GOOD NEWS FOR THE OUTER BANKS

After a downturn in the real estate market that has lasted more than four years, the Outer Banks is showing signs of recovery. In fact, according to the Outer Banks Association of Realtor’s Multiple Listing statistics, we have experienced three consecutive months of price increases (27% over that period).

With interest rates still at near historic lows, high pent-up demand for purchasing homes, and a generous tax credit, further recovery is expected. Additionally, demographic trends are currently favoring resort destinations as more families seek lifestyle changes to a slower pace of life, and as baby boomers continue to retire by the millions and move to locales where they can fulfill their dream of living by the water and pursuing their outdoor recreational interests.

Geography also favors the Outer Banks. We are within a day’s drive of nearly 40% of the nation’s population. And, with the construction of the mid-county bridge on the horizon, which will decrease the drive time to the northern Outer Banks by as much as an hour, we should expect demand to increase all the more.

Together with this growing demand, changes in inventory levels (supply) indicate a continued upward pressure on prices in the months and years to come. Currently, inventory is down 22% from its peak in mid 2007. Many buyers are recognizing that now is time to act while there is still a good selection of homes and before prices rise any further.

Specifically for Coldwell Banker Seaside Realty (CBSR), there is an expectation of continued success, with a steady gain in market share, and a continuation of their history in outperforming the market. In 2009, the market was down 5% in volume yet CBSR was up over 5%.

So what is working? there are a few areas that have contributed to CBSR’s remarkable results and have helped them lead in the marketplace:

• Power of the brand – Coldwell Banker continues to be the top name in real estate with a 98% brand awareness. This positive branding is important as it gives buyers, who may not be familiar with the names of local firms, a sense of trust. It also comes with an expectation for a higher level of service and professionalism.

• Technology has also played an important role in recent successes. Coldwell Banker Seaside Realty has harnessed the power of technology in a number of ways helping them to leverage the internet with tools like the Coldwell Banker YouTube Channel. Coldwell Banker has even developed their own iPhone apps to make it easy for prospective buyers to find information regarding listings on the fly.

• State-of-the-art lead generation systems have also been instrumental with over 314 leads generated for their associates in 2009.

“We take our partnership with our associates very seriously,” says President of Coldwell Banker Seaside Realty, Gordon Jones. “This partnership works together with a staunch adherence to the guiding principles of: continual training and development to increase knowledge and enhance skills (we have the only full-time continuing training system on the Outer Banks.); a strong work ethic among our Associates; integrity, or doing what we say we will do; effective marketing both on and off line; and our determination to hire only the best sales professionals.”

So, what’s in store for 2010? According to National Association of Realtors® chief economist Lawrence Yun, we can expect: a 9.9% increase in existing home sales; a 40.2% increase in new home sales; a growing pent-up demand for housing; and, growing consumer confidence.