The past year has brought significant policy changes to the real estate industry, marked by transformative shifts and unprecedented challenges that have redefined how the market operates. At the core of these changes is the landmark lawsuit concerning agent commissions, which has fundamentally reshaped real estate transactions.One of the most notable outcomes is that the National Association of Realtors (NAR) can no longer display on the MLS what a seller is willing to pay for a buyer’s agent commission. This change, driven by legal and antitrust concerns over limiting competition, allows buyers and sellers the opportunity to openly discuss and negotiate these fees. This shift moves away from previous practices where such details were standardized and not actively negotiated.For real estate professionals, this highlights the importance of clearly demonstrating their value to clients. For buyers and sellers, it offers increased clarity and control, enabling them to understand what they’re paying for and to negotiate commissions more openly and efficiently. While our policy has always been that everything is negotiable, these changes mark a significant shift in the industry. Brokers nationwide, including those locally, are still adapting to this evolving landscape.
While election years often bring a market slowdown, this year’s uncertainty magnified the pause, adding a layer of complexity to an already evolving landscape. Compounding these factors, economic pressures and speculation about a potential market correction—whether through increased inventory or lower interest rates—led many buyers and sellers to proceed with caution.The OBX Homes Team faced these headwinds but met them with determination and perseverance. In spite of the challenges, we closed the year with over $10 million in sales and an impressive average sales price of $963,000—a reflection of our commitment to excellence and the trust of our clients. Throughout the year, Heather also traveled extensively to connect with other Sotheby’s International Realty firms, strengthening relationships and enhancing the visibility of the Outer Banks market.
Looking ahead, there is every reason to feel optimistic. The real estate market has consistently demonstrated remarkable resilience, and the obstacles of the past year have paved the way for fresh opportunities and growth. With anticipated economic adjustments and renewed market confidence, we are excited for a more dynamic, balanced, and prosperous year. We will embrace the opportunities ahead and continue building success in the Outer Banks and beyond!
Hope everyone is staying warm! Heather and Mandi
