Historically speaking, the busiest buying season is the second quarter of each year. Buyers often want to purchase in the spring because they’ll get that summer rental income and hopefully be able to use the property when the ocean is still warm and the beach is full of life. Outer Banks Realtors usually see a drop in showings after Memorial Day. That slowdown can last into July. There are a couple reasons for that.
First, showing vacation rental property becomes harder. Many homes have renters in them every day except their change-over day. Buyers often don’t want to make a special trip on one of those days because traffic is usually heavier. Also, if you put something under contract in June, you might not close until August. That means you missed out on most of the summer rental income. The summer is a good time to buy on the Outer Banks for a couple reasons. First, you’ll have less competition. If you find a house that you like, chances are better that you won’t have to other buyers looking at the same property. As a result, you should have time to negotiate to the sellers’ best price.
Second, the best time to be on the Outer Banks is late summer and early fall. That’s when the ocean is at its warmest and there are fewer people on the beach. Buy buying in the summer you get to use your house during this optimum time. Third, our inventory almost always peaks in June or July. You should have more choices in the summer. Of course, chances of rentals paying for the home in the fall is less, but North Carolina law allows property management companies to begin to disburse summer rental income at the beginning of the calendar year. As a result, you won’t have to wait until spring to have some help carrying that expense of owning a home here. If you are in the market for an OBX home then please contact Scott Team Realty. We’d be happy to help you any time during the year.
Featured Listing: https://for-sale.scottrealtyobx.com/idx/details/listing/b227/132530/143-Bayberry-Drive-Lot-5-Duck