The Outer Banks Real Estate Market is still recovering from the bubble that started bursting around 2008. There were 1,970 total residential home sales in 2018. We expect that number to be about the same for 2019. While things are starting to stabilize here, it doesn’t come without challenges. Listed below are some Hard Truths about selling a home on the Outer Banks today.
1. Inventory levels are at a 1-year supply
Right now, we have 12 month’s worth of inventory, IF no other properties come on the market. It would take a year to sell out what we have based on the number of current buyers per month. Consider then, that on average each month 339 new listings come on the market. Each month roughly 200 properties are selling. With a current inventory of 2430…that creates a supply and demand issue, which is the main factor keeping prices down.
2. Condition is the number one concern for buyers today
The price MUST match the condition of your property. This includes cosmetic updates. With HGTV showing move-in ready homes and tech skills outweighing construction skills, fewer homeowners are willing or unable to take on big construction projects.
3. Waiting it out will take longer than you think
I hear almost daily that a seller would rather wait another year before selling at today’s prices. There’s no financial or logical data to support that decision unless you’re just simply not ready to sell. If it will be at least 1 year to filter out the inventory problem, and your home is worth 10% - 20% less than your asking price, how long could it take for the value to rise by that percentage? The home will continue to get older and you’re coming out of pocket to support it. In many cases, the cost to keep it while waiting for the market out will be the same or more than the increase in value.
4. Overpricing your home is the biggest mistake in a volatile market
If you overprice your home you are simply helping to sell the competition. By the time the price is finally reduced to cause a sale, the home sells for less than it could have sold if it was priced correctly 6 to 12 months ago.
5. Be the leader
When you price your home aggressively to sell quickly, YOU get to set the price! By waiting and letting other homes sell before you, usually at lower prices, you become subject to their lead. While it may feel like you are leaving money on the table, the truth is you priced your home to sell and it did. Putting you in the lead and ahead of the 90% of homes that aren’t selling.
Contact One Of Our Experienced OBX Agents to Help