Archives for April 2021

April Newsletter

April 5, 2021 By Ilona

Happy April!  I hope you had a wonderful Easter weekend.  Beautiful weather has finally arrived at the beach.

I have a few interesting topics this month.

Insurance – While prices are rising, so could insurance costs.  There are some pretty significant changes that you need to be aware of if you are buying or selling.  First and foremost, make sure your insurance coverage is sufficient.  Lumber costs have gone up 112% since last year.  Make sure you check in with your agent to be sure you are covered.
For the rest of the changes, click here to read the full article.
Top 5 Destinations – If you thought last summer was busy, just wait.  You’ve probably seen this graphic floating around on Facebook…here’s the full article if you’re interested.  Be prepared for a wild season, and if you haven’t booked already, you may be out of luck.  Go ahead and book for next year too, just in case.
Market Report – Not much has changed in terms of activity.  The market is still very active!  For a breakdown of inventory/activity per town click here.
Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, OBX Real Estate News & Data Tagged With: , ,

Insurance Changes for Outer Banks Rentals

April 5, 2021 By Ilona

As part of my continued effort to provide you with the most relevant information, I wanted to reach out with some important updates regarding insurance for your Outer Banks investment.  These changes primarily involve Frontline Insurance, which is considered one of the most affordable companies available.

If you are considering selling or buying, be mindful of the following:

  1. Frontline Insurance will not write a home policy if the hot water heater is more than 15 years old.
  2. They will allow a maximum of 26 weeks rented.  With our extended renting season these days, this could really become an issue. Frontline is strict with the maximum of 26 weeks of rental. Renting for more than 26 weeks could seriously affect a claim.
  3. Effective this year Frontline will no longer write any policies in Dare County on homes older than 1/1/2005.  This leaves the only wind insurance option to NCIUA.
  4. If your home has polybutylene pipes, only a dwelling policy can be issued and no coverage exists on any issues with those pipes.  Replacement of the fittings is no longer a suitable fix. The dwelling policy is more expensive and doesn’t offer as good coverage.  Replacement of the fittings is no longer a suitable fix. Insurance agents recommend avoiding homes with Poly Plumbing – or – have the owners re-plumb the home prior to purchase.

This information is just to create more awareness.  I have some good local contacts if you have further questions, just let me know.

Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, OBX Real Estate News & Data Tagged With:

April Market Report for the Outer Banks

April 5, 2021 By Ilona

Here’s a quick snapshot of what we’re dealing with as we look at current active inventory versus what is currently under contract.

Active Under Contract Sold so far 2021
Corolla 38 119 132
Duck 22 15 40
Southern Shores 10 22 28
Kitty Hawk 8 22 31
Kill Devil Hills 12 57 101
Nags Head 31 50 82

*Source OBAR MLS for single-family homes only

I’ve been selling since 1997, and I’ve never seen anything like this.  It’s very exciting to have so many people this dedicated to buy their beach dream home.  It’s also a very challenging market!  Despite what it looks like, finding the buyer is a very small percentage of what an agent does for a seller.  With increased regulations, rules, financing challenges, and buyer expectations, having a good agent on your side, truly is instrumental to getting the transaction closed.  If you have any questions about buying or selling in this market, please contact me.

Filed Under: OBX Real Estate News & Data Tagged With: , , ,