“May the shells on the beach remind you that treasures arrive every day in the form of simple things.” ― Obasanjo Samuel. We hope everyone is having an enjoyable summer and staying cool!
In mid-July, our local association of Realtors notified its members that Nationwide has chosen not to renew a significant number of homeowners insurance policies, particularly those east of I-95. This decision will likely impact well over a thousand policyholders from two local Nationwide businesses. Other companies may likely adopt similar measures in the near future. We strongly advise contacting your homeowner’s insurance agent to determine whether your policy will be affected upon renewal. It is important to emphasize that you may only have a 30-day window to secure new coverage in some instances, highlighting the urgency of contacting your agent promptly. Given that real estate values and building costs have increased considerably in recent years, reviewing your insurance policy and re-examining your coverage may be worthwhile. Liability coverage will vary according to the preferences of your property management company. Remember to include or update amenities such as pools, hot tubs, and elevators when renewing your policy. You should discuss “loss of use” (lost rental income) insurance with your insurer if you rent your house. Please let us know if you need assistance finding another insurance agent, and we can offer suggestions.
In real estate news, the critical factor to focus on is inventory. The number of new and available properties currently needs to catch up to the long-term average. This scarcity of properties will be a significant aspect to monitor throughout the rest of 2023. Should there be a substantial rise in inventory during the fall, a time when homeowners often choose to sell, it could lead to a considerable decline in market values. On the other hand, if homeowners are less inclined to put their properties up for sale, the market will continue to face high competition due to the limited inventory, potentially resulting in stable or even rising prices. It’s worth noting that our local market exhibits a more pronounced seasonality effect than most other areas, and it remains to be seen whether the slower activity witnessed in July was solely due to this seasonal pattern or if there are other economic conditions contributing to the slowdown.
As your trusted Sotheby’s International Realty agent, our dedication to excellent service extends beyond the local market. We take pride in our extensive global network of real estate specialists, which allows us to link you with reputable agents in various places. Whether you’re considering relocating, investing in real estate, or looking for possibilities in a different region, we’d be happy to help. Rest assured that no matter where your real estate interests lead you, we are happy to provide assistance and link you with top-tier agents who share our dedication to quality and excellence.
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 July* 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
