As we say good bye to 2018 and enter into the second month of 2019, we can reflect on some of the highlights in the real estate market last year. 2018 was a good year; however, there are a few trends that we should keep our eye on.
The Outer Banks has proven itself to be a resilient and powerful tourist destination. From Carova on the Virginia border to Ocracoke, the area has become an economic engine that drives the economy of northeastern North Carolina. There are a number of factors that have created the success, so many that it is not possible to discuss all of them, or even list all of them, at one time. There is, though, one part of the Outer Banks picture that is an integral part of the puzzle but is not necessarily included in discussions of what has created that success story.
This topic never gets old for Realtors. Watching buyers and sellers trying to buy or sell without hiring a professional real estate broker can be a painful. Our value is often questioned. The reality is, much of what we do as real estate agents is behind and scenes and elusive to the naked eye. The facts are hard to ignore. Ninety-two percent of all for-sale-by-owners sellers end up listing with an agent to sell their home. According to NAR, the National Association of Realtors, more than 8 out of 10 real estate transactions occur with the help of real estate agent or broker. Here are some reasons why having an agent represent you is so important.
The Atlantic Ocean gets all of the attention when it comes to beach erosion and the loss of shoreline, but as many soundside property owners have discovered the western side of the Outer Banks can be ever bit as dynamic as the ocean side.
Three easy rides and a challenge. Mostly flat, but with some gentle hills, the Outer Banks is a bike rider’s paradise, and local towns and counties have put considerable effort into creating a network of interconnecting multi-use bike paths.
We’re starting to get our first glimpse of the 2018 Outer Banks economic picture and the image that is emerging is of a growing and healthy economy. Tourism continues to increase, the real estate market is strong and the indications are that new construction continues to expand.
One of the problems that arises in writing about the Outer Banks is that there is so much to see and do, picking and choosing what’s best can become difficult. Almost impossible it seems at times. That is certainly the case when it comes to deciding how to describe the smaller parks that are part of the towns or county systems. There are so many of them, fulfilling a number of different functions and all of them are very well maintained. The problem is that writing about all of them runs the risk of becoming an endless list that can seem daunting and could easily become confusing.
The Outer Banks has so much to do that it’s easy to overlook some of the best activities. For golfers, that may very well be the case, although local golf courses have built a reputation for great greens and beautiful scenery requiring a full range of skill levels.
Understanding the elements of the financial sector is absolutely crucial to be a successful investor in today’s real estate market. Reading between the lines, a little common sense and a professional Broker representing you will go a long way. Knowing when and where to invest your money wisely should also depend on what’s happening with banking rates, mortgage backed securities, current and proposed financial regulations and current state of the stock market.
As a long term resident of the Outer Banks since 1981 (almost a local!), a 32 year real estate broker and 17 year Colington Island resident, I’ve had the good fortune of knowing the pros and cons of all of the communities from Corolla through South Nags Head. Here’s my thoughts on what makes Colington Island (there’s actually two!) unique and a great place to live and invest.