Three Reasons to be Optimistic about Real Estate on the OBX
(It’s not just interest rates!)
Let’s face it, the world has changed in the past two months, and everyone is wondering what the new normal will look like. Our clients are asking us about what we think about the real estate market here on the Outer Banks. We can’t say what the future holds for sure but we do feel there are real reasons to be optimistic. Here are 3 reasons to be optimistic about Real Estate on the OBX
1. There will be more new buyers in the market because there will be more vacation renters.
When more people come to the beach due to vacation market changes, the ones that like it will gradually turn into owners. People who used to vacation in “fly-to” destinations will come here. Those who used to vacation in more expensive locations will come here for better value. The Outer Banks has always done well with those seeking a high-value, lower-cost vacation.
2. People who chose to rent will see more revenue because of the increase in renters AND increased value due to the reduction of inventory from many owners choosing NOT to rent.
Demand for drive-to destinations close to cities will drive up prices for short term rentals. Changes in schooling and working patterns will allow people to vacation more in drive-to safe destinations with high-speed wifi. The length of the seasons will continue to expand and prices in the prime season will continue to rise.
3. Vacation preferences will change benefitting the OBX. With air travel dropping and people being more frugal, they will choose a destination like the OBX which has historically done very, very well in down markets.
Crowds are out, rural is in. High-rise and high-density is out, single-family and low-density is in. Shared amenities are out, private pools are in. People are going to choose to own and nest in a cool place that is truly their home (Outer Banks) over destinations with cumbersome travel and risky logistics (every fly-in destination).
If you are interested in learning about properties we are selling or are interested in selling a property, you can contact us at firstname.lastname@example.org or call (252) 255-6217. You can also watch one of our virtual house tours on our Facebook page if you can’t be with us in person. Carolina Designs is a full-service, boutique Real Estate company located on the Outer Banks of North Carolina