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Strategies for a Changing Outer Banks Real Estate
Market
Change is in the air on the Outer Banks like a cool coastal
breeze. The heady days of a strong sellers market, 30% annual
appreciation and everybody you meet on the beach thinking
of getting a real estate license have faded.
Now we have a strong buyers market. Buyers have more
time and ability to negotiate. Sellers are trying to take
advantage of their recent gains and are offering more property
for sale. Real estate agents are working harder than ever
to help buyers and sellers understand their options and
come together successfully.
The market fundamentals are in place for a continued
healthy Outer Banks market: an excellent location with a
scarcity of land, low interest rates, strong rental income,
and clean natural beaches point to continued value growth.
When compared with other coastal destinations, the northern
beaches of the Outer Banks are still undervalued.
Seller Strategies: Pricing is critical
with higher inventories. Prices should be based strictly
on sold comparable properties. Using other asking prices
as a way to determine your asking price will not get your
property sold.
The condition of your home is critical.
Most purchase decisions are emotional ones backed up with
facts and logic. It is much easier to fall in love with
a clean, fresh and bright home than a tired and worn rental.
Buying a second home is a big step for many buyers. Tackling
an out of town remodel project is daunting.
Your potential buyer is probably looking at more homes
than you expect. As the market changes, buyers are working
hard to find a “deal” and are comparing homes and neighborhoods
from Corolla to Southern Shores. Many buyers have the luxury
of looking in several price ranges. They are looking for
the home that really stands out in several areas—location,
value, and condition If you want to sell, then price and
condition are key.
Buyer Strategies: Find several properties that
will work for you. With more inventory there is
more opportunity to find properties that will meet your
goals. Let sellers know that you are considering other options.
Work with the sellers that are willing to offer concessions
to make the deal acceptable to you.
Be realistic. Very few Outer Banks sellers
are forced to sell. Foreclosures and fire sales are rare.
If a property is fairly priced from the start, the seller
will be unlikely to sell at a discount. Understand that
some sellers are “testing the market” and would rather hold
their properties than sell at today’s price.
Look to the future. Demographic trends,
land scarcity, and lifestyle choices are all in favor of
healthy value growth on the Outer Banks.
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