It seems as though America has discovered the Outer Banks. Not that the Outer Banks weren’t well-known before, but this summer, and now this fall, we are seeing unprecedented levels of visitors.
But our visitation is not the only record setting pace that’s happening right now.
We are seeing real estate sales activity like we have never seen before. Our biggest problem may be that we simply run out of homes to sell.
Why is it happening and why now?
It’s sort of a perfect storm of positives.
It’s hard to know where to start, but we’ll begin with people love the Outer Banks. One of the great things about having so many people come to visit this year is that for a lot of them they discovered life on a sandbar for the first time. We’re sure they’ll be back.
The beauty and friendliness of the Outer Banks sets the stage for the what is happening in the real estate world right now, but it’s not the reason it’s booming.
The Why of our Real Estate Boom
There are two factors that are primarily responsible for that.
First of all, interest rates are low…very low.
And—this is something a number of people have commented on, there is a rethinking of how work is accomplished. If the office is closed and work is being done remotely, Nags Head is as good a location as Philadelphia. Better actually.
How strong are sales?
We don’t have September figures yet, but but June was strong, July set a record for monthly sales and August was almost as strong as July. And there are a record number of properties under contract.
It’s not just real estate that is booming right now. Outer Banks construction is as busy as it’s every been.
Which leads us to a quick cautionary note to our property owners. Do not wait until the last moment to get the improvements done on your rental properties. Local contractors are backed up with work right now and there are supply chain problems. Our contacts are telling us that wood especially is going up in price and shipments are slowing down.
The beauty of the Outer Banks is all around us. Cooler weather and the beach to yourself calls out in November. Plan your stay with Brindley Beach Vacations.