Like much of the country, the Outer Banks real estate market is on fire. Taking all the sales from Corolla to Hatteras, we just closed out a record year in volume and units sold.
And, according to the first confirmed reports, January was also record setting. We’re still waiting to hear about February, but there is no reason to think things have slowed down.
There is a trend that is emerging, though, and we think it’s important for our visitors to know about.
A number of new owners are taking their properties out of rental programs and using them for personal use. Some of that happens every year, but there seems to be more of it going into our 2021 summer season.
It is the reason why we have urging our visitors to make their reservations as early as possible. We want to make sure that everyone who wants to spend some time on the Outer Banks with us will be able to do so. The best way to make that come true is to let our Brindley Beach Vacations specialists know dates and preferences as soon as possible.
What seems to be happening with the real estate sales, is people are finding that they do not have to be in an office to do their work. Working remotely is becoming more accepted—and sometimes preferred.
What we are hearing is a version of, if my choice is work and live in a city or the Outer Banks, I’m taking the Outer Banks.
We, of course, agree with that sentiment.
There is more than one reason why people are buying properties and removing them from rental programs. Lack of inventory plays a significant role. There is not a lot of homes versus buyers right now. Our builders are backed up right now, and probably could not finish a home if they got the contract today for at least a year.
With some limits on choices and a significant wait for a new home, buyers are purchasing what have been rental homes.
There are a couple of takeaways from this. As we wrote earlier, please let us know your plans as soon as possible.
The and the other takeaway is this is a seller’s market. Anyone thinking of selling your property, contact our Brindley Beach Vacations brokers and agents right away.