May OBX Update
We love having you here!
I’ve got 3 updates to share this month:

April Newsletter
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.
For the rest of the changes, click here to read the full article.

Insurance Changes for Outer Banks Rentals
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:
- Frontline Insurance will not write a home policy if the hot water heater is more than 15 years old.
- 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.
- 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.
- 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.
February OBX Market Update
It’s almost Spring!
WHY DO YOU NEED A PROFESSIONAL REAL ESTATE AGENT, EVEN IN THIS MARKET?
Getting an offer on your home in an active market seems quite easy, and in most cases it is. What do you need an agent for then? Well, finding the buyer is just the first of dozens of steps in getting your home sold.
The question becomes, do you want to ensure you are getting maximum VALUE as well as maximum CONVENIENCE when selling? It’s actually a pretty pain staking process to go through the entire 45 to 60 day process and requires many, many hours of time.
Many sellers think they can get an offer and then “let the attorney handle it”. Yes, your attorney can manage the CLOSING. That simply entails preparing your deed and handling the transfer of money AT THE END OF THE TRANSACTION.
Here’s what it doesn’t include:
- Pre-Qualifying the buyer/agent/offer to make sure it’s a solid deal
- Negotiating for the highest dollar
- Choosing the best offer, in the case of multiple offers (it’s not always about the highest price)
- Negotiating the home inspection, including finding contractors to give estimates, and meeting them at the home
- Pest Inspection, Septic Inspection, Pool/Hot Tub, HVAC – knowing vendors and meeting them at the home
- Prepping the appraiser or answering comparable questions – attorneys don’t have access to MLS, nor have been in the latest homes sold
- Staying on top of the buyer’s loan process
- Knowing which lenders and other vendors perform on time
- Working with the rental company to transition buyer
- Handling the dozens of calls from buyer/buyer’s agent throughout the process
Bottom line, we are experiencing an extreme number of homes selling per month. All requiring an attorney to manage the closing. The attorney is not available to answer calls throughout the day to deal with the day to day situations that come up during your closing process. In addition to that, if they were available, they would be charging you per hour for that time. Most attorneys charge around $200/hour. On average an agent will spend 30 to 40 hours working on your transaction.
Even if you offer a commission to a Buyer’s Agent and think they can assist with these tasks, that’s true. However, the Buyer’s Agent works for the buyer. You are now essentially paying the buyer’s agent to work AGAINST you, without your own representation.
In the end, the best way to maximize VALUE and CONVENIENCE is to have a professional agent manage the ever challenging task of getting your home sale to a successful closing.
January 2021 Market Update
Supply and demand. That’s the basic economic principle driving markets for decades. Here we are! Finally experiencing some movement in the northern beaches market, after the slowest recovery ever from the 2008 market crash.
Sellers – if you want to cash in – now is the perfect time! Condition is still important to maximize profits, so contact me before any repair work so we can make the most of your investment.
Buyers – be pre-qualified, ready to sign an offer, prepare to offer virtually, and be prepared to offer over asking price in many cases. You need someone scanning the new listings daily. Now is not the time to go unrepresented. Let me know if you’re looking!
Corolla
57 Active listings 108 Under Contract
Duck
23 Active listings 22 Under Contract
Southern Shores
15 Active listings 19 Under Contract
Kitty Hawk
6 Active listings 17 Under Contract
Kill Devil Hills
24 Active listings 65 Under Contract
Nags Head
38 Active listings 38 Under Contract
Now you can see what we are working with. Contact me if you have any questions about our current market.
I do predict it will last this way through the year.
August 2020 OBX Market Report
How does inventory truly affect the real estate market? In a big way!!
Take a look at these two charts outlining the absorption rate for each location. FYI – absorption rate is a breakdown of how many months it would take to sell out the current inventory based on number of homes selling each month. This is important because it is the primary factor in determining if there is a rising, stable, stagnant or declining market (see graph below for more explanation).
As you can see, every location has experienced a decline in the amount of available inventory, some a very dramatic and sharp decline. This is the precursor to the next step, rising prices. It’s important we see prices rise gradually, over time, or we will experience another cycle like we saw in 2005. I don’t think anyone wants to do that over again.
Bottom line, if you are on the fence about buying or selling, jump! The market is ready for you. To strategize to your specific needs, please contact me.
July 2020 OBX Market Report
A lot of people have been asking me why the market has suddenly taken a turn. Fortunately this time, it’s a really good turn! The answer is quite simple if we take a look at the history of these real estate cycles.
I’ve been saying for over a decade now that these cycles, in recorded history, generally take about 20 years each turn. This is proven true over and over for the last 80 plus years. So, if we take a look at the last few cycle timelines, it just makes sense for this to be happening right now.
1985/6 – Real estate was booming – then – stock market issues, S&L crisis began
1988/9 – Things really fell apart – prices were at an all time high.
1998 – Prices started to return to the pre-boom spot (I specifically remember an oceanfront lot in Sanderling that we couldn’t give away for $250,000)
2000 – Activity went through the roof – the 10% ratio was introduced – property was selling fast, but no discernible increase in pricing, as the recovery was still in place.
2003 – 2005 – All hell broke loose. Prices soared, inventory was low, multiple offers on almost everything. We all remember those years.
2008/2009 – Once again, 20 years later another mortgage crisis and the whole thing fell apart.
2010 – 2019 – Very volatile times, especially for the northern beaches.
2020 – Once again, 20 years later we have another BOOM in activity, some areas are seeing a little boost in price, but overall no real trackable difference. It’s coming though!
All that being said, if you are thinking about buying – rates and prices are still quite reasonable. Income is high. I wouldn’t wait.
If you have been wanting to sell, get this…as of this week there are 850 properties under contract and only 792 single family homes active for sale. This is what anyone watching would call the “tipping point”.
I have seen in the last couple of weeks, multiple homes that have been for sale for YEARS, finally going under contract. Pay attention friends, it’s about to be another wild ride!
Here are some weekly stats to consider: (I’ve always said who needs a crystal ball when you track the statistics. This tells us everything we need to know.)
A new strategy is now needed to meet your real estate goals. If you would like to discuss the best strategy for you, please contact me right away!