We hope everyone had a fun and relaxing Labor Day Weekend! We welcome September with a sense of relief that the hot summer days will be cooling off, and anxiously await for some of the best weather of the year to arrive! Although many of us embrace this time of year, we also know there is a nine-letter word that starts with an H that is potentially hanging over our heads. If you thought we were going to say hurricane, you were mistaken! We are talking about housework. After a busy rental season, this is the best time of the year to address major repair items and potential updates. If you are planning any renovations, large or small, we strongly encourage you not to wait for the last minute (spring). Doing so could cause a loss of income if the job isn’t completed by the time the rental season starts next year! Many contractors and handymen are extremely busy and backed up which could take them longer to finish the work. If you’re having trouble finding vendors, please feel free to reach out and we will be happy to send you suggestions.
In local news, the signs of the busy tourism season slowing down are nonexistent. Rental homes continue to be booked, and the beach parking lots are full of visitors. Even with several fall events being canceled, tourists continue to book vacations to experience paradise at its best! As long as the weather cooperates, and there are no hurricanes, this year could exceed last year’s record-breaking numbers.
In real estate news, our market continues to be unpredictable. Under normal circumstances, we typically see inventory pick up in the fall after the rental season is over. Last year, that was not the case and was one of the main causes for the imbalance of supply and demand. Will that be the case this year? That is the million-dollar question. In many parts of the country, more properties were listed for sale in the past month, but that does not necessarily mean the same will be true for our area. The next few weeks will likely determine if the current market will potentially stabilize or remain in the sellers’ favor for the rest of this year. If we notice an uptick in inventory levels, the current pricing strategy will need to be updated.
In OBX team news, we would like to inform you that Ashley Ladd has left the OBX Homes Team to work independently. We thank her for her time with the team, and we extend our best wishes to her future endeavors.
We’ve included the OBAR statistics for August 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 video call from a property 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
