Jeff Scott, Scott Team Realty:
Who Are Today’s OBX Buyers?
Understanding the trends among current Outer Banks buyers can be incredibly helpful if you’re considering buying or selling a property. Here’s a quick look at two major trends shaping the OBX real estate market:
- Love for the Beach
It’s no surprise that most people who purchase property on the Outer Banks do so because they love this beautiful coastal area. Many buyers plan to use the property as a personal retreat, at least part of the time. This is a key characteristic of OBX buyers—they’re often individuals or families, rather than corporations looking strictly at numbers and cash flow, which is more common in other real estate markets. - How They’re Buying
In 2024, the Outer Banks Association of Realtors’ MLS system reported that 38% of all buyers purchased their property with cash. These buyers are often people who have spent years saving for their dream of owning a home or vacation property on the OBX.
Another significant group of buyers includes those using the 1031 tax-free exchange rules. This allows them to postpone paying capital gains taxes from the sale of another property by reinvesting those proceeds into real estate on the Outer Banks. Buyers utilizing 1031 exchanges are often highly motivated due to the time-sensitive nature of these transactions.
Both cash buyers and 1031 exchange buyers can be advantageous if you’re selling. Cash buyers avoid the limitations imposed by lenders, and 1031 buyers are eager to complete their purchase quickly to meet their tax deadlines.
Your Scott Team Realty Realtor understands these trends and knows how to identify buyer motivations, helping you make the most of your next OBX real estate transaction. Whether you’re buying or selling, having an expert on your side ensures success in this dynamic market.
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