You may have heard that real estate is very much local in nature. It may not be at all reflective of a national trend or expectation. Case in point: the Outer Banks. A majority of the properties in this area are investment properties and Second homes rather than year-round residences. Because of this, the amount of time spent on the market is characteristically much longer.
In typical year-round living communities the most active time for buying and selling is during the summer when the kid’s vacation time makes it easier to move. On the Currituck Outer Banks, summer is often too late. The prime season for purchasing rental property is springtime in order to capture all the rental income for the upcoming summer. Once summer hits, the houses are difficult to get into because they are rented by vacationers. Rentals are arranged with set “turn-over day” time frames for moving in and out.
Land sells steadily throughout the year, especially in Carova where many people buy for a later purpose. However, during the fall and early winter we typically see an increase in lot sales. These buyers want to build right away in order to have the house ready for summer use.
If you are considering buying or selling on the Currituck Outer Banks, please feel free to contact me for a fee market analysis or to answer any questions you may have about owning at the beach.