Right now, our market is roughly on par with where we were at during this time last year. This means now is a great time to sell.
According to the latest MLS statistics, our Outer Banks market is roughly on par with where we were in 2017. Our team’s sales are ahead of where they were in 2017, but I’ll show you some of the year-over-year numbers from the month of July for Kill Devil Hills and Hatteras Island to give you a better understanding of where things stand.
In Kill Devil Hills, the median price rose 3% since July 2017 to $284,400. The number of units sold also rose from 15 to 24.
In Hatteras Island, the situation is slightly different. What’s interesting about Hatteras Island is that although the level of activity is strong, the median price has not changed—between July 2017 and July 2018, it stayed at $305,000. The number of units sold rose from 21 to 26, which is a change compared to what happened year-over-year during the month of June, when it dropped from 33 to 24.
What does this mean for buyers and sellers?
There hasn’t been a better time to sell in the last five years.
If you’re considering buying on Hatteras Island, there are plenty of great listings available. On the other hand, if you’re thinking of buying in Kill Devil Hills, Nags Head, or the west side of Kitty Hawk, you need to be ready to act much more quickly if you see a home that’s priced to sell. It’s a brisk market in those areas, so chances are there will be other offers for those kinds of homes.
If you’re a seller, there hasn’t been a better time to sell in the last five years. We’re getting into the fall season, which is usually our most active in terms of sales. If you give me a call, I can provide you with a comparative market analysis so you can decide whether right now really is the best time for you to sell.
In any case, I hope you’re enjoying yourself as summer comes to an end. If you’d like to take a look at the full MLS market report yourself, just send me an email and I’d be happy to email you back a copy.
How are broker open houses different from general open houses, and why are they more effective in our second-home market? Allow me to explain.
Over the last few weeks, I’ve received a lot of questions on the subject of open houses. People want to know whether open houses are effective and, if they are, how to successfully host one.
First, it’s important to note that the second-home market operates a little differently. General open houses in the second-home market don’t generate the participation you might hope for elsewhere.
The first downside to consider is that hosting an open house means letting strangers into your property. These people may not be interested in purchasing a home at all. In fact, general open houses may draw the attention of criminals who want to scope out your belongings.
And beyond the safety concerns you may encounter, other, unrelated issues may also arise when you host an open house. If, for example, your neighbors start to get a little too noisy, potential buyers may feel put off.
Bringing brokers into a home and letting them experience what it has to offer tends to be much more effective than hosting a general open house in our market.These are essentially the reasons why my team doesn’t perform general open houses. They simply aren’t an effective way for our clients to generate interest in their home. General open houses rarely result in a sale, which is why we tend to host broker open houses, instead.
As a seller, you’ve got to convince the broker, the buyer, and the lender of the quality and value of your home. Bringing brokers into a home and letting them experience what it has to offer tends to be much more effective than hosting a general open house in our market. This kind of invitation-only event lets us control who comes into the home, which eliminates security concerns and other issues that may arise with a general open house.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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