 days in 2023 to 28 in 2024 .
  • Currituck Mainland: Known for its natural beauty, Currituck Mainland saw 8 units sold in 2024, a decrease from 11 in 2023. The median sales price increased to $379,500 in 2024, up 38% from 2023. The average DOM increased from 33 days in 2023 to 49 in 2024 .
  • Ocracoke Island: A hidden gem, Ocracoke Island saw 6 residential units sold, emphasizing its exclusivity .

Each town in the Outer Banks offers a unique real estate story, making it a diverse and dynamic market for buyers and sellers alike. Please reach out any time with questions about Real Estate in the Outer Banks and surrounding area. I am always happy to help! 

Posted in Market Updates
Feb. 7, 2024

Making Waves in Real Estate: Sustainable Energy Homes in North Carolina's Outer Banks in 2024

Making Waves in Real Estate: Sustainable Energy Homes in North Carolina's Outer Banks in 2024

In recent years, the demand for sustainable living options has surged, compelling homeowners and investors alike to consider eco-friendly features and energy-saving technologies when purchasing real estate. One location that stands out as a wise investment destination for sustainable energy homes is North Carolina's Outer Banks. This breathtaking coastal region not only boasts stunning natural beauty but also offers abundant opportunities to embrace environmentally friendly living. In this blog post, we will explore why purchasing a home with eco-friendly features in the Outer Banks is a sound real estate investment in 2024.

Promoting Renewable Energy:North Carolina has emerged as a trailblazer in renewable energy, steadily transitioning away from fossil fuels. The state has dedicated significant efforts towards increasing the production of wind, solar, and biomass energy. By purchasing a sustainable energy home in the Outer Banks, you actively contribute to this green transition, utilizing the region's abundance of wind and sunlight to power your home. Not only does this positively impact the environment, but it also protects you from rising utility costs, as you become less reliant on external energy providers.Read about the 5 types of Renewable Energy Used in North Carolina

Information on Town Of Nags Head Website about Solar Energy and Many helpful resources

Geothermal Energy Explained Website

Resilience Against Natural Disasters:The Outer Banks, with its coastal location, faces the threat of hurricanes and rising sea levels. However, purchasing a home with eco-friendly features can provide resilience against such natural disasters. These houses are often built with durable materials, enhanced insulation, and smart technology that enables efficient energy usage. Additionally, many eco-friendly homes in this region utilize high-capacity rainwater collection systems and greywater recycling, ensuring a reliable water supply during storms and water scarcity events.

Dare County Hurricane Preparedness and valuable information

Currituck County Hurricane Preparedness and Information

Hurricane meme

Cost Savings:While the initial investment in sustainable energy homes may seem higher, they prove to be financially beneficial in the long run. Energy-efficient technologies, such as solar panels, geothermal heating and cooling systems, and efficient insulation, significantly reduce utility bills. The Outer Banks' abundant natural resources, including sunlight and wind, provide an ideal backdrop for harnessing renewable energy and reducing monthly expenses. Moreover, sustainable energy homes often receive tax incentives and grants offered by local and federal governments, further offsetting the initial investment.Ideas and ways to Green your Home

Increased Property Value:Investing in eco-friendly features can substantially increase the value of your property. In recent years, homebuyers have increasingly prioritized energy efficiency and sustainable living options. As the demand for sustainable energy homes continues to grow, properties with green features can command higher resale prices. In the Outer Banks, where eco-tourism is flourishing, potential buyers are attracted to homes that align with their own environmental values. A sustainable energy home in this region not only promises a healthier lifestyle but also offers an appealing investment opportunity.A Homeowners Guide to Smart Homes

A Great New Construction Smart Home for sale in Corolla

As the urgency to combat climate change rises, investing in sustainable energy homes in North Carolina's Outer Banks proves to be a wise real estate choice. By aligning your investment with eco-friendly features and energy-saving technologies, you not only make a positive impact on the environment but also enjoy substantial cost savings and increased property value. So, if you're looking to make waves in the real estate market, consider North Carolina's Outer Banks and embrace a sustainable future while reaping the benefits of a sound financial investment.

Posted in Community News
Feb. 6, 2024

Emerging Markets in the Outer Banks: Where Growth Meets Opportunity in 2024

Emerging Markets in the Outer Banks: Where Growth Meets Opportunity in 2024

The year 2024 marks a significant shift in our local Outer Banks Real Estate market, unveiling areas brimming with potential and ripe for growth. Let’s explore some of these promising locations in detail.

Manteo: A Gem for Affordable Living

Manteo, known for its rich history and charming downtown, is emerging as a hotspot for affordable housing. This area is perfect for first-time homebuyers or those looking for a serene lifestyle away from the busier beaches. Properties here range from quaint, historic homes to modern developments. The town's commitment to preserving its cultural heritage, combined with new residential projects, makes Manteo an ideal blend of tradition and modernity.

The Town of Manteo NC Website

Hatteras: Untapped Potential for Investors

Hatteras Island, famous for its natural beauty and laid-back atmosphere, is now catching the eye of investors. The demand for vacation rentals is on the rise, thanks to its pristine beaches and reputation as a world-class fishing destination. The potential for short-term rental investments here is significant, especially with ongoing developments catering to a growing tourist population. Hatteras offers a unique opportunity for investors looking to tap into the lucrative vacation rental market.

Hatteras NC Website

Corolla: The New Frontier for Development

Corolla, once known primarily for its luxurious vacation homes and wild horses, is now witnessing a surge in new developments. This area is experiencing growth in both residential and commercial sectors, making it an attractive option for diverse investors. The expansion of amenities and infrastructure, coupled with the natural allure of the Currituck beaches, positions Corolla as a premier destination for those seeking a balance of luxury and tranquility.

Duck and Southern Shores: Rising Stars for Upscale Investments

Duck and Southern Shores are quickly becoming sought-after locations for high-end properties. These areas offer a blend of upscale living with the charm of coastal life. With their proximity to both the sound and the ocean, these towns are ideal for those looking for a serene yet sophisticated living experience. The recent uptick in luxurious, custom-built homes in these areas is a testament to their growing popularity among discerning buyers.

Carova Beach/4wheel Drive area

The Importance of Timing and Market Knowledge

As the Outer Banks real estate market evolves, timing and local market knowledge become increasingly crucial. Whether you're considering a permanent move, a vacation home, or an investment property, understanding the nuances of each area is key. The emerging markets in the Outer Banks present diverse opportunities, from affordable housing and new developments to luxury investments and vacation rentals.

The Outer Banks real estate market in 2024 offers exciting opportunities in these emerging areas. Each location, with its unique characteristics and potential, caters to a variety of preferences and investment strategies. As your dedicated realtor, I'm here to guide you through these opportunities, ensuring you make an informed and rewarding decision in this dynamic market. Let's explore the possibilities together and find your perfect spot in the beautiful Outer Banks.

Corolla NC Real EstateCorolla Wild Horses

Posted in Community News