OBX Real Estate

Who has the better Outer Banks Market Position? Buyers or Sellers?

The market seems to be benefiting both sellers and buyers. I know that may sound a bit confusing but let me explain and show in my delivery here a subject that shows the balance, if some elements are sought and identified, can tip to the buyer side.

The longer days on the market presently, than in the past 2 or 3 years, have shown that sellers must adjust their price downward to get buyers to move. Combining this with lax level activity from buyers due to lending rates remaining higher than preferred means better deals are being made by the smarter buyer strategies.

The sellers are still seeing the lowest number of inventories for years and therein lies their beneficial position. Due to low inventory many sellers are sticking to or are not discounting their price much during the negotiating process when a buyer presents an offer.

NOW, the “meat” of the subject that I like to talk about! With the right approach and strategy, I know how we can secure the best deal for buyers. I look at two things as a primary learning tool about the seller’s motivation.

1)      I look at when they purchased the property they are selling. If they purchased many years ago (over 10 or approx.) they will have secured it at a much lower price than today’s values. Therefore, they may be willing to adjust their price and remain comfortable with their Net.

2)      Here is a twist……some recent sellers only purchased their home within 3 years or during what I call the COVID Buyer Surge. Many bought and thought they would live here or spend more time here in the OBX but to be honest the Beach/Coastal life is not for everyone. I am not saying they are performing a “fire sale”, they get a bit anxious to sell and move back to their previous community or alike from where they came from and therefore have some real instilled motivation to sell.

Each of these are inclusive of my work when unveiling a seller’s motivation. As well, me actually being here with “boots on the ground” means networking with other agents, prodding and asking the right questions with intent on discovery for my smart clients. How do we work all of this into a buying strategy? First, I ask you to see the benefits of my research and work related to digging into the targeted information.

But first, we work on the all important ingredient of matching you up properly through being sure about your preferred location/community, price range and your envisioned features and ingredients that align with your end use of the home…..like will it be an income producing decision by offering the home to vacationer, weekly tenants, or be a 2^nd Home for you and your family to build memories about the beach or are you looking to relocate here to live and work or perhaps retire here? Some buyers are what I call “Hybrid” owners that use the home many weeks but also rent to vacationers so to offset some of the expense of owning an Outer Banks Beach House. That is the earlier work in my process with the smart buyer.

Thanks for sticking with me and my Blogging I sent out. Please know I am always available to speak with about your plan to own an Outer Banks Beach Property!

Call MIKE @ 252-207-4554