Winter is nearly over, and the weather has been colder than usual. The start of the month saw the appearance of a small groundhog from Pennsylvania who was there to predict how long winter would last. According to legend, the fact that he spotted his shadow indicates that winter will last another six weeks. The good news is that, unfortunately for Punxsutawney Phil, he is incorrect around 60% of the time. Let’s hope his prediction is wrong and spring comes in two weeks as opposed to six! Fortunately, there are some interesting and fun February events to keep you entertained. Super Bowl Sunday is always a good time to get together with friends and watch a football game while making interesting wagers. Let’s not forget Valentine’s Day, the month of February’s most popular holiday. Best wishes and happy Valentine’s Day to you. We hope you find the opportunity to do whatever you love.
Locally, the ongoing legal battle over the closure during COVID between non-resident property owners and Dare County continues. The most recent decision by the US Court of Appeals came at the end of January. It ruled against the plaintiffs seeking compensation from Dare County for denying these property owners access to their homes during that time period. The complainant claimed that denying them access to their property was unconstitutional without providing just compensation. The US Court of Appeals rejected their appeal because the court order did not permit any other entity to occupy or operate the plaintiff’s vacation house and because the owners retained legal possession the entire time. In addition to the previous reasons, the restricted access was temporary, and the plaintiffs were notified a few days before it took place. Since their case did not present a reasonable claim for relief, the district court’s decision was upheld. Dare County isn’t out of the woods yet with this ongoing shutdown issue. The county manager said that additional grounds for appeal may exist, but they are pleased with the recent decisions.
Throughout national real estate headlines, homebuyers have likely noticed a small shift in the power dynamic in their favor as a result of moderate increases in the housing supply. However, our region’s supply has only slightly increased, and many homeowners are holding on to their properties, preventing an oversupply of new listings for sale at the local level. As a result, the local market should continue to favor sellers and last slightly longer than the national level.The market’s performance during the unforeseen high a few years ago is impossible to measure up to, but the cooling off period our region is currently going through is more of a gentle landing than one could hope for. Average days on market are still down quite a bit, and property prices are still significantly higher today than they were a few years ago, before the recent events-related boom.
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.
Please don’t hesitate to call or email us if you have any questions or if you need anything at all.
