OBX4Sale Blog

Optimism Abounds the OBX Real Estate Market

23 Jan'18

 

After a long decade of lagging sales, lower values and very little new construction the Outer Banks Real Estate Market is showing lots of reasons for optimism.

The numbers don’t lie!  This has the been a banner year for sales.

• Total Unit Sales: 2560 units sold! Best year since 2005!
• Total Sales Volume: $766,057,072! Best year since 2005!
• Average Home Price: $387,064 – highest average home sale price! Best year since 2014!
• Median Home Price: $313,021 – highest median home price! Best year since 2014!
• Inventories: Lowest monthly inventory since 2010!
• Days on the Market: Rapidly declining Days on the market! Down 43% in December!

These numbers are a great reason for optimism however its still a buyer’s market over all.

Do’s and Dont’s for a Seller

As a seller in a market with too much inventory you can not be the “highest bidder”  of your home and expect to sell your home.

If you are serious about selling, it is important to speak to a FULL TIME REALTOR.  One who knows the market and is willing to tell you what the market value is based on solid up-to-date research on sold comparables, just listed comparables (your competition) and market trends.

Market trends are important, some trends can point to more money for the seller and some can point to market rejection and too many days on the market.  Then your home can become stigmatized.

Homes built in the 80’s or 90’s with little to no upgrades will not get top dollar in this real estate market.  Buyers want upgrades like white cabinets, granite counter tops, stainless appliances, hardwood flooring, tile surround showers, colorful backsplashes and a beach decor.

I can also tell you, they do not want a house full of crate furniture.

I am not suggesting that you need to dump thousands into remodeling just to sell your home. There are some things that can be done that will insure your home sells before the outdated competition.

Crate furniture can often be given a new trendy look with some chalk paint and new knobs or drawer pulls.

Sometimes a small budget and some staging is all that is needed to make your home shine above the rest.  Sometimes this is just new art work, new bedding and new shower curtains.  Other times new carpet, carpet cleaning or new furniture in the living area may be necessary.

Other things you can do as a seller to ready your property for the market is to de-clutter if it is your primary residence, touch up  tired looking paint especially on the front door, shutters etc.

You want your home to be inviting.  It is hard for us to see what needs to be done in our own homes.  I will look at your home through the eyes of potential buyers and trends and I will give you my professional advice on what is necessary to get your home sold.

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