Coastal Carolina Vacations and Sales, Fall 2024 newsletter
Off-Season Projects That Will Pay Off
Get Higher Offers in the Spring Selling Season
If you are considering selling your home in the near future or this spring, the off season is a great time of year to plan for projects. Here are some of our sales agents’ recommendations, based on budget.
Big Ticket Items–$10K+ Range
The big ticket items can be red flags for home inspectors or insurance companies. If you have the budget to replace the roof of your home, this investment will go a long way with buyers. As this cost can range anywhere from $10K to $20K+, depending on the size of your home, this is an incentive for buyers. It’s an item they will then not have to budget for after closing.
Many insurance carriers are not writing policies for roofs that are over 20 years old, making the insurance shopping during the loan and closing process more difficult. This is also a repair that can be done quickly (once the work begins) and is usually finished in less than a week. North Carolina Joint Insurance Underwriters Association is offering grants to offset the cost of a new roof through the end of 2024. For more info, visit: Strengthen Your Roof
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Off-Season Projects That Will Pay Off
Big Ticket Items —$10K+ Range
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Decking is a big part of the first impression on a beach house. It is important to have decking in good shape and free from potential safety issues. High-end, longer lasting composite decking with vinyl railings is a popular combination as the materials last much longer than wood materials, don’t require as much maintenance as wood decking and hold their appearance better in our salty environment. Depending on the size of the deck and materials chosen, decking can range upwards from $10K.
If the windows are over 20 years old, replacement is a solid investment and appreciated by buyers. New windows will not only improve the look of the home, but it will also improve the energy efficiency of the home and prevent water intrusion during storms.
Depending on the number of windows, it can easily be a $20k–$50k project. If sliding glass doors are also in need of replacement, we would advise upgrading or replacing these as well.
Mid-Budget
$5–10K
Range
Update the interior and/ or exterior paint in your home. A fresh coat of paint really freshens
up and improves the overall look of a home. Interior walls should be repainted about every 5–7 years.
The exterior doesn’t normally require fresh paint as often depending on the environmental wear and tear and the condition of the siding. A newly painted exterior will improve the curb appeal of a home.
Under $5K
Another potential issue that comes up with buyers when they are shopping insurance policies is the age of the water heater. A water heater over 10-12 years old can be a red flag to insurance carriers, so you may want to consider replacing it. Water heaters are in the $1,500 range depending on the size of the home. Some homes require two.
Fresh bedding, throw pillows and new art can really improve the look of the bedrooms and living areas. After many rental seasons, some of the linens can start to fade or show wear. When staging your home for photos and tours, consider bright, coastal colors
with simple patterns to really show off and shine in pictures.
If you don’t have the budget to paint the whole inside or outside of the home, consider at least touching up the paint. Think base boards, high traffic areas, trim (indoor or outdoor), and covering up rust or scuffs. Touching up the paint can make things look fresh and inviting.
Replace old lighting fixtures that date the house. This is an inexpensive way to modernize the house. Fixtures can be affordable and can be found at Wayfair, Home Depot, Lowes, Build. com, among others. Home Goods and Target both have a great selection of lamps that help refresh a room.
Throw away any outdated/broken blinds or window coverings. Update with white or natural faux blinds from Home Depot or Lowes. They can really update a room and give a whole new look to the windows.
FEATURED COMMUNITY
You do not have to spend a lot of money on these purchases. We try to remind our clients to keep it “cheerful and cheap” when shopping. These big or little improvements will look great in photos and show the buyer that you take good care of your home and are motivated to sell.
Our Favorite Fall Events on the Outer Banks
The Outer Banks may appear to be a series of sleepy beach towns, but, whether you are into water sports, a history buff, sportfishing aficiando or a nature lover, you will be pleased to find it all on the Outer Banks!
Vanessa
One of my favorite fall events on the Outer Banks is back this year by popular demand! The Town of Kill Devil Hills Historic Landmark Commission is hosting a historic home tour on October 11th. The opening ceremony will be held at 1:00 p.m. at Town Hall and the hours of the selfguided tour are 2–5 p.m. I’ve always loved the cottages of yesteryear but, more than anything, the wonderful stories behind how the cottages came to be, who built them, where did their owners hail from? Some years back one of the older Outer Banks homes was highlighted in a coastal magazine. I remember how interesting I found the article and I think that sparked my first interest in the historic cottages.
Randy
The shoulder and off-seasons on the Outer Banks offer numerous events worth attending. A couple of my favorites are the OBX Seafood Festival and the Duck Jazz Festival. Another favorite is the 12 Bars of Christmas. In part, it’s due to a tradition my wife and I started over 10 years ago of hosting several friends at an oceanfront house the week between Christmas and New Year’s and visiting the bars and restaurants participating in the 12 Bars of Christmas. It’s a great way to wind down the holiday season and spend time with great friends.
Jessica
My favorite fall event is Stand up for Strays, hosted by the Outer Banks SPCA on October 4, 2024. This night of comedy, dinner and silent auction raises money to help save lives and find forever homes for our furry friends. This year, comedian Bobby Tessel will deliver first-class entertainment. The event will be at Pirates Cove Pavillion. For more info, visit Stand-Up for Strays
Connie
My very favorite fall event is BrewTag/ Kegs Will Fly. Come out on October 26, 2024 at 11 a.m. to the Nags Head Soundside Event Site at 6800 S. Croatan Hwy to see the outrageous flying beer keg contest! Admission is free, all ages are welcome. Along with flying kegs there is an amazing selection of craft beer, music and food. Proceeds go to The Rogallo Foundation that was created to honor the inventors of the flexible wing. You will certainly have a day filled with smiles and laughter.
Photography by
Lori Douglas
MARKET SALES
MARKET NOTES
• Inventory is up 51% over September ’23. Yet 40% below the pre-COVID range for active Residential Listings of 1200–1500.
• Listings under contract continue to be within the historical normal range between 300–400, but down 20% from August ’23.
• On average, listings are selling at 96.6% of list price, down 1% from a year ago.
• Though Units Sold are down slightly from pre-COVID year of 2019, property values remain about 60% higher than the 2019 values.
• The Average Days on Market this year is 56 days, slightly higher than this time last year, but still historically low— mostly due to the low inventory. Interest/buyer demand for Outer Banks property remains relatively strong, just not at the record levels seen in 2021 and 2022.
UNIT SALES BY
TOWN
DATA
TOWN
TIPS FROM THE BROKERS
FOR BUYERS:
1. Get pre-qualified from a local OBX lender.
2. Be ready to move quickly on your chosen listing.
3. Be prepared to offer some amount of Due Diligence Fee to the seller with your Offer to Purchase.
4. For cash offers, make sure you have a Proof of Funds verification letter.
5. Shopping for homeowners insurance should be a top priority upon getting a listing under contract.
FOR SELLERS:
1. Make sure your agent uses a professional photographer for listing photos.
2. Address any known repair issues.
3. Know your closing costs:
a) Realtor Commission;
b) Dare County Transfer Tax @1%;
c) NC State Stamp @ .2%;
d) Closing Attorney ~$500; and
e) Prorated property taxes & HOA dues
Interested in receiving an accurate assessment of your home’s current market value?
Call our experienced sales brokers at 252.489.2121.
