I answered some questions about what has been affecting our market in this update.
I’ve received a lot of questions about what’s causing changes in our market, so I’ve done some research for you to find out what’s happening. I went over our latest numbers in this video, but here are some additional factors that you should pay attention to:
1. Storms. We’ve had back-to-back storms, and most buyers don’t want to search for homes during bad weather. This change in our traffic has led to fewer sales.
There’s been a 17% decrease in under-contract homes in September and it’s continued to drop.
2. Rising interest rates. Increases in interest rates negatively affect the purchasing power of buyers.
3. High prices. Months ago, the market was fantastic and indicating that prices would be increasing in the future. However, we may have overpriced our homes to a point where buyers are waiting. There’s been a 17% decrease in under-contract homes in September, and it’s continued to drop in October.
If you’re looking to buy or sell a home, have any questions, or need further information, email me anytime at John@ColonyRealtyCorp.com. I look forward to hearing from you.
There are a number of advantages and benefits of purchasing a second home in the Outer Banks area of North Carolina. Today I’ll be answering some questions to help detail exactly what those are.
In today’s Facebook Live discussion, I’ll be answering a range of questions about the advantages of buying a second home in the Outer Banks of North Carolina and what it takes to do so.
For your convenience, I’ve provided timestamps below so you can navigate the conversation in the video above at your leisure:
Our job as Realtors is to give you the information you need to make an educated, informed decision about how to proceed in our market.
Hopefully you found this information helpful and can now consider purchasing a second home or vacation rental in the Outer Banks with knowledge on your side.
If you have any questions or would like to speak with me in more detail about purchasing a home in our area, you’re always encouraged to reach out to Colony Realty. I’d be glad to respond to your inquiries as quickly as possible.
While the local housing market is fine for now, things may get even better soon.
How is this fall looking for potential homebuyers and sellers? Let’s take a look.
Firstly, the market seems to be stalling out a bit--something that’s happening not just here, but throughout the country. Interest rate rises and a few big storms factor into this, but we’re hoping for a market increase in November, where numbers have historically been high.
If you’re thinking of buying, it’s still a good time. We haven’t rebounded to pre-recession prices, but there is at least some stability for home sellers and buyers.
In the video, I mention an MLS reporting for the Outer Banks area; if you'd like that information, click here.
Here are the numbers I’ve found:
Under-contract listings are down by 17%, and the absorption rate (weeks it takes to sell current inventory at the present rate of sales) is up by 36%. Right now, we have about eight months’ worth of inventory.
We haven’t rebounded to pre-recession prices, but there is at least some stability for home sellers and buyers.
We specialize in helping you buy or sell property and ensuring you have the guidance needed for making an informed and educated decision. Contact us at any time and we’ll be more than happy to lend you our expertise. We look forward to hearing from you.
Write something about yourself. No need to be fancy, just an overview.