Happy New Year!
I’m Ilona Matteson with Beach Realty on the Outer Banks.
I’m very excited about 2015. This will be my 19th year in the real estate business and boy have things changed since I started back in 1996.
A few predictions for the Outer Banks market this year are:
- All financial experts are saying that we will see interest rates go up this year. They’ve said it before and even though rates are still in the 4% range, that is up from the best rates we had at 2 and 3%.
- Condition will continue to be the number one factor for buyers. I’ve seen buyers time and again bypass location to get a home in better condition at a lower price.
- Prices will continue to stay where they are because of extraordinarily high inventory rates. Right now we have a 20 month supply of homes for sale on the Outer Banks. The basic principle of supply and demand dictates that prices cannot rise in conditions like this and, they could still see some slight decreases.
- Most homes will take on average over 200 days on the market to sell. That’s mainly because they will go through 2 to 3 price adjustments before selling. If you’re going to put your home on the market in 2015, you have to be competitively priced if you want to sell quickly.
- I predict that we will see more properties sell this year. I think buyers will act before interest rates go up again.
If you have any plans to buy or sell on the Outer Banks this year, or know anyone who is, please let me know how I can help you.
My goal is to assist 40 buyers and sellers this year, and I hope you’ll be one of them!
