November 2017 Real Estate Newsletter

Posted Heather McLayPosted in News, News Letter

We hope everyone is enjoying their fall.  October continued with unseasonably warm weather here on the Outer Banks.   Although the number of vacationers and homeowners visiting during the week has decreased, we continue to see many people taking advantage of the weekends here on the beach.   We expect to have a good number of people in town Veterans’ Day weekend for the annual Outer Banks Marathon.  If you or someone you know is running any of the races  we wish you the best of luck and congratulations for accomplishing such a great achievement!

 

In local news, Dare County will be completing their 90 day appeal period for the new flood maps on November 13.  This will impact a large number of homeowners in the upcoming months, but we believe it will be in a positive way.  If you would like more information about these changes please visit the http://fris.nc.gov/fris/ webpage.

 

In real estate news, we noticed a drop in activity the last few weeks of October.   Overall showing requests were significantly down from  the number of showing in September and early October.   Something we’ve noticed occurring is properties going under contract then coming back on the market.  We believe the lower amount of inventory is causing buyers to feel pressured into quickly making offers.  Because buyers can back out of the contract without any recourse during due diligence, potential buyers can tie up properties for several weeks or even months  then back out of the contract without any recourse.  It’s a good incentive for buyers, but detrimental for sellers.   We hope our local MLS finds a fair balance with this soon.

 

As always, please don’t hesitate to call or email with any questions, or if you need anything.   We’ve included the October OBAR statistics report for your review, but if you would like a tailored report with specific figures for your neighborhood, please let us know.  If you’ve been thinking about selling, we are happy to assist you with a free market analysis of your property.  If you or anyone you know is interested in buying a property, we would love to help find the perfect home on the Outer Banks. Please feel free to stop by our office in Duck to say hello if you’re in the area.  We would like to wish you all a very Happy Thanksgiving!

October 2017 Real Estate Newsletter

Posted Heather McLayPosted in News, News Letter

We hope everyone is enjoying their Indian summer and having a great fall!  Although the kids are back at school, we are still seeing above average numbers of tourist along the Outer Banks.  The tourism board has done a great job with supporting the local industry by adding exciting events during the shoulder seasons to help bring in more business.   The Duck Jazz Festival, the Outer Banks Bluegrass festival, and the Parade of Homes, to name a few, have brought in considerable amounts of traffic for our shops, restaurants, and especially real estate companies.

Just a friendly reminder to anyone planning on traveling to the OBX this off season, the eastbound Wright Memorial Bridge will be closed until May 2018.   Keep a look out for detours and delays.

On the real estate front, the market level has increased significantly.  We have personally witnessed numerous properties come on the market and generate multiple offer situations.   This evidence suggests the inventory is still on the low side, and the demand is steadily increasing, prompting buyers to be more aggressive with their offers.  The threat of rising interest rates in the late fall or early winter could also be a factor with potential buyers wanting to buy immediately.  Another trend we have noticed  in recent months is the level of interest for vacant lots.  Many builders on the beach have mentioned a boost in the number of clients contacting them for new construction quotes and availability.  Overall, the real estate market on the Outer Banks is demonstrating a substantial increase in activity.

As always, please don’t hesitate to call or email with any questions, or if you need anything.   We’ve included the September OBAR statistics report for your review, but if you would like a tailored report with specific figures for your neighborhood please let us know.  If you’ve been thinking about selling, we are happy to assist you with a free market analysis of your property.  If you or anyone you know is interested in buying a property, we would love to help find the perfect home on the Outer Banks. Please feel free to stop by our office in Duck to say hello if you’re in the area.  We hope everyone has a great fall!

 

Beautiful Whalehead Home!

Posted Heather McLayPosted in Listings, Virtual Tours

Currently Off Market

Located only 2 lots from the ocean with great views, this beautiful property is in fantastic shape and has all you need for the perfect rental home!

7 bedrooms, 6 1/2 bathrooms, private pool, hot tub, volleyball, game room, fireplace and so much more.

Click the photo  below to view the amazing virtual tour…

907 Whalehead Drive, Corolla NC
MLS# 98013

September 2017 Real Estate Newsletter

Posted Heather McLayPosted in News Letter

We hope everyone had a great Labor Day weekend!  The weather has finally cooled off here in the Outer Banks, and the summer crowds have thinned out a bit.  There are still quite a few people visiting the beaches and taking advantage of the near perfect fall weather.   We did see some rainstorms right before the holiday weekend, but they were short-lived.  Other parts of the country have not been so lucky.  Our thoughts go out to anyone who has been affected by Hurricanes Harvey and Irma.  Unfortunately, there is another named storm in the Atlantic that we are keeping our eye on.  It is still too soon to tell if it will head this way.  

On a more positive note, we are excited that the activity levels in real estate has picked up a good amount in the past few weeks.  There have been more inquiries about properties, and many people making trips down to look at what is available on the market.  This indicates a strong fall for OBX sales.  In addition to the inquiries, we have also witnessed quite a few properties come on the market and go under contract quicker than normal, which is great news for all sellers.  And for potential buyers, the good news is that the inventory has increased since the end of the rental season, giving more opportunities to find the perfect property.  Overall, the market has come back to life after the summer season, and we are happy to help anyone who has any real estate needs.

As always, please don’t hesitate to call or email with any questions, or if you need anything.  If you’ve been thinking about selling, we are happy to assist you with a free market analysis of your property.  If you or anyone you know is interested in buying a property, we would love to help find the perfect home on the Outer Banks. Please feel free to stop by our office in Duck to say hello if you’re in the area.  We hope everyone has a great fall!

Just listed in Duck Landing!

Posted Heather McLayPosted in Listings, Virtual Tours

Currently Off Market

Beautiful 6 bedroom, 6 1/2 bath home located in the heart of Duck Village with private pool, hot tub, fireplace, lots of decks, and so much more!

Walk to the beach, shops, and restaurants in minutes and enjoy all the amenities this great home has to offer.

Click the photo  below to view the amazing virtual tour…

118 Duck Landing Lane, Duck NC

118 Duck Landing Lane, Duck NC
MLS# 97671

 

 

Right out of a magazine! 

Posted Heather McLayPosted in Listings
 This stunning, architect- designed craftsman home will take your breath away with the views, quality construction, and
extremely private setting. Located on a quiet street at the north end of Roanoke Island, enjoy the spectacular sound views from this gorgeous
well maintained home. Soundront living at its finest.
104 Seatone Lane, Manteo NC
MLS# 98459
View the amazing virtual tour by clicking here...

August 2017 Real Estate Newsletter

Posted Heather McLayPosted in News Letter
We hope you all are enjoying your summer!  July has been quite an interesting month for us here on the Outer Banks with unusual weather and some remarkable events. Despite the number of rainy days, everyone has been able to make the most of the sun when it is shining, and enjoy the beaches and many other outdoor activities

As you probably know, during the construction of the new Oregon Inlet Bridge, two of the three power cables were compromised causing the southern beaches to have no power source. Originally reports had stated all three cables were damaged.  The governor called a state of emergency for the area, and there was a mandatory evacuation which began July 29th  and  remained in effect until August 4th.  Things are back up and running in both Hatteras and Ocracoke, but the evacuation occurred during one of the busiest weeks of the season, and we cannot imagine the long-term impact this will have on their economy.   Our thoughts go out to everyone who suffered from this huge mishap.

On the real estate front, the pace of sales activity for July has been quite slow.   Total sales for July are down; however, under-contract numbers are up.  This slow-down is normal due to inability to show homes except for changeover days, along with somewhat less motivated sellers during the peak rental income months.  The positive end of this note is there has been a higher number of inquiries overall and requests for summer showings.  There are many prospective buyers out there asking a lot of questions, and hoping for more inventory to come, so we are anticipating a busy fall. 
As always, please don’t hesitate to call or email if you need anything or have any questions.  If you’ve been thinking about selling, we are happy to assist you with a free market analysis of your property.  If you or anyone you know is interested in buying property, we would love to help find the perfect home on the Outer Banks.  Please feel free to stop by our office in Duck to say hello if you’re in the area.  We hope everyone has a happy and safe rest of their summer!