Outer Banks Real Estate Market for June 2020 Sets High Records

Outer Banks Real Estate Market for June 2020 Sets High Records

The Outer Banks Real Estate market is off the chart. It’s nothing we’ve seen before. We’re writing offers and closing deals more than we have done since the 2008 market crash. 

During this pandemic many people have been stuck at home, especially those in big cities, with not that many outdoor opportunities to go to. While people who live on the Outer Banks have been able to go to the beach every day, bike, hike, surf, fish, kayak and still be able to see people within safe physical distance. We’ve been social here just not physically close.

This pandemic has awakened many people and they are making big changes in their lives. Some of them changed jobs, some decided to boost up their immune system and others, get out of the big city and move to our beautiful island. A lot of our home buyers never heard of the Outer Banks until Netflix produced a TV show called, The Outer Banks. Also being featured the best vacation destination on Forbs and other magazines, The Outer Banks has gained a lot of popularity.

In June we experienced an exceptional increase in the number of properties placed under contract. At the time of this blog there are 842 under contract listings. That’s a 108% more listings under contract than 2019. Of 842 contracts, only 6% of them closed. Closing has proved a great challenge during the COVID-19 pandemic shutdowns. Appraisers, Home Inspectors, lenders, and  attorneys are overwhelmed and scrabble to meet the demand.  

This is very difficult for some of our clients to understand because they want to move here YESTERDAY and go to the beach. They’re sick and tired of living in an apartment and surrounded by concrete. We understand your pain and frustration. We’re doing everything we can to accommodate your needs while keeping everyone involved safe.  

We’re working harder than ever and still continue to show properties. Our team is working from home and only goes in the office when it’s absolutely necessary. This helps to avoid contact with other staff to keep everyone safe as well as reduce the amount of effort and cost it takes to keep the offices clean. 

Here’s what we’re doing and what to expect when are scheduled to properties for sale on the Outer Bank:  

  • Required to wear a mask. 
  • Required  to keep 6 feet distance from each other.
  • Only two people maximum in a house are allowed.
  • No kids allowed
  • Clients are asked to drive to the property in their own vehicle and meet the REALTOR there.  
  • If the client doesn’t have a vehicle, they can ride with the REALTOR but they would have to sit in the back seat and wear a mask. 
  • Don’t touch anything as much as possible in the house.  
  • We bring wipes and wipe out whatever we’ve touched such as doorknobs, light switches, etc. 
  • If the property is on the rental program, we can only show it on the turnover days, Saturday or Sundays 
  • If you’ve been sick or exposed to anybody that tested positive for Covid-19, please let us know and we’ll show it to you through video.

We’re all in this together. We’re here for you. If you’ve been thinking of buying or selling your property, this is the time. The availability of homes for sale on the Outer Banks has decreased by 39%. While lots for sale on the Outer Banks has decreased 14%. 

If you have a property you’ve been wanting to sell for some time now, this is the best time to call Madonna and discuss the value of your home.