Rates are Low, Mortgage Applications Up
Once the beach was opened to the public in June, those folks who intended on buying this spring came to the Outer Banks and got serious. Pent up demand resulted in multiple offers on properties that buyers felt were properly priced. Articles in Forbes Magazine showcased the Outer Banks as the top drive-to destination in the country. The hit series on Netflix called the Outer Banks also fanned the flames of buyers’ interests. May ended up being the highest month for OBX real estate sales agreements in more than 15 years.
Sales are not the only thing that is booming on the Outer Banks. In early June there were rumors of property management firms having almost no vacancies. That is unusual for that time of year. It’s obvious that folks see the Outer Banks as a refuge from today’s urban life. Many vacationers are renting multiple weeks. If one cottage is not available for multiple weeks, then they will find another here just to avoid having to go back across the bridge.
Looking to escape to the OBX? Give Jeff Scott and Sandy Martin with Scott Team Realty a call for all your real estate needs on the Outer Banks of North Carolina.
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