March along the Outer Banks was unusually wet, but we are finally enjoying some nice weather and mild temperatures. The worst of the tree pollen season also seems to be behind us, and the Dogwood trees are in spectacular bloom! Homeowners in the area are busy wrapping up projects in anticipation of another busy rental season, and time is quickly running out! If you are still looking to do some projects around your property and need recommendations, let me know, as I can help!
In real estate news, the pace continues to be slower. Inventory is increasing slowly and is currently up by 11% overall. Meanwhile, the number of under-contract properties is down by 14%, year-to-date residential sales are down by 11%, and land sales are down by 19%. We are not seeing many changes in asking prices at this time. Inventory is still too low for most sellers to want to reduce prices. We are, however, not seeing very many bidding wars (if any), and in many cases, buyers are negotiating asking prices and favorable terms. This all depends on many factors, so please ask if you have questions about any property, whether buying or selling. It is a good time to be a buyer again, especially if you are open to refinancing the mortgage to a lower rate in a year or two or plan to buy with cash.