OBX Happenings | February 2023

I just saw the below post on Facebook this morning from our very own local real estate Attorney, Chris Mann. I think he is spot on about our ever-shifting real estate market and how the rising interest rates have impacted it. But he shows us the "Silver Lining" and why now is a great time to buy!

See what Chris Mann has to say...

"Go buy a house. You want that house, go buy that house.

BUT BUT BUT Chris. Interest rates are going to go down. Ima wait.

You and everyone else, you yahoo. That's how demand works. When interest rates inch down, and demand goes up, so goes the due diligence fees. And so goes prices. And so creates that absolutely batty environment that we had last year where the only way to buy a house was to be willing to buy a house sight unseen. And so goes the seller saying "we aren't fixing a damn thing. Take it or leave it"

I agree. Those 3% interest rates were nice. But unless you had 60K in cash sitting around, and an immense tolerance for risk, it was a pretty challenging time to be a buyer.

Ok, you might get a 6% rate right now. But these days the cost to get a house under contract is immeasurably lower. You get to actually go see it. Kick the tires. The risk you are taking that the house has significant repair issues and a seller unwilling to address any of them is significantly lower.

I'm no economist, but things are "likely" to go one of two ways. 1. Interest rates drop and demand increases. We end up kind of back where we were last year with challengingly high Due Diligence fees, sight unseen offers and a take it or leave it sellers' market. Or...2. Rates stay kind of where they are. Demand ticks up some, because that's just how spring works, but it doesn't get TOO crazy. Either way, now is better.

You don't have to be rich to buy a house right now. I think that's a win. Go buy a house. Refinance it next year. Or don't. Whatever. I'm not the boss of you. But, buying a house is on the short list of best ways to accumulate wealth and I don't want you to wait to start accumulating that wealth".

Outer Banks MLS

See what's going on in your Town

January 2023 Report

We have some great beach homes on the market and more coming on everyday!

So far, 2023 is off to a great start. For such little inventory, our MLS has 400 homes under contract. If you are thinking of purchasing this year Alex & I hope to be your "GO TO" Realtors. Please read our reviews on Zillow and you will hear directly from our clients, we are professional, knowledgeable, listen to your needs and know the Outer Banks!

Speaking of getting ready to purchase, why not get pre-qualified now. It only takes a few minutes and then all the fun begins. Jason Hanson with OBX Mortgage Group is ready to help. Just click on his link and it will take you to his website where you can either apply directly on his site, call him, email, whichever works best for you. He is also available and ready to get started on your DREAM!

HOW IS THE OBX RENTAL MARKET DOING?

I understand why our clients are asking us this. We have seen an increase in interest rates, we are hearing we may have a recession this year, inflation is hitting us etc. Our answer to all is "Our rental market is doing great" If you have a home that you keep in good condition and have some amenities, you will be more than fine. Remember the financial crisis we had back in 2007-2008? This crisis hit everyone and lasted many years. Those years you couldn't find a home to rent on the OBX as you typically can't find one now if you don't book early enough. When people are concerned about money they don't give up their vacation plans, they shift into a more reasonable vacation and the OBX is always an affordable vacation.

Jana with Village Realty has shared this graph with us that shows who is visiting their rental website and what they are searching for. This information is helpful in maximizing your rental income.

If you Love the OBX, I know you can't wait to get back to the beach. Come visit us, we love this time of year. And, if you can't get away for a trip our way, you can always check out the local webcams and feel like you are here! Enjoy!

In Honor of Valentine's Day...

Why not bring the Red Skye Café' in Duck to your table this month.

Enjoy their Famous Shrimp & Grits recipe. We have and it is delicious! Great for Sunday brunch, dinner or if you are having company over, make this into an awesome appetizer and they will be singing your praises!

Michael & Krista Reed took a leap of faith and relocated to the Outer Banks with their family in 2020. They moved here from upstate New York where they left a thriving painting business behind to give their kids all the opportunities living on the OBX provides. Starting over in a new community their gamble paid off big time! Michael continued his painting business, and they are in high demand. Michael just finished a job for us, and we were overjoyed with his responsiveness and quality of work! If you need a painter, Michael is your guy! Need some Painting done at your house?

Give Michael a call: 252-585-545-9087

Jason Fawcett and some of his enterprising buddies came up with the idea for Cabana Boys Beach Services after a day at the beach. I think they said "How the heck do we make this easier on ourselves". Hence, the birth of Cabana Boys, a high level customer service experience specially tailored for those who just want to show up to the beach with nothing in hand. The chairs, towels, umbrellas etc. are already set up when you arrive to the beach. I'm in! Check them out! Cabana Boys Beach Services

UPDATE ON RODANTHE'S TOWN MEETING ON BEACH EROSION

The Dare County Board of Commissioners held a community meeting on January 18 in Rodanthe on the issue of beach nourishment and erosion. County Manager Bobby Outten gave a presentation on beach nourishment costs. In addition to Rodanthe, two other areas on Hatteras Island that have been identified for potential beach nourishment projects to protect NC 12. There is currently $6 million in beach nourishment fund which is not enough for a project in Rodanthe. Taxes from a local service district in Rodanthe will not provide enough money for a nourishment project. He used $30 million as a benchmark project cost but cautioned this number may increase pending the results of an updated engineered study currently underway. Mr. Outten stated the Board is investigating other federal and state funding sources. He also indicated that the NC buyout program for erosion-threatened structures that the County was investigating is most likely not going to be feasible. The County was advised by the State last week that the buyout program cannot be used for the purchase of second homes or investment properties.

Yikes, don't forget...

Outer Banks Wedding Expo 2023 is March 4th & 5th

WE LOVE TO STAY BUSY & WE LOVE REFERRALS

Know someone that is looking to SELL OR BUY? Please give them our information! It is a tough market, and we are navigating through this challenging market on top and coming out with happy sellers & buyers.