“And all at once, summer collapsed into fall.” Quoting Oscar Wilde might be the best ways to describe how fall arrived this year. One day we were experiencing a heatwave, and the next it was time to scramble for our jackets. We hope everyone is settling back to a normal way of life and enjoying the cooler temps.
In local news, tourism continues to remain strong throughout the fall season. Several rental companies are reporting maximum capacity through the end of October! Even with many of the annual events canceled due to Covid-19, renters continue to travel to the OBX to take advantage of the beaches and outdoors. Another great triumph for our community is the addition of North Carolina to the list of states that will have a ban in place to block drilling for gas and oil for the next 12 years. This was a united effort by both of the major political parties and will be considered a huge victory for our coastal communities.
In real estate news, the local market is stronger than ever! New listings are going under contract at record rates. One key factor for this is lack of inventory. Lower numbers of active listings creates pressure for buyers to consider increasing their initial offers to compete with multiple offer situations. Sellers definitely have the upper hand right now and are able to price their properties aggressively. If you were thinking about selling in the next few years, this might be the best time to get your house on the market. Nobody really can predict how long this wave of activity will last, but we all know that most good things will come to an end at some point. In addition to scarce inventory, the other two components adding fuel to this market are attractive interest rates and the ability to work remotely. The new working from home option is a unique feature for prospective buyers who normally wouldn’t be looking into purchasing a house so far away from their work but are now able to explore distant living opportunities. The real estate market is often changing as it adapts to keep up with the demands of today’s world, but this is a new one for many of us! Location was the biggest ingredient for previous buyers, whereas now it’s connectivity and being able to link to their jobs online.
We’ve included the OBAR statistics for September* for your review. If you would like a more 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. Please note we are more than happy to preview homes for anyone, and we can provide a virtual showing of a property to you if that is of interest to you.
Please don’t hesitate to call or email us if you have any questions or should you need anything at all.
Stay well,
The OBX Homes Team
