What can you expect from the fall real estate market on the Outer Banks? One thing is for sure…activity! So far this year, the number of properties going under contract for the area is up by 7%. That means we have buyers!
While inventory levels still continue to drop, we do have over a year of inventory still plaguing us (13.5 months). So, even with the number of sales up and number of listings down, it would still take over one year to sell off all the property currently on the market.
So, why list your home this fall? Because it can sell! Yes, it means you have to price it right to compete in today’s market. The truth is, with more buyers than last year, if the property hasn’t sold, it’s likely over priced. In a market full of options for buyers, only two things really matter…price and condition.
We’ve noticed that buyers today don’t want to put up the large down payment, and then immediately dump a bunch of money into the home to bring it into the 21st century. If your home still screams 80’s or 90’s, it will go to the bottom of the list, unless the price is super attractive. I’ve personally seen buyers bypass a home with better location that hasn’t been updated, to go further back to a home that has. Please don’t shoot the messenger! I don’t make the rules, I just report them.
Here’s what can be expected between now and the end of the year:
- Buyers want a discount because the rental income is basically over.
- The number of sales will increase over summer by about 18% to 20%.
- Many buyers will need to buy something before the end of the year.
- Listing inventory will go up about 12% to 15%, so your home will have a bit more competition. Price it right, so you sell first.
- Buyers who got the itch to buy this summer will be back to take a closer look now that homes are available to show.
- Many buyers like to take the time between now and next spring to make changes to the home and personalize it.
If you’re thinking about selling your Outer Banks home, give me a call to discuss it. I will do a free market analysis for you. If you’ll likely be here in the next 60 days, let’s meet!
