John Head Colony Realty Corporation Podcast

How We’re Handling the Health Crisis

cassidy@getvyral.com (John Head) — Wed, 1 Apr 2020 12:23:00 -0700

Although the current real estate environment might be worrisome for buyers and sellers, rest assured that we can still help you succeed in achieving your real estate goals. Here’s how.

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Today we’re discussing some of the more serious issues going on in real estate due to the health crisis. Before the pandemic, we were cruising along in an energetic market, but that has decreased noticeably in the current climate.

At our offices, we’re closed to walk-in traffic and have limited what staff can be there. Some of these things create a bit of anxiety for our clients or those considering buying or selling. We want to allay some of that uneasiness today. To learn more about what we can do for you during these uncertain times, watch the video above.
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We Can Help You Protest Your Property’s Assessed Value

cassidy@getvyral.com (John Head) — Tue, 10 Mar 2020 08:35:00 -0700

If you were alarmed at your home’s assessed value on this year’s property taxes, we can help remedy the situation. Here’s what you need to know.

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Just about a week ago, I started getting a lot of phone calls from homeowners who had recently received their property tax assessments in the mail. Many are confused about the huge increase they have seen in their home’s assessed value over the past year. If you're in the same boat, it’s time to get in touch with the assessor’s office to see about protesting your assessed value.

If you have a home that we’ve taken a look at in the past or want us to give you a CMA of what your home is worth in today’s market, we can use that to support a lower value. You can also give me a call and I’ll be happy to send you some comps as well. That’s my offer to you. Even though we’re extremely busy, we’re always happy to help whenever we can.

The right information is out there, but the county assessor isn’t using it.

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The county assessor’s office doesn't take the uniqueness of your home into account, especially here in the Outer Banks. If your property’s value went up by $150,000, like some have, that’s not right. We’ve had a lot of sales over the last few years that the assessor should be able to see and factor into their estimation, but it doesn’t always work out that way.

It’s because they’re not using that information on their values. They’re using an algorithm that doesn’t take everything into account. We can help you use the information that they aren’t using to get a fair market value for your home.

If you need help or have any questions at all, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
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What Brandi Ward Brings to Colony Realty

cassidy@getvyral.com (John Head) — Fri, 7 Feb 2020 07:51:00 -0800

I have another exclusive interview to share with you. Today I’m sitting down with Brandi Ward, our team’s sales assistant.

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Today I’m interviewing Colony Realty’s super sales assistant, Brandi Ward. Brandi will talk about her background and what she brings to the table as a sales assistant. We’re excited for 2020, and having Brandi on board is a big reason why.

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:

0:45—Brandi’s previous experience working on a real estate team in Virginia
1:48—Her former role in the sales department and onboarding process
2:50—Why be a part of Colony Realty?
4:10—Her transition to a more permanent role
4:30—Wrapping things up

As always, if you have questions about what we discussed today or any other real estate topic, don’t hesitate to reach out to me. I’d be happy to help.
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Jim Perry and the History of Colony Realty

cassidy@getvyral.com (John Head) — Tue, 28 Jan 2020 09:25:00 -0800

Today I’m taking a break from the normal real estate chitchat to interview Jim Perry of Jim Perry and Company.

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For my latest video blog, I’m joined by Jim Perry of Jim Perry and Company for a wide-ranging interview detailing his start in the industry, the highlights of his career, Colony Realty’s acquisition of Jim Perry and Company, and more. Jim and I met all the way back in 1999. In fact, he presided over my Realtor orientation class. Since then, it’s been a pleasure knowing him.

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:

1:11—How Jim got his start in the industry
2:23—Our acquisition of Jim Perry and Company
3:54—The highlights of Jim’s career
5:46—What Jim would say to anyone looking to work with Jim Perry and Company
8:22—How Jim is enjoying the next stage of his life
9:35—Wrapping things up

As always, if you have questions about what we discussed today or any other real estate topic, don’t hesitate to reach out to me. I’d be happy to help.
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What to Expect From Our 2020 Outer Banks Market

cassidy@getvyral.com (John Head) — Thu, 2 Jan 2020 09:54:00 -0800

Our Outer Banks market is poised for a great 2020. Here’s why.

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What’s in store for our Outer Banks market in 2020? To answer that question, let’s recap what happened in 2019.

November was the biggest month in terms of homes going under contract since the MLS started tracking this metric in our area in 2013. This means that January and February of 2020 will feature a tremendous number of closings, which is a good thing because it creates momentum heading into the second quarter of the year.

Before that, the market almost stalled near the end of the second quarter and the beginning of the third because interest rates jumped. After rates were reduced (twice), the floodgates opened. Interest rates are still low and the market is still strong, so if you’re thinking of buying or selling, now’s the time. 2020’s first quarter should be stronger than anything we’ve seen in the last decade.

I think we’re in store for a great 2020 in the Outer Banks market.

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After this propels us into the summer months, if history is any indication, we should see a bit of a dip right before the election. Uncertainty creates indecision, but that’s OK—we expect a great fall/winter season next year, which will put us in a great position once 2021 is ready to begin.

Keep in mind, I don’t have a crystal ball. If the Federal Reserve were to raise interest rates by 0.25% or even 0.5%, it would slow everything down considerably. That being said, I think we’re in store for a great 2020 in the Outer Banks market.

If you’re thinking of buying or selling a property or you have any more questions about our Outer Banks market, don’t hesitate to reach out to me. I’d love to help you.

Happy Holidays From Colony Realty!

cassidy@getvyral.com (John Head) — Fri, 13 Dec 2019 09:09:00 -0800

We’re wishing you a happy holiday season and introducing you to each member of our team.

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Today we wanted to send you a happy holiday message and thank you for a wonderful year! Watch the video above for introductions to every member of our team.

As you may know, we’ve been in a transition this year, and we’re thankful to everyone who has been part of our programs or worked with us. On behalf of all of us, we want to wish you happy holidays.

We enjoy helping our community with its real estate needs. If you have any questions please reach out to us. We’d be glad to help you.

A Few Interesting Things I’ve Seen in My 20-Year Real Estate Career

cassidy@getvyral.com (John Head) — Tue, 10 Dec 2019 08:44:00 -0800

Real estate can lead to some pretty interesting stories. Here are three events that stood out to me the most.

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I’ve spent more than 20 years in the real estate business, and those two decades have been filled with a lot of interesting moments. Lately, I’ve been doing a lot of reflecting on the fun, weird, and wild things I’ve seen throughout the years. There were three profound moments that really stood out to me, and today I’d like to share them with you.

I had one of my first sales in the fall of 1998, when I helped a large family purchase an oceanfront property. Years later, they were looking to expand their investments, so I found them a property. It was a few days before closing and they still hadn’t received a loan package. Why? Because the underwriter wanted to see the title for the buyer’s Volkswagen. Regardless of the buyer’s many other assets, this loan professional was fixated on whether an old car was paid for.

Another time, I’d just finished showing a home to a family. They had pulled away already, and I was just about to get into my truck. Before I got in, I saw a woman walk out of the house I had just shown. Apparently, she’d been on the deck the whole time; she only came out after hearing the door shut when we left. Then, after this somewhat odd encounter, she asked me to fix the light pole. Unfortunately for her, I couldn’t help.

A lot of things have happened throughout the years, but these were a few of the events that stood out to me the most.

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My last story occurred when I was driving around, searching for a home’s location. It was difficult to find, but I finally arrived — with no way of getting inside! I figured I would walk to the owner’s home, as it was just down the road. Suddenly, a woman in the bushes asked, “Can I help you?” I told the bush woman of my plight, and she told me she could help. The whole ordeal just felt off, and it was one of the most uncomfortable experiences I’ve ever had in real estate. When we arrived, she began freaking out about everything that was wrong with the home. It turns out she was one of the owners, and she didn’t want it to be sold.

A lot of things have happened throughout the years, but these were a few of the events that stood out to me the most. If you have any questions about real estate or would like to hear about more of my adventures, feel free to reach out to me. I look forward to hearing from you soon.

Replacing Your Roof Before Selling Your Home

cassidy@getvyral.com (John Head) — Tue, 19 Nov 2019 08:21:00 -0800

Should you replace your roof before you sell your home? Here are my recommendations.

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Recently, many home sellers have been asking us whether they need to replace their roof before they sell their home, and today I’d like to share my thoughts.

The answer ultimately depends on the age and condition of the roof. If you have a home with a roof that’s fairly old, I’d suggest that you have a contractor come take a look at it to see what its current condition is. If the age of the roof is suspect and you’ve had to have it patched a few times over the years, it’s also a good idea to have an insurance adjuster come out to see if you could work it into your insurance policy before you close on your home sale.

If the roof is in bad enough shape, insurance companies may deny your coverage.

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Here’s why that’s important: Insurance underwriters are now sending people out to discover the age, quality, and lifespan of the roof on a home before they’ll insure it; if the roof is in bad enough shape, they may deny your coverage.

What does that mean for you? Well, if you have a 20-year-old roof on the home you’re selling, the buyer will have someone come out to inspect the roof in order for their insurance to be able to cover it. If the roof is in such condition that their insurance won’t cover it, that may be a deal-breaker for them.

So if the contractor you hired to take a look recommends that it be replaced, it’s a good idea to see if you can have at least a portion of it covered. Here in the Outer Banks, where we’ve recently dealt with Hurricane Dorian and then a nor’easter, coverage for wind damage is especially important.

In the end, you’ll want to replace your roof before selling if the condition is poor enough to deter buyers from making it through the transaction to the closing table.

If you have any questions about this or other real estate topics, don’t hesitate to reach out to us. We’d love to help you.

Should You Sell Now or Wait Until Spring?

cassidy@getvyral.com (John Head) — Thu, 7 Nov 2019 07:55:00 -0800

Why is selling during the fall or winter such a good idea? Let’s discuss.

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The end of the year is quickly approaching, and this has many homeowners who were thinking of selling in 2019 wondering if they’ve missed their window. But should you really wait until spring to list your home?

Actually, while inventory certainly does drop during the later months of the year, the number of pending home sales speaks for itself. Fall and winter can be a great time to sell for those savvy enough to try.

Our goal is to make buying and selling simple and stress-free.

”

For one thing, the lower inventory will actually work to your advantage. Lower inventory means lower competition, and, besides that, buyers who are out looking for homes before and during the holidays tend to be very serious about doing so. The season is truly rife with opportunities if you understand how to take advantage of them.

Speaking of homebuyers, if you’re looking to make a move but need somewhere to live for a few weeks or days before you commit to your next home purchase, please check out the video above to see one of the great rental properties Colony Realty Corporation has to offer right now. Our goal is to make buying and selling simple and stress-free.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

An Update on Our Fall Market & the Post-Dorian Cleanup Effort

cassidy@getvyral.com (John Head) — Mon, 30 Sep 2019 12:24:00 -0700

As we look toward fall, it’s a good time to buy or sell in our Outer Banks market.

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Today I want to give you a quick market update as we enter the fall of 2019. In short, our Outer Banks market is still brisk and active.

If you’re thinking of buying, there’s a good deal of inventory to choose from. If you’re looking to sell, now’s a good time to enter the market as well—September, October, and November traditionally have a high number of homes going under contract.

On a related note, if you’re interested in volunteering to help with the post-Dorian cleanup effort or you’d like to donate money to this cause, the Outer Banks Community Foundation and the Buxton United Methodist Men are two organizations I recommend reaching out to. They’ve each done a phenomenal job raising money and helping local families in need.

If you’d like to know more about volunteering for these two organizations or making a donation, just reply to this email. If you have any more questions about our Outer Banks market, don’t hesitate to reach out to me as well. I’d love to help you.

Listing Spotlight: 3800 Elijah Baum Road, Kitty Hawk

cassidy@getvyral.com (John Head) — Mon, 16 Sep 2019 13:21:00 -0700

Today let’s explore the historic property located at 3800 Elijah Baum Road in Kitty Hawk
and discuss how we’re preparing it for the market.

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Today, I’m standing in front of a home that we’re prepping for sale at a historic location: 3800 Elijah Baum Road, Kitty Hawk, NC.

This is a gorgeous location and property. Built in 1955, it’s an old 2-bed, 2-bath house that sits in the midst of ancient live oak groves. These trees have been documented to be between 250 and 300 years old or perhaps a bit older. That means they’ve been around since before Wilbur landed in the Kitty Hawk Bay in a schooner on September 13, 1900!

In today’s message, I just wanted to give you a peek at the property, including showing you the ancient groves, discussing the history of the area, and showing you what we’re doing to restore this beautiful property.

To see and learn more about 3800 Elijah Baum Road, I encourage you to refer to the video above. You can read more about this historic property in this interesting article.

As always, if you have any questions, don’t hesitate to reach out to me. I’d love to speak with you.

Why Buy an Existing Home Instead of a Lot?

cassidy@getvyral.com (John Head) — Thu, 5 Sep 2019 11:15:00 -0700

Why buy an existing home instead of a lot to build on? The answer boils down to cost.

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Why buy an existing home instead of a lot?

The answer boils down to the price of existing homes versus what it costs to build. Say you consider buying an $85,000 lot. On top of that, you have to tack on development costs (clearing trees, installing a septic tank, etc.) and building costs. Furthermore, over the past four or five years, building material costs have risen—most builders are quoting anywhere between $160,000 and $225,000.

That’s a pretty wide range, so let’s give a couple of examples for scale. If you’re building a little beach box with just carpet and vinyl flooring and maybe upgraded countertops, you’ll pay closer to $160,000. If you’re installing heart pine floors, upper-end cabinets, tile surrounds in your master bedrooms and bathrooms, etc., your price will be closer to $225,000.

So if you buy that same $85,000 lot, but you find out that building a 2,000-square-foot home would cost $200,000, that’s when things start to get expensive. This is why single-family home sales are far outpacing lot sales in our market.

Over the past four or five years, building material costs have risen—most builders are quoting anywhere between $160,000 and $225,000.

”

A lot of people are curious about buying lots because between 2008 and 2014, you could buy one for as little as $20,000. However, that’s not the case anymore.

That being said, lots are still a viable long-term investment if you’re thinking of building a beach house, so give me a call if you want to get the ball rolling on this project.

As always, if you have any other real estate needs, feel free to reach out to me as well. I’d love to help you.

Should You Sell Your Outer Banks Property in 2019?

cassidy@getvyral.com (John Head) — Thu, 25 Jul 2019 13:18:00 -0700

If you’ve been thinking of selling your Outer Banks property in 2019, this message is for you.

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If you’ve thought about selling your Outer Banks home in 2019, there are a few things you need to understand about our market before making that decision. Over the last 12 months, interest rates and inventory have both been on the rise. This tends to cause the market to slow down.

In our Outer Banks market, where many of the properties are second homes, the decision to sell comes down to supply and demand. And judging from the 12% increase in supply and the 4% decrease in closed sales we observed in July, it’s clear that the local demand for homes has become somewhat stagnant.

You’ll need to be more strategic about your approach if you do decide to make a move.

”

This doesn’t mean that there are no opportunities for sellers this year, however. It simply means that you’ll need to be more strategic about your approach if you do decide to make a move. To learn more about whether selling in 2019 is right for you, please reach out to me. I would love to discuss your options.

As always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

A Quiet Walk in the Maritime Forest

cassidy@getvyral.com (John Head) — Mon, 1 Jul 2019 14:35:00 -0700

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There’s no telling what you might find in the Maritime Woods here in the Outer Banks—you might see some hawks, an osprey, rabbits, squirrels, and the occasional coyote, but watch out for turtles and snakes!

Beyond the wildlife, you’ll find interesting articles of history like the covered bridge. And that’s not to mention the myriad hiking trails that wind through the area. Walking through the Maritime Forest in the morning, you don’t hear much at all.

I used to say that the soft, silicon sands of the beach wash away the stresses of daily life here in the Outer Banks, but I’ve recently learned how good for your soul a quiet walk in the woods can be.

If you have any questions for me in the meantime or need any assistance at all when it comes to real estate, don't hesitate to reach out and give me a call or send me an email. I look forward to hearing from you.

Make the Outer Banks Your Next Travel Spot

cassidy@getvyral.com (John Head) — Mon, 3 Jun 2019 08:44:00 -0700

I've got a brief message about the Outer Banks for you today.

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It’s easy for us, whether as residents and/or agents, to lose sight of all that makes living here in the Outer Banks so special and why we love to call it home. If you’re not a resident at the present time, hopefully one day you’ll be able to call it home too.

In the meanwhile, I encourage you to check out Outerbanks.org and maybe consider us for your next vacation. There’s no limit to what you can see and experience here, from the Fort Raleigh National Historic Site to the lighthouse at Cape Hatteras to the newly renovated First Flight and more.

If you’re looking to buy or sell real estate in the area, we’re always here to help. You can visit us at either our Kill Devil Hills office or Hatteras Island office. You can send me an email at John@ColonyRealtyCorp.com or give me a call at 252-592-4629 for any and all questions you have. Until we see you here at the beach, thank you and talk to you soon!

Can Buyers and Sellers Take Advantage of Our Current Market?

cassidy@getvyral.com (John Head) — Mon, 20 May 2019 06:59:00 -0700

According to the latest numbers, it’s a great time to buy or sell in the Outer Banks market.

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Where does our Outer Banks market stand as we near the end of spring?

In short, things are still moving briskly—the number of vacationers moving to our area is rising every day, which makes it an opportune time to buy or sell.

How do the numbers from last April compare to the numbers from April 2018?

First off, inventory is up 11% in unit sales—for residential sales, it’s up 9%. Lot sales, meanwhile, are up 3%, and the median sales price also increased slightly.

The number of vacationers moving to our area is rising every day, which makes it an opportune time to buy or sell.

”

In Hatteras Island and the southern beaches of the Outer Banks, the number of sales rose 10%, and the median sales price rose from $305,000 to $342,000. This is evidence of a stronger market, and we’re gaining some appreciation we lost during the economic downturn of 2007 to 2014.

If you’d like to know more about our market or you’re thinking of buying or selling soon, don’t hesitate to give me a call or email me. I’d love to help you.

Our First Look at the New Bonner Bridge

cassidy@getvyral.com (John Head) — Mon, 4 Mar 2019 09:37:00 -0800

The new Bonner Bridge is finally complete, and, for today’s message, we’ve brought you a quick video of what it looks like.

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I recently had the pleasure and privilege to head on up to Hatteras and cross the new Bonner Bridge.

This upgraded bridge has greatly improved the flow of traffic, meaning your travels to the Outer Banks will now be smoother and safer than ever.

If you’re thinking of purchasing property in our area, this new bridge is just one more benefit of living here in the Outer Banks.

It’s Always a Good Time to Buy in the Outer Banks

cassidy@getvyral.com (John Head) — Tue, 12 Feb 2019 14:14:00 -0800

Is the winter getting you down? Trade the cold for the beautiful, sunny beaches of the Outer Banks.

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Why would you want to buy a house on the beach during this time of year? Though people think the market typically cools off in the winter months, that’s not the case here.

The soft, silken sand of the Outer Banks can wash away the stress of daily life.

”

The weather has been remarkable, but I’ll let you see that for yourself in today’s video.

The soft, silken sand of the Outer Banks can wash away the stress of daily life, so why wait to jump into the market?

Reach out to us and we’ll be more than happy to get you started on your home buying journey. We look forward to hearing from you soon.

The Past, Present, and Future of Our Outer Banks Area Market

cassidy@getvyral.com (John Head) — Tue, 22 Jan 2019 09:58:00 -0800

The latest data from our market is in, and we’ll be covering everything you need to know today.

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We’ve entered into yet another new year, which makes now the perfect time to discuss the state of our market. I know that looking at data isn’t always the most thrilling thing, but our team is committed to bringing you the most up-to-date information possible. Better yet, we’ve condensed the latest market trends down for you into a simple, straightforward update.

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure:

1:34 - How has market activity changed year over year?

2:40 - What does the change in activity mean for our market?

3:47 - Why is it important to review these statistics?

4:11 - How did statistics concerning vacant lots change year over year?

4:36 - How prevalent were distressed sales in 2018?

4:59 - How prevalent were new construction sales in 2018?

5:18 - How to contact us to ask questions, get more information, or request your own copy of this data

How Is Our Team Getting Better for the Future?

cassidy@getvyral.com (John Head) — Tue, 11 Dec 2018 07:44:00 -0800

I’ve got an exciting announcement to make today. Our team is growing and getting better, as evidenced by our latest business move.

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I’ve got a very exciting announcement to make today: We have recently acquired Jim Perry and Company Realtors on the northern beaches! I’ve known Jim since 1999, but it was thanks to discussions we shared just earlier this year that we came to reach this decision. Now that we’ve acquired his business in Kill Devil Hills, I want to introduce to you some of the great staff here, who are all staying on board with us as well.

Ed and Sandy have been with Jim for 17 and 18 years, respectively. We’re very excited to have them stay on and continue their great service going forward. I also got a chance to quickly say hi to Jim while he was on the phone.

We’re very excited about this new acquisition and to help serve everyone with their real estate needs on the northern beaches. If you have any real estate needs, whether they be residential or commercial properties, we’re here to help.

We’re very excited about this new acquisition.

”

If you have any questions, comments, or concerns about our new venture, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.

A Deeper Look at Our Latest Market Update

cassidy@getvyral.com (John Head) — Mon, 12 Nov 2018 09:59:00 -0800

I answered some questions about what has been affecting our market in this upate.

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I’ve received a lot of questions about what’s causing changes in our market, so I’ve done some research for you to find out what’s happening. I went over our latest numbers in this video, but here are some additional factors that you should pay attention to:

1. Storms. We’ve had back-to-back storms, and most buyers don’t want to search for homes during bad weather. This change in our traffic has led to fewer sales.

There’s been a 17% decrease in under-contract homes in September and it’s continued to drop.

”

2. Rising interest rates. Increases in interest rates negatively affect the purchasing power of buyers.

3. High prices. Months ago, the market was fantastic and indicating that prices would be increasing in the future. However, we may have overpriced our homes to a point where buyers are waiting. There’s been a 17% decrease in under-contract homes in September, and it’s continued to drop in October.

If you’re looking to buy or sell a home, have any questions, or need further information, email me anytime at John@ColonyRealtyCorp.com. I look forward to hearing from you.

The Advantages to Buying a 2nd Home in North Carolina

cassidy@getvyral.com (John Head) — Wed, 31 Oct 2018 10:47:00 -0700

There are a number of advantages and benefits of purchasing a second home in the Outer Banks area of North Carolina. Today I’ll be answering some questions to help detail exactly what those are.

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In today’s Facebook Live discussion, I’ll be answering a range of questions about the advantages of buying a second home in the Outer Banks of North Carolina and what it takes to do so.

For your convenience, I’ve provided timestamps below so you can navigate the conversation in the video above at your leisure:

0:40—Some important factors to consider when looking to purchase a beach house in the area
1:15—The steps for first-time homebuyers
2:00—How this experience differs for an experienced homebuyer
2:40—Are there issues with purchasing a beach house?
3:49—Who should people reach out to for more information?
4:45—Buying a home here as a second home vs. a vacation rental
6:00—Potential challenges in the second-home market

Our job as Realtors is to give you the information you need to make an educated, informed decision about how to proceed in our market.

”

Hopefully you found this information helpful and can now consider purchasing a second home or vacation rental in the Outer Banks with knowledge on your side.

If you have any questions or would like to speak with me in more detail about purchasing a home in our area, you’re always encouraged to reach out to Colony Realty. I’d be glad to respond to your inquiries as quickly as possible.

Fall Housing Market Update for the Outer Banks of North Carolina

cassidy@getvyral.com (John Head) — Wed, 17 Oct 2018 08:07:00 -0700

While the local housing market is fine for now, things may get even better soon.

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How is this fall looking for potential homebuyers and sellers? Let’s take a look.

Firstly, the market seems to be stalling out a bit—something that’s happening not just here, but throughout the country. Interest rate rises and a few big storms factor into this, but we’re hoping for a market increase in November, where numbers have historically been high.

If you’re thinking of buying, it’s still a good time. We haven’t rebounded to pre-recession prices, but there is at least some stability for home sellers and buyers.

In the video, I mention an MLS reporting for the Outer Banks area; if you'd like that information, click here.

Here are the numbers I’ve found:

Under-contract listings are down by 17%, and the absorption rate (weeks it takes to sell current inventory at the present rate of sales) is up by 36%. Right now, we have about eight months’ worth of inventory.

We haven’t rebounded to pre-recession prices, but there is at least some stability for home sellers and buyers.

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We specialize in helping you buy or sell property and ensuring you have the guidance needed for making an informed and educated decision. Contact us at any time and we’ll be more than happy to lend you our expertise. We look forward to hearing from you.

Will the New Bridge's Completion Increase Our Prices?

cassidy@getvyral.com (John Head) — Wed, 5 Sep 2018 11:49:00 -0700

What will happen to prices this November/December when the new bridge is completed over the Oregon Inlet?

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The new bridge over the Oregon Inlet is officially connected from both the north and south, so does this mean that housing prices will increase with its completion in late November/early December? The short answer is that I am optimistic.

If there is to be an increase, I believe that it would be happening already. Investors would be here shopping more vigorously. For this reason, I am going to stick with my original numbers and say that we are on par with 2017.

While I hope that this changes and that we see an increase in appreciation on the southern beaches, specifically Hatteras Island, I don't believe that the bridge will give us a 3% to 5% increase. Since we have had a bridge to this location for a long time, it's not like it is a new location or frontier for people to come to. Instead, it’s just allowing longevity, which is a good commitment from the state and the Department of Transportation.

If there is to be an increase, I believe that it would be happening already.

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So, if you are thinking about selling or buying, I think we're going to stay steady. And, hopefully we will see some good numbers.

If you have any questions about this or you’re interested in buying one of our many great waterfront homes currently listed in Brigands Bay in Frisco, please feel free to contact me. I look forward to speaking with you soon.

How Does Our Mid-Year 2018 Market Compare to Where We Were Last Year?

cassidy@getvyral.com (John Head) — Fri, 24 Aug 2018 12:03:00 -0700

Right now, our market is roughly on par with where we were at during this time last year. This means now is a great time to sell.

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According to the latest MLS statistics, our Outer Banks market is roughly on par with where we were in 2017. Our team’s sales are ahead of where they were in 2017, but I’ll show you some of the year-over-year numbers from the month of July for Kill Devil Hills and Hatteras Island to give you a better understanding of where things stand.

In Kill Devil Hills, the median price rose 3% since July 2017 to $284,400. The number of units sold also rose from 15 to 24.

In Hatteras Island, the situation is slightly different. What’s interesting about Hatteras Island is that although the level of activity is strong, the median price has not changed—between July 2017 and July 2018, it stayed at $305,000. The number of units sold rose from 21 to 26, which is a change compared to what happened year-over-year during the month of June, when it dropped from 33 to 24.

What does this mean for buyers and sellers?

There hasn’t been a better time to sell in the last five years.

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If you’re considering buying on Hatteras Island, there are plenty of great listings available. On the other hand, if you’re thinking of buying in Kill Devil Hills, Nags Head, or the west side of Kitty Hawk, you need to be ready to act much more quickly if you see a home that’s priced to sell. It’s a brisk market in those areas, so chances are there will be other offers for those kinds of homes.

If you’re a seller, there hasn’t been a better time to sell in the last five years. We’re getting into the fall season, which is usually our most active in terms of sales. If you give me a call, I can provide you with a comparative market analysis so you can decide whether right now really is the best time for you to sell.

In any case, I hope you’re enjoying yourself as summer comes to an end. If you’d like to take a look at the full MLS market report yourself, just send me an email and I’d be happy to email you back a copy.

As always, if you have any other real estate needs, don’t hesitate to reach out to me. I’d be happy to help you.