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 There are some things that can be done that will insure your home sells before the outdated competition.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.
When it comes to the beach, the only thing better than vacationing on the Outer Banks is actually LIVING here! When you finally decide to make your dream a reality and plan to purchase your own Outer Banks dream home, put your faith in OBX4Sale and I’ll put my experience and passion into finding the perfect home for you. In the meantime, here are a few tips to prepare yourself to take the walk down the exciting path to home ownership on the Outer Banks!
Step 1: Choose a Location
Once you’ve decided to finally call the Outer Banks HOME, it’s time to choose where you want to start looking, if you haven’t fallen in love with a particular area already. Are you interested in buying a soundfront home, do you hope to wake up in a beachfront property, or is something in the middle of the island more to your liking? The unique thing about these beautiful barrier islands is that you have the option of all three. From Corolla, Duck and Southern Shores, all the way through Nags Head and south to Rodanthe and Hatteras Island, the choice is YOURS!
Step 2: Do Some Research
Ok, so you might know all there is to know about visiting the Outer Banks since you’ve been doing it as long as you can remember, but is there anything about living like a local that you want to look into before you make the move? Give me a call if you have any specific questions, or start checking out local Facebook pages and forums, HOA community guidelines, proximity to schools, hospitals etc. depending upon what you and your family’s needs are. Checking out some of the area’s print publications and their respective websites will also help to give you a better idea what the day to day life is like in a particular area, and what the difference is from one town to the next to help you better align your interests and living style with your new community.
Step 3: To Rent or Not to Rent?
Outer Banks real estate offers homeowners the unique opportunity to live full time or part time on the OBX, depending on their needs and wants. If you’re a regular vacationer who is looking to finally settle down year-round in your favorite vacation destination, we have just the house for you! And if you’re looking for an investment opportunity to purchase a second home to rent out for a few months out of the year, or one you hope to retire to in a few years, we have just the right one for you, TOO! Knowing what your plan is for your home in the beginning of the process will give your Realtor an idea of your financial forecast upfront and help to narrow the focus of your home search to find exactly what you need!
Step 4: Contact a LOCAL Agent
No one knows the different towns, neighborhoods, requirements, restrictions, and benefits of the areas that make up the OBX like a local Outer Banks real estate agent! You can search the internet high and low, but you can’t compare to personal interaction when it comes to making one of the most important decisions you can make…purchasing your dream home. So give me call at (252) 202-2156 , request to receive Outer Banks listings by email, or visit my website, www.obx4sale.com and let’s make your dream a reality!