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!

July 2017 Real Estate Newsletter

Posted Heather McLayPosted in News Letter
We hope everyone had a great Fourth of July holiday! The sidewalks have been taken over by daily joggers, bicycles, baby strollers, and the casual explorer. Island time here on the Outer Banks is in full swing. Daily work routines have been replaced with fun adventures for all vacationers, and it’s been a great summer so far!  The weather has been a bit more tropical with high humidity and afternoon showers, but there is still plenty of sun to allow for perfect beach days. 
Fantastic news for anyone going to be in Duck, the beach nourishment is officially complete!   The nourishment just started in Kill Devil Hills and will also continue in Kitty Hawk and Southern Shores in a few weeks. The H20BX water park is officially open for business as well. Many great things are happening here this summer!
On the real estate front, June continued to have the same pattern as May predicted. Though homes sales are still impressive, they have slowed a bit due to the summer season. Showings have decreased because of limited accessibility to view homes during the week. Days on the market average has dropped. We have had several inquiries about listed properties and many potential buyers asking when the inventory will pick up again. This is always a positive sign. The fall should continue to bring in record numbers of sales as did the beginning of the year. 
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 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 summer!

June 2017 Real Estate Newsletter

Posted Heather McLayPosted in News Letter

The  summer season for 2017 has officially begun!  Memorial Day is typically a great indicator of  how busy the summer will be.  We saw long waits at restaurants and grocery stores, along with heavy traffic coming onto the beach for the holiday weekend.  This forecasts a very busy summer!  A few things to mention  concerning local information: The speed limit in some parts of Southern Shores and Corolla will see a reduction to 35 MPH for the season.  Please be aware so you don’t get a ticket. The water park is scheduled to open June 21 provided the weather cooperates. Beach nourishment is moving along with some minor setbacks, but hopefully will continue without anymore complications. Corolla has added an ADA compliant beach access with a ramp on Corolla Village Rd.  

On the real estate front, May showed some slowing in activity.  This is common this time of year for our  area due to summer rentals and availability to show.  We typically see an increase in sales activity again in September. The overall national housing market has seen a decline in inventory with a record number of home buyers. 

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. Or 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.  We hope everyone has a great summer!

 

May 2017 Real Estate Newsletter

Posted Heather McLayPosted in Uncategorized
The spring season is in full swing! The flowers have been watered with decent amounts of April showers. The rain has helped with washing away copious amounts of pollen on our vehicles and windows. The Easter/Spring Break season prompted an increase in renters and homeowners visiting the beach for the first time this year.  The tropics have even seen their first tropical storm Arlene brew in the ocean.  All signs point to lots of activity ahead for the summer season.
On the real estate front, April sales have been just as busy as the traffic on the roads. The market continues to follow the upward motion of a positive trend.  The FED decided not to increase interest rates this last session; however, they indicated that it would happen most likely in June.
On the political side of homeowner news that could impact or increase house value is the the tariff on lumber coming from Canada. Also impacting the building arena, Dare County has had to change the septic permitting process. Beginning May 1st, homes with more than 4 bedrooms will be impacted the most, and it will affect the septic repair area, setbacks for water lines, among other things. To learn more about the specific changes, you can contact Jack Flythe at Dare County Environmental Health.
Twiddy had their annual homeowners’ weekend in April. Thanks to all of the homeowners who stopped by to visit and take advantage of visiting with the Twiddy rental team and sales agents. It is always great to get feedback from the owners and connect with them in person.
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. Or if you or anyone you know is interested in buying property, we would love to help you find the perfect home on the Outer Banks. Please feel free to stop by our office in Duck to say hello. We hope the spring produces an abundance of flowers and warm weather in your neighborhood.

April 2017 Real Estate Newsletter

Posted Heather McLayPosted in News Letter

Happy spring everyone! We think it finally arrived anyway, after a roller coaster ride of weather the last few weeks which included 80 degree days, 30 degree days, and a very unusual 3-day wind storm that caused a lot of sound-side flooding. Whew! We are ready for lots of calm, sunny beach days here soon.

On the real estate front, things are HOT. The market has been very active, to say the least. We are seeing properties go under contract at a steady pace, and new listings continue to come up daily. Rental bookings for the summer appear to be strong, and we are expecting another busy summer of visitors. It will be interesting to see if the sales activity slows down, as it usually does in the summer, or if we are in for a full year of active sales. It’s been awhile since we’ve seen that, but the spring market certainly has indicated a rebound. Let’s hope it keeps up.

We are expecting lots of folks in the weeks around Easter and spring break, so we’re anticipating seeing even more properties go under contract as buyers try to close on something before the rental season begins.

Some fun news, the new waterpark located just over the bridge on the Currituck Mainland will be open for business this summer, and they are expecting big crowds for sure. This is something totally new for our area, and lots of folks are really excited about it. Check out the website for the park at h2obxwaterpark.com.

As always, please don’t hesitate to call/email us if you need anything. If you’ve been thinking about selling, we are happy to provide you with a free market analysis of your property. If you know anyone who is interested in buying, we’d love to help them find a beach home! Hope everyone has a great spring break and look forward to seeing some of you in Duck very soon.