In honor of the great Irish holiday ahead, we thought we’d share an Irish wish for you to start our monthly owner note. “May peace and plenty be the first to lift the latch to your door, and happiness be your guest today and evermore.” With all the negative news surrounding us, we thought we would focus only on the positive.
So here’s some positive news: Currituck County property owners just received an encouraging update about their flood insurance rating. During times of increased costs for just about everything, the county’s improved ranking within the National Flood Insurance Program (NFIP) could likely decrease homeowners’ annual premiums. The potential discounts come from Currituck’s proactive measures to meet certain criteria suggested by the Community Rating System (CRS). This is not a requirement of the NFIP, but something offered to each area locally to help achieve a better rate. The county was placed in a class that is presumed to receive a 20% discount for all policies in its Special Flood Hazard Areas. We are not sure if this is effective immediately, but hopefully, it will be a favorable break for many property owners’ wallets.
In real estate news, the majority of properties that were listed last month went under contract in record-breaking time. The average days on the market for February 2022 was 48. This is down over 50% from what it was last year during the same time frame (82 days). In many cases, properties that were priced appropriately faced multiple offer situations. This generally puts sellers in a great position; however, they are now presented with the challenge of determining which offer is the best fit for their needs. It is not always the case that the highest offer price wins the contract. This market brought forth some creative offers that make it tougher for sellers to see one as a slam dunk over the others. When presenting offers to clients, we help to break down each aspect of the offers and ask the sellers to prioritize what they want most from the sale. Although it seems like a great problem to have, even in this heavily-favored seller’s market, there are challenges to overcome. We continue to be amazed at the current market conditions and hope it remains strong for our clients!
If you’ve been thinking of selling, are looking to purchase, or have friends/family interested, please don’t hesitate to reach out, as we can send a free market analysis for your property and also add prospective buyers to the auto-email notifications for specific types of properties here at the beach. If you’re not able to come visit in person, we offer virtual showings and are more than happy to preview a home for you and send some notes.
We’ve included the OBAR statistics report for February* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.
Please don’t hesitate to call or email us if you have any questions or should you need anything at all.
The OBX Homes Team
