Archives for September 2026

A Proposed Rate Hike Could Raise Your Cost of Living

September 15, 2026 By Ilona

Here’s How to Have Your Say (Including a Hearing in Manteo)

Property taxes are up. Insurance premiums are up. Groceries, healthcare, and everyday household costs keep climbing. Now Dominion Energy North Carolina wants to raise electric rates too — and residential customers are being asked to shoulder a bigger increase than anyone else. Here’s what’s happening, the real numbers, and exactly how to weigh in — including a public hearing right here in Dare County.

What’s Happening

On April 30, 2026, Virginia Electric and Power Company, doing business as Dominion Energy North Carolina (DENC), filed an application with the North Carolina Utilities Commission (NCUC) requesting authority to raise the rates it charges for retail electric service — docketed as Docket No. E-22, Sub 765. Because Dominion operates as a regulated monopoly, it can’t simply set its own prices: it has to prove to the Commission that its requested rates are just, reasonable, and in the public interest.

The Numbers

DENC is seeking a total revenue increase of approximately $37 million, an 11.99% increase over current base rates. But that average hides an important detail: residential customers aren’t being asked to shoulder an average increase — they’re being asked to shoulder the largest one of any customer class.

  • Residential customers: a 15.42% increase — $25.87 million of the total $36.8 million requested increase
  • Overall system-wide average: 99%
  • Outdoor/streetlight customers: 75%, the single largest percentage increase of any class

In other words, households are being asked to absorb a disproportionate share of this increase compared to large commercial and industrial customers. And there’s more to watch for: DENC has indicated it plans a follow-up filing in September 2026 with new expenditures that will likely push the requested rates even higher than what’s reflected here.

What DENC Says the Money Is For

According to the filing, DENC attributes the request to investments made since its last rate case in 2024, including:

  • Nuclear fleet investments to maintain safe, reliable, and efficient operation
  • Fossil fleet investments for continued reliability and to uprate certain natural gas units
  • Renewable energy and battery storage, including hydro, biomass, solar, and offshore wind
  • Transmission and distribution infrastructure expansion across North Carolina

DENC is also seeking a separate annual rider to recover costs tied to the Coastal Virginia Offshore Wind (CVOW) Commercial Project — a cost that would come in addition to the base rate increase above.

Key Dates to Know

  • December 1, 2026: DENC’s proposed rates take effect on a temporary basis, subject to refund, while the Commission investigates.
  • January / February 2027: The Commission expects to make its final determination on the requested increase.
  • On or around March 1, 2027: Whatever rates the Commission approves are expected to take effect permanently.

In other words, rates don’t change overnight — but the window to be heard is open now, well before the final decision is made.

Why This Matters — Especially for Homeowners

Electricity isn’t a discretionary expense. It’s what keeps the heat and air conditioning running, the refrigerator cold, and the lights on — a basic cost of owning or renting a home, not an optional line item. A 15.42% increase for residential customers, layered on top of already-elevated property taxes, insurance premiums, and everyday household expenses, adds real pressure to family budgets, retirees on fixed incomes, and small businesses alike.

For anyone thinking about buying, monthly utility costs are part of the real, ongoing cost of homeownership — the number that factors into what a family can comfortably afford well after closing day. For current homeowners, it’s one more rising cost stacked on top of several others this year, and residential customers are being asked to absorb more of it than most.

How to Make Your Voice Heard

The Commission has laid out two ways to participate — you don’t have to do both, and neither is required, but either one puts your voice on the record.

Option A: Submit a written comment (about two minutes)

  1. Go to gov/contactus.html and open the online comment form.
  2. Copy and paste a consumer statement like the one below into the form, and include the docket number, E-22, Sub 765, at the top.
  3. Add your name and your city in North Carolina, then submit.

Option B: Testify at a public hearing

Your testimony becomes part of the official evidence the Commission considers. Four hearings are scheduled, all at 7:00 p.m.:

Date & Time Location Town / City
Mon, Sept 28, 2026 Halifax County Courthouse, District Courtroom, 357 Ferrell Lane Halifax, NC 27839
Mon, Oct 5, 2026 Remote via WebEx — register by 5:00 p.m., Sept 25, 2026 (first 20 registrants only) Virtual
Tue, Oct 13, 2026 Dare County Commissioners’ Meeting Room, 962 Marshall C Collins Drive Manteo, NC 27954
Wed, Oct 14, 2026 Martin County Courthouse, 305 East Main Street Williamston, NC 27892

For anyone local to the Outer Banks, the Manteo hearing on October 13 is the closest option to home. If you’d rather testify remotely, the WebEx registration deadline is 5:00 p.m. on September 25, 2026 — that hearing is canceled entirely if no one registers by then.

I respectfully urge the North Carolina Utilities Commission to reject any excessive rate increase requested by Dominion Energy North Carolina in Docket No. E-22, Sub 765. While reliable electric service is essential, any increase must be carefully justified and balanced against the significant financial challenges already facing North Carolina households.

Residents across the state are experiencing continued increases in the cost of living, including higher property taxes, homeowners insurance premiums, food costs, healthcare expenses, housing costs, and other essential household necessities. Electricity is not a discretionary expense; it is a basic necessity that families depend on for heating, cooling, food preservation, medical needs, and daily living. A substantial rate increase would place additional strain on working families, retirees on fixed incomes, low-income households, and small businesses that are already struggling to absorb rising costs.

As a regulated monopoly, Dominion Energy North Carolina has an obligation to demonstrate that any requested increase is prudent, necessary, and supported by reasonable cost management efforts. The Commission should carefully scrutinize the application to ensure that customers are not being asked to bear costs that could be reduced through operational efficiencies or other alternatives.

At a time when North Carolinians are facing unprecedented increases in property taxes, homeowners insurance, automobile insurance, food, housing, healthcare, and other essential costs, now is not the time to approve a substantial electric rate increase. The Commission should place consumer affordability at the forefront of its decision-making process.

Respectfully submitted,

[Your Name]

[City, North Carolina]

The Bottom Line

Most rising costs land on your bill with no warning and no way to push back. This one comes with an actual opportunity to be heard before the decision is made. If affordability matters to you — whether you’re a homeowner, a buyer planning ahead, or just someone watching your budget stretch further each year — it’s worth a few minutes to submit a comment or show up in Manteo on October 13.

A quick note if you plan to attend in person: some local courthouses don’t allow electronic devices inside, so bring a printed copy of any prepared statement.

Share this with neighbors, friends, and family across North Carolina. The more voices the Commission hears from, the more it understands what these increases actually mean for the households living with them.

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

Selling This Fall? A Major Appraisal Change Could Affect Your Closing Timeline

September 15, 2026 By Ilona

If you’re planning to sell before the end of the year, there’s a change happening behind the scenes of every financed sale that could catch you off guard: the entire residential appraisal system is being overhauled, and the mandatory deadline lands right in the middle of peak closing season. Here’s what’s changing, when it hits, and what it means for your sale.

What’s Actually Changing

Fannie Mae and Freddie Mac are retiring every legacy appraisal form — including the familiar 1004 used for most single-family homes — and replacing them all with a single, dynamic report called the Uniform Residential Appraisal Report, or URAR. Instead of a fixed template, the new report expands or contracts based on your property’s specific characteristics, and it’s submitted digitally as a structured data file rather than a static PDF.

This is the most significant change to residential appraisal reporting in over a decade, and it touches virtually every home sale that involves a mortgage — which means it very likely touches yours.

Key Dates You Should Know

  • Now through November 2, 2026: Lenders and appraisers are transitioning — some are further along than others.
  • August 6, 2026: The system began flagging appraisals still submitted in the old format, though it isn’t rejecting them yet.
  • November 2, 2026: The old format is retired for good. Any new appraisal must use the new report from this date forward.

If your home is under contract this fall, there’s a real chance your appraisal will be completed during this transition — which is exactly why it’s worth understanding now, not after it happens.

Why This Matters to You as a Seller

An appraisal that comes in on time and supports your sale price is one of the last hurdles between contract and closing. A few things are worth keeping in mind as this transition plays out:

  • Possible timeline adjustments: Some lenders and appraisers will still be adjusting to the new report format this fall, which can add a few days to an appraisal that would have moved faster a year ago.
  • More structured, more detailed data: The new report captures property information in a more granular, itemized way. Homes that are well-documented and well-presented are positioned to move through this process more smoothly.
  • Your agent’s readiness matters: An agent who understands the new format can anticipate questions, keep your closing on track, and flag potential issues before they become delays.

What You Can Do Now

You don’t need to become an expert in appraisal standards — that’s what your agent is for. But a few simple steps can help your sale move as smoothly as possible through this transition:

  • Have your home’s key details — recent upgrades, permits, square footage documentation — organized and ready to share.
  • Ask your agent directly how they’re preparing for the transition and what it could mean for your specific timeline.
  • Build a little flexibility into your closing expectations this fall, especially if you’re coordinating a sale with a purchase elsewhere.

The Bottom Line

This appraisal overhaul isn’t a reason to delay selling — it’s a reason to work with someone who’s already ahead of it. With the right preparation and the right team, your sale can move through this transition without missing a step.

If you’re thinking about listing this fall, let’s talk about what this means for your specific timeline before you go to market.

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

Outer Banks Home Prices Just Fell $182,000

September 15, 2026 By Ilona

Here’s What That Actually Means

If you’ve glanced at the Outer Banks market lately and felt like something shifted, you’re not imagining it. The average sold price has dropped from $801,000 at the end of April to $619,000 this month — a swing big enough to make any buyer, seller, or fellow agent stop and ask what’s really going on.

Here’s the full picture, numbers included.

Prices Are Down — But Not as Much as the Headline Number Suggests

The average sold price fell from $801,000 at the end of April to $619,000 this month. That’s a dramatic-looking drop, and it’s real — but the median tells a steadier story: it moved from $612,500 to $559,000, or 8.7%. The average is more easily skewed by a handful of high-end sales, so when it falls faster than the median, it usually means fewer luxury properties changed hands recently — not that every home on the market lost a fifth of its value.

Bottom line for clients: typical homes are selling for somewhat less than they were in the spring, but the market hasn’t collapsed — the mix of what’s selling has simply shifted toward more moderately priced homes.

Buyers Are Negotiating — And Winning

In August, 82% of sales closed under asking price, well above the year-to-date average of 77.5%. Sellers who priced aggressively this spring are increasingly meeting buyers who expect, and are getting, room to negotiate. If a listing isn’t priced with today’s market in mind, buyers are demonstrating they’re willing to walk rather than pay full ask.

Bottom line for clients: this is a buyer’s market when it comes to negotiating power — sellers need a sharper pricing strategy from day one, and buyers have real leverage to use.

Inventory Is Loosening Up

Absorption rate measures how long it would take to sell through current inventory at the current sales pace — the higher the number, the more time buyers have and the less pressure sellers can apply.

  • All properties (Outer Banks): 7.4 months of inventory
  • Residential only: 6.1 months of inventory

Both numbers sit at or above the 6-month mark that typically separates a seller’s market from a buyer’s market. Residential inventory is moving a bit faster than the overall property pool (which includes condos, townhomes, and other property types combined), but neither segment is running lean anymore.

What This Means Going Forward

Between softening prices, a high rate of below-ask sales, and rising absorption, the data points in one direction: the Outer Banks has shifted into a more balanced, buyer-friendly market. That’s not bad news — it just means the strategy has to change. Sellers who price realistically and show well are still finding buyers. Buyers who’ve been priced out over the past few years finally have room to negotiate.

Whether you’re buying, selling, or just keeping an eye on the market, now is the time to have a real conversation about strategy — the numbers say the old playbook doesn’t apply anymore.

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