We hope you all had a great 4th of July and are enjoying the summer! The weather has been consistently sunny and hot, and the tourists are happy to have perfect beach days! Everything is showing signs for a great summer season.
In real estate news, things have slowed down quite a bit for July. The OBX Homes Team did have an above average number of closings for the month of June which we are excited to announce. On the other hand, the number of request to show or view properties has declined to almost nothing since of the start of this month. This is typical for the summer months, since it is harder to show houses with renters, and unpleasant to navigate through heavy traffic. Some good news to repeat is the National Flood Insurance Program has been extended from July 31 for another half of year, which will help homeowners with keeping or obtaining flood insurance at a lower than previously proposed rate. Another positive settlement occurred between the insurance and state of NC concerning dwelling insurance. This type of insurance is specifically for homeowners who rent their properties or use them as second homes. The initial increase in rates was estimated to add almost 19% to the current rates. The NC Commissioner was successful in lowering the proposed increase to just under 5% which will start in the beginning of 2019. This is exceptional news for any and all of our homeowners here along the Outer Banks.
We’ve included the June OBAR statistics report for your review, but if you would like a tailored report with specific figures for your neighborhood, please let us know. If you’ve been thinking about selling, we are happy to assist you with a free market analysis of your property. If you or anyone you know is interested in buying a property, we would love to help find the perfect home on the Outer Banks.
The OBX Homes Team is making an effort to help the environment and decrease our paper output, so if you’d like to help with reducing our paper use, please send us a current email. We will send you a notification each month to look on our website for the updated owner note and statistics report. We appreciate your effort to help with this and thank you. We will continue with owner mailings to those who wish to receive them by mail.
Please stop by our office in Duck to say hello if you’re in the area, and as always, please don’t hesitate to call or email with any questions, or if you need anything.
