Outer Banks Association of REALTORS® holds first membership meeting of the year

  Although December 2022 saw a drop in occupancy and meals collections when compared to the record set in 2021, the two key indicators of Dare County’s visitor economy again established new records and rose by nearly six percent over the entire year. In a report to the Dare County Tourism Board at their Feb. [...] Real Estate |  Full Article

Recent research from Destination Analysts reports that the planning window for domestic leisure travel is approximately 12 weeks, with nearly 40 percent of travelers planning more than 12 weeks in advance. Top inspiration sources for trip planning include websites, Facebook, online content, review websites, and streaming video services. Gen Z is primarily using TikTok and Instagram, and [...] Real Estate |  Full Article

  State Insurance Commissioner Mike Causey has announced a settlement has been reached with insurance companies that will allow rates to increase an average statewide of 9.9 percent for rental properties starting in June. Last August, the North Carolina Rate Bureau requested a statewide average 42.6 percent rate hike for dwelling policies spread over two [...] Real Estate |  Full Article

Four out of the Top 5 home price appreciation locations on the Outer Banks were on Hatteras Island! The year-end stats are in, and several locations on Hatteras Island saw significant home price appreciation.  You can access the year-end report by specific areas here, (such as Waves oceanside, Waves soundside, etc.), and the December Outer [...] Real Estate |  Full Article

The Hatteras Island village of Avon has seen one of the highest increases in online searches in the world as a 2023 summer vacation destination. According to a new report from HomeToGo, the marketplace with the world’s largest selection of vacation rentals, its 2023 Spring/Summer Travel Trends reveals which trends are heating up and how travelers are [...] Real Estate |  Full Article

From wobx.com The Dare County Tourism Board received more positive news in the latest report on gross receipts for hotel room and vacation rental occupancy, meals, and overall retail sales at its first meeting of 2023. While the numbers have remained a few percentage points above the total collected over the last two recording-setting years on [...] Real Estate |  Full Article

Three Keys from the November 2022 OBAR Statistical Report… Last month the Outer Banks hit a new high for median sales price of $600k, and Hatteras Island specifically was $621,250. In the November report, the overall Outer Banks median sales price dropped to $519,654, yet the Hatteras Island figure stands at $618k.  So Hatteras Island [...] Real Estate |  Full Article

Homebuyers are getting some relief in 2023, thanks to the Federal Housing Finance Agency (FHFA) raising the conforming loan limits substantially. Commonly referred to as “conventional” loans, these are mortgages that are backed by one of two government agencies, (Fannie Mae and Freddie Mac), and this typically allows for a smoother loan process and lower [...] Real Estate |  Full Article

Three Key Takeaways from the October 2022 OBAR Statistical Report… The biggest news from the Outer Banks Association of REALTORS® (OBAR) October report is that the Outer Banks set an all-time high for residential median sales price – $600k. Mortgage rates have seen a big drop over the last couple of weeks. The average 30-year [...] Real Estate |  Full Article

The North Carolina Rate Bureau has filed a request with the N.C. Department of Insurance to increase insurance rates for mobile home policies over the next two years, with the biggest rate hikes in the state again along coastal areas. The NCRB, which represents insurance companies and is not a part of the N.C. Department [...] Real Estate |  Full Article

While occupancy and meals tax collections in Dare County were both up more than 7 percent compared to the record totals received in 2021, those numbers may be more reflective of rising prices. And the totals collected in August were down from last year by 9.88 percent for the hotel/motel/vacation rental tax, and 15.03 percent [...] Real Estate |  Full Article

Another month, another rise in mortgage rates. Currently, on Mortgage News Daily, the surveyed mortgage rate is up to 7.29%. That number was 3.59% in January of this year – it has more than doubled and more Federal Reserve rate hikes are forecast for the rest of this year which will likely result in even higher [...] Real Estate |  Full Article