August 2017 Real Estate Newsletter

Posted on Posted in News Letter
We hope you all are enjoying your summer!  July has been quite an interesting month for us here on the Outer Banks with unusual weather and some remarkable events. Despite the number of rainy days, everyone has been able to make the most of the sun when it is shining, and enjoy the beaches and many other outdoor activities

As you probably know, during the construction of the new Oregon Inlet Bridge, two of the three power cables were compromised causing the southern beaches to have no power source. Originally reports had stated all three cables were damaged.  The governor called a state of emergency for the area, and there was a mandatory evacuation which began July 29th  and  remained in effect until August 4th.  Things are back up and running in both Hatteras and Ocracoke, but the evacuation occurred during one of the busiest weeks of the season, and we cannot imagine the long-term impact this will have on their economy.   Our thoughts go out to everyone who suffered from this huge mishap.

On the real estate front, the pace of sales activity for July has been quite slow.   Total sales for July are down; however, under-contract numbers are up.  This slow-down is normal due to inability to show homes except for changeover days, along with somewhat less motivated sellers during the peak rental income months.  The positive end of this note is there has been a higher number of inquiries overall and requests for summer showings.  There are many prospective buyers out there asking a lot of questions, and hoping for more inventory to come, so we are anticipating a busy fall. 
As always, please don’t hesitate to call or email if you need anything or have any questions.  If you’ve been thinking about selling, we are happy to assist you with a free market analysis of your property.  If you or anyone you know is interested in buying property, we would love to help find the perfect home on the Outer Banks.  Please feel free to stop by our office in Duck to say hello if you’re in the area.  We hope everyone has a happy and safe rest of their summer!