Greetings! Welcome to our July edition of the OBX Homes Team real estate newsletter. As the summer months unfold, The Outer Banks transforms into a community of activity, hosting a number of exciting festivals and events that give this coastal region an extra glow. From upbeat live performances to peaceful yoga sessions on the beach, there is always something going on in this bustling piece of paradise. We genuinely hope you have the opportunity to participate in the many summertime activities offered in the OBX.
We also hope that your Fourth of July festivities were joyful, marked by dazzling fireworks, laughter, and cherished memories, as we paid tribute to our beloved country, symbolizing freedom and courage.
In local news, several governing bodies recently finalized the 2023-2024 fiscal year budget adoptions. Dare County, Manteo, Kitty Hawk, Southern Shores, and Duck have all opted not to raise their property taxes. On the other hand, The town of Nags Head’s tax rate will climb by 4.25 cents, while Kill Devil Hills’ tax rate will rise by 3.5 cents. Currituck County has decided to increase the tax rate by 10 cents. These budgets demonstrate local governments’ various steps in response to their financial demands for the upcoming fiscal year.
Our local real estate market continues to hold up well compared to the overall market due to several variables, including a shortage of availability, high demand for vacation rentals, ownership of tangible assets, and the potential for long-term appreciation. Even when investors explore alternatives to traditional investment opportunities, the Outer Banks remain popular. Due to its unique blend of a booming tourism industry and a limited supply of properties, the OBX real estate market is an appealing proposition for investors searching for security and potential returns in a volatile economic environment. Since “they aren’t making any more land,” as the expression states, why not purchase in a beautiful location?
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 June* 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.
