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

State Insurance Commissioner Mike Causey has announced he will oppose a request from insurance companies that cover rental and investment properties for a significant increase in premiums for dwelling policies on the Outer Banks and in northeastern North Carolina spread over the next two years. The N.C. Tribune reported Causey has set an April 17, 2023, [...] Real Estate |  Full Article

After an extensive months-long search process, the Outer Banks Association of REALTORS® (OBAR) is excited to announce that former Dare County Planning Director Donna Creef has been hired as their new Government Affairs Director. Donna had a notable career with the Dare County Planning Department, having worked there from 1988 until early this year. She [...] Real Estate |  Full Article

We have seen lots of changes in the market since the Federal Reserve started rapidly raising their funds rate earlier this year. The average 30-year mortgage has seen an increase from 3.41% in early January to 6.3% as of this writing. This has had a huge impact on sales volume, as buyers are more inclined [...] Real Estate |  Full Article

Things are moving right along this summer on the Outer Banks. We’ve had some hot weather lately and a great vacation season so far. One question I hear frequently is “When will the housing market cool off?” It’s all about inventory – as long as we are well below historical inventory levels and demand remains [...] Real Estate |  Full Article

by Clark Twiddy In a report from Bloomberg News published last week, the probability of an economic downturn over the next 12 months stands at nearly 50 percent, up sharply from 30 percent odds just one month prior. This is according to the latest monthly survey of economists and, if anything, other indicators point to an increasing [...] Real Estate |  Full Article

The Outer Banks Association of REALTORS® (OBAR) has released their May 2022 real estate statistical report.  The report highlights year-to-date and month-to-month sale comparisons for residential, commercial, and lot/land properties included in OBAR’s Multiple Listing Service (MLS). The report shows 2022 year-to-date sales for all property in the MLS has declined slightly for the last [...] Real Estate |  Full Article