The month of March begins with a renewed sense of possibility as we say goodbye to winter’s chill and welcome the gentle warmth of spring. This season, which is typically linked with renewal and growth, represents the growing optimism in our efforts throughout the year. In the spirit of the month of March, remember the wise words: “The best luck of all is the luck you make for yourself.” As we get started on this transitional month together, your forward thinking will definitely contribute to a successful and fulfilling journey this year.

In local news, the Town of Duck is close to wrapping up another stage of its coastal resiliency project, aiming for completion by May. This comprehensive endeavor involves several elements, including the conservation of coastal wetlands, improving safety for pedestrians and cyclists with the extension of sidewalks and bike lanes, and tackling flooding issues. The project encompasses a quarter-mile stretch at the northern tip of Duck Village, extending from the former Resort Realty property to Sunset Grille. If you have any inquiries, feel free to reach out to us.

In real estate news, upon reviewing the statistical report for last month, there emerges a noteworthy shift in inventory levels. Overall, there has been an uptick in inventory, with active listings increasing by 11% compared to the previous year. Residential listings have experienced a notable increase of 33%, while lot/land listings have decreased by 7%. Despite the rise in available properties for sale, both sales and under contract listings have shown lower figures than those observed in 2023. Under contract listings have decreased by 14%, while sales have seen a decline of 12% from the previous year. Specifically, residential sales have experienced an 11% decline, while lot/land sales have seen a more pronounced of 19%. Looking ahead, it is imperative to closely monitor a growing trend: the rise of Dare County foreclosures. These properties are anticipated to enter the market soon, potentially altering the current market dynamics. As we continue to track market trends, we will remain vigilant regarding this development.

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.

Hope everyone had a Happy Easter weekend! Heather & Mandi

“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

As we look ahead to the upcoming year, we extend our warmest wishes for a prosperous and successful 2024. May this year bring with it a plethora of opportunities and fresh starts for each one of you. May your journey be marked with triumphs, exciting experiences, and the accomplishment of your aspirations. Here’s to an extraordinary 2024!

As we reflect on the previous year, we’d like to express our sincere appreciation for your contribution to our memorable 2023. The OBX Homes Team concluded the year with an impressive feat of nearly $40 million in sales*, with an average transaction price surpassing $1.3 million*, and a special recognition to Heather McLay, who was the top-producing agent in the entire MLS for the town of Duck. The Outer Banks real estate market had another outstanding year, and we are thrilled with the success of our team. Thank you for being part of our journey.

In our first full year with Landmark Sotheby’s International Realty, the OBX Homes Team achieved remarkable success that not only met but exceeded our initial expectations. With unwavering dedication and unmatched expertise in the real estate industry, we managed to surpass our own goals. Additionally, Heather had the privilege of taking advantage of numerous opportunities to connect and collaborate with esteemed global agents and brokers within Sotheby’s International Realty’s network. These invaluable connections have significantly enriched our team’s knowledge and resources, positioning us for a future filled with even greater prospects and continued excellence. Moreover, it’s worth noting that our office was the leader in sales by volume for the town of Duck, a testament to our commitment to excellence in every aspect of real estate. Thank you for being part of our journey.

We want to take this opportunity to remind you that our services extend beyond our local market. Through our affiliation with Sotheby’s International Realty, we’ve established a broad, worldwide network of real estate experts, allowing us to connect you with reputable agents in different regions. Whether you’re considering a move, property investment, or exploring opportunities in another area, we’re eager to harness our networking resources to assist you. Please rest assured that, regardless of where your real estate interests take you, we’re here to provide guidance and introduce you to top-tier agents who are equally devoted to excellence.

Please don’t hesitate to call or email us if you have any questions or should you need anything at all. We’ve included the OBAR statistics report for the entire year of 2023* 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.

Cheers to 2024! Heather & Mandi

As we enter into November, we’re excited to embrace the holiday season and the warm sense of togetherness it brings. Thanksgiving is just around the corner, and the festive lights of December are quickly approaching. The OBX Homes Team extends our warm wishes for a joyful Thanksgiving celebration!

The OBX Homes Team would like to inform Dare County property owners of the valuable free resource offered by the Dare County Register of Deeds: the Property & Mortgage Fraud Detection Notification System. This system was implemented to stop deceptive property-related activities, which can be a concern for all property owners, including vacant land. Being proactive is crucial today with technology, especially as closing attorneys are implementing stricter identity verification to prevent fraud as much as possible. Enrolling in this free service is a wise step to protect your property. We share this information to empower you with the tools for awareness and protection. To register for this service, please visit DareNC.gov/FraudDetect.

In today’s real estate market, the scarcity of available properties has emerged as a significant driver behind the rising property prices, posing challenges for prospective buyers. Moreover, the comparatively higher interest rates compared to previous years have added a layer of complexity to the real estate landscape. Intriguingly, despite these challenges, buyers remain resolute in their pursuit of real estate opportunities. One striking trend that has come to our attention is the increasing popularity of land sales, offering buyers a means to reduce their initial investment and build their dream properties with a degree of cost control. This trend is underlined by the fact that six out of the last ten transactions handled by our team involved land sales, and the majority of offers typed for buyers were for tear-down properties or vacant land. As the real estate market continues to evolve, both buyers and sellers must adapt to these changing dynamics when establishing prices and making well-informed real estate decisions. You can trust that the OBX Homes Team is dedicated to closely monitoring market trends on a regular basis to ensure we stay updated on these developments and provide you with the most current insights.

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.

Hope everyone has a Happy Thanksgiving!
The OBX Homes Team

As the vibrant hues of summer slowly give way to the warm and rustic tones of autumn, we find ourselves transitioning into a season of serenity and charm here on the Outer Banks of North Carolina. October has arrived, bringing with it a perfect blend of pleasant weather, cultural celebrations, and outdoor adventures that make our coastal haven a must-visit destination this fall.

Last month presented some possible challenges to our area, both in terms of weather and government operations. A few tropical disturbances presented potential hazards and created dangerous ocean conditions. However, we were fortunate in that the storms had little impact on our beaches, and the previous year’s beach nourishment remains a success. There was also the impending threat of a government shutdown, which may have had an adverse impact on the area. As many property owners know, several national parks and government-run programs along the beaches play an essential part in our everyday lives. Fortunately, we were spared the effects of a government shutdown this time. While the current situation offers only a short-term solution, we remain hopeful that the responsible parties will reach an agreement to prevent future shutdowns.

In Outer Banks real estate news, the ongoing challenge is the limited number of available properties for sale. When we compare it to previous years, there has been a noticeable drop in new property listings during this season. It’s worth noting that a significant portion of Outer Banks’ housing options are vacation rentals, and homeowners typically decide to list their homes for sale once the peak rental season winds down. Surprisingly, this year, we have yet to witness this trend, and considering it’s already autumn, there’s a possibility that the inventory won’t see a significant increase in the coming months. This could result in a continued scarcity of available properties, potentially keeping prices higher.

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 September* 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

Welcome to what many people believe to be paradise: the picture-perfect conditions on the Outer Banks in the fall! Think of September’s ideal combination of warm orange and yellow tones and the sounds of waves crashing on the beach. Many people envision the Outer Banks in September as a picture-perfect place where the temperatures are warm and pleasant, the sunsets are even more spectacular, and there is plenty of space for everyone to explore and enjoy our exceptional beaches.

At the end of last month, the US Army Corps of Engineers and the US Environmental Protection Agency released a final regulation modifying the 2023 definition of “waters of the United States” to comply with the recent Supreme Court judgment in the Sackett v. EPA case. These changes are intended to integrate with the Supreme Court’s decision while increasing clarity in conserving the nation’s water bodies. Furthermore, these modifications benefit various activities, including construction projects, business opportunities, and farming operations. Please see the accompanying PDF Fact Sheet on this judgment for further information.

Exploring local market patterns as the end of the year approaches and comparing them to national statistics becomes relatively appealing for the Outer Banks real estate sector. OBAR’s analysis identifies notable developments in our local market from 2022 to 2023. While the report will indicate fewer active listings, longer days on the market, lower median selling prices, and fewer new home listings, it’s critical to remember that these are only half of the picture. As we enter the fall market, the possibility of increasing inventory might have a beneficial influence on year-end statistics and boost total sales. Let us consider these shifts as opportunities and look forward to what the Outer Banks real estate market has in store for us!

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 August* 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

“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

Greetings! Welcome to our July edition of the OBX Homes Team real estate newsletter. As the summer months unfold, The Outer Banks transforms into a community of activity, hosting a number of exciting festivals and events that give this coastal region an extra glow. From upbeat live performances to peaceful yoga sessions on the beach, there is always something going on in this bustling piece of paradise. We genuinely hope you have the opportunity to participate in the many summertime activities offered in the OBX.

We also hope that your Fourth of July festivities were joyful, marked by dazzling fireworks, laughter, and cherished memories, as we paid tribute to our beloved country, symbolizing freedom and courage.

In local news, several governing bodies recently finalized the 2023-2024 fiscal year budget adoptions. Dare County, Manteo, Kitty Hawk, Southern Shores, and Duck have all opted not to raise their property taxes. On the other hand, The town of Nags Head’s tax rate will climb by 4.25 cents, while Kill Devil Hills’ tax rate will rise by 3.5 cents. Currituck County has decided to increase the tax rate by 10 cents. These budgets demonstrate local governments’ various steps in response to their financial demands for the upcoming fiscal year.

Our local real estate market continues to hold up well compared to the overall market due to several variables, including a shortage of availability, high demand for vacation rentals, ownership of tangible assets, and the potential for long-term appreciation. Even when investors explore alternatives to traditional investment opportunities, the Outer Banks remain popular. Due to its unique blend of a booming tourism industry and a limited supply of properties, the OBX real estate market is an appealing proposition for investors searching for security and potential returns in a volatile economic environment. Since “they aren’t making any more land,” as the expression states, why not purchase in a beautiful location?

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 June* 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.