“Happy Leap Day. A day where ‘this time last year’ and ‘this time next year’ does not apply.” -Unknown
February brings a little extra sunshine our way with a leap day! It’s like a bonus round of time, so why not crank up the excitement and tackle those things you’ve been putting off? Whether it’s a home project, a personal goal, or simply kicking back and enjoying the ride, let’s jump into February with all the good vibes and joy that an extra day brings. Here’s to making leaps, savoring the adventure, and having a blast with whatever’s on your plate!
In local Outer Banks news, homeowners were warned about potential increases in insurance premiums in North Carolina, as insurance providers proposed raising rates for homeowners’ insurance, triggering a period of public comment until early February to give all homeowners a chance to voice their opinions. During that time, the NC Dept of Insurance encouraged homeowners to participate in the process to express their concerns about the proposed price increase, which could have serious financial consequences for property owners. In response to the proposed rate increase and the feedback received, North Carolina Insurance Commissioner Mike Causey declined a suggested rise averaging 42.2%, citing insufficient evidence and describing it as “excessive and unfairly discriminatory.” The North Carolina Rate Bureau’s proposed rate adjustments showed significant variation, with coastal areas experiencing the highest increases. Causey received significant feedback from concerned policyholders, prompting the scheduling of a hearing for October 7, 2024, to further review the proposed rates.
In the recent real estate landscape, a cautious pause characterizes the market as consumers eagerly await news on potential interest rate adjustments, influencing both buyer and seller behaviors. Despite the overall cooling trend for 2023, the month of December saw a brief but significant increase in sales nationwide including the OBX, instilling a sense of activity and optimism. This surge in sales, while reflecting market resilience, is open to interpretation, with factors such as year-end financial considerations or property-specific conditions possibly influencing the increase.
Adding to the complexity, about 20% of single-family houses that are currently pending in our MLS are properties listed over a $1 million price point, indicating segment-specific demand that differed from the overall market sentiment. The connection between the temporary increase in December sales and the traction observed in the high-end sector demonstrates the multiple dynamics at work. As individuals navigate uncertainties, particularly those involving interest rates, the real estate market demonstrates adaptability and responsiveness to changing conditions.
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.
Look forward to seeing you at the beach soon!
Heather & Mandi
