Happy Mother’s Day to all the amazing moms out there! We wish you a day full of affection and joy. We appreciate everything you do. Enjoy your beautiful day!
Greetings, everyone. Let’s kick off the month of May with a fun fact. This month marks the 220th anniversary of signing one of the most notable land transactions in US history, the Louisiana Purchase. In May 1803, the US bought 827,000 square miles of land from France for $15 million, which doubled the country’s size and significantly impacted its growth. Even back then, real estate deals experienced delays. According to the National Archives, the documents were all dated April 30, 1803; however, they were not signed until a day or two later. While such a monumental transaction may not occur again, we firmly believe that real estate is an excellent investment regardless of size or value.
In local news, the town of Duck began its beach nourishment project which is currently scheduled to be completed by the end of this month. It’s great to hear that the project will be finished before the busiest time of the summer, giving both visitors and residents wider beaches to spread out, and added protection if any weather events occur during the season.
As summer approaches, the local real estate market continues to outpace many other second-home markets. According to a Redfin report published in early April, “the number of people locking in mortgages for second homes fell to its lowest level since 2016 in February and remained nearly as low in March.” However, this has yet to be widely detected on the Outer Banks. It is also critical to note that this data does not include cash purchases. Most homeowners still have an excellent opportunity to take advantage of the low supply and high demand by listing their homes at a premium price. With a proper pricing strategy and marketing campaign, sellers are likely to draw serious buyers who are ready to buy.
Here’s to a successful summer season!
If you’ve been thinking of selling, are looking to purchase, or have friends/family interested, please don’t hesitate to reach out, as we can send a free market analysis for your property and also add prospective buyers to the auto-email notifications for specific types of properties here at the beach. If you’re not able to visit in person, we offer virtual showings and are more than happy to preview a home for you and send some notes.
We’ve included the OBAR statistics report for April* for your review. If you would like a more tailored report with specific figures for your neighborhood, please let us know, as the report we send contains figures from Corolla south until Nags Head.
Please don’t hesitate to call or email us if you have any questions or should you need anything at all.
The OBX Homes Team
