Hello there, October! Plants and trees are getting ready for winter, and the last peaches, pears, and berries have been harvested, but there are plenty of pumpkins and gourds to be found. Baseball season is coming to an end, and football season, like sweater weather, has arrived. The sunrises are later, and sunsets are earlier, but it is the best time to enjoy the night with bonfires and oyster roasts! It is, without a doubt, the most wonderful season of the year on the Outer Banks! We hope you have a wonderful October wherever you are!
We were reminded of our region’s deep roots and connection to England as, alongside the rest of the world, we mourned Queen Elizabeth II’s death. Even though it has been nearly 450 years since the British first settled on Roanoke Island, along the Outer Banks there are still many signs of our English heritage. The Elizabethan Gardens, the British Cemetery on Ocracoke Island, and a replica of the ship Queen Elizabeth II, are just a few examples. Buildings and topography have changed enormously over the centuries, so it’s nice to have some reminders of the great explorers who came here and settled here long before us, taming a wilderness and paving the way for all of us to enjoy the OBX now! If only they had built the Currituck bridge, we might be able to keep traffic under control today!
The real estate market has been declining in recent weeks. Contracts are still being signed, but there has been a noticeable shift in buyer activity and what they are looking for. Our pricing strategies are constantly changing to strike the right balance between sellers and buyers. Multiple offer situations appear to be a thing of the past, but some high-end buyers remain. The disparity in the number of inquiries received by listings is very intriguing. Some of the most expensive listings appear to have more activity than all lower-priced properties combined. We believe the noticeable lack of inquiries for mid-to lower-priced properties is a direct result of rising interest rates. There is speculation that the activity in higher-priced properties is due to 1031 exchanges or investors withdrawing money from other financial assets to put it into a more sound investment. Many people are still watching the market to see which direction it will take. Is it possible that the weather could be simpler to forecast right now than predicting the real estate market?
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 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 September* 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
