Welcome to the month that bridges autumn and winter. Crossing it ushers you into the magical holiday season along with the reminder to slow down and spend time with family, friends, and loved ones. The OBX Homes Team wishes you and your family a very Happy Thanksgiving.
Despite some unfavorable tropical storm weather early in the month, October exceeded expectations and was exceptional for the majority of outdoor activities. At their annual jazz festival, the Town of Duck was quite successful by bringing together international jazz musicians and North Carolina bands for an unforgettable weekend. The Seafood Festival, held on the third weekend of October, was a resounding hit as well. Along with the town events, Twiddy’s annual Homeowner Appreciation Day was restored and a huge success. If you were unable to attend this year, be sure to set a reminder on your calendar to go next year. You will not be disappointed.
It is no secret that home prices have skyrocketed beyond comprehension in recent years. Those days, however, may be coming to an end. Consumer confidence and purchasing power are currently being stripped away by high inflation and less favorable financing conditions. The Federal Reserve’s ongoing battle against inflation has resulted in several rate hikes. As a result, an increasing number of prospective buyers and sellers are treading carefully. The Outer Bank’s market appears to be outperforming the rest of the country, but we are noticing a significant headwind that could be a sign of things to come in the coming months. As you can see from October’s statistics report* the local property values remain exceptionally high. However, if the economic outlook for home buyers or investors does not improve, price reductions to reflect the nation’s overall economic performance are very highly probable.
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 October* 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
