Mid-Currituck Bridge Update

Whether you oppose the bridge or can't wait to drive over it, the latest news is we're one step closer to seeing it come to fruition.  The final environmental impact study was completed and confirmed the bridge as the preferred alternative.  A final decision of record has to be made and they're projected to start construction sometime later this year.

I personally think we'll see more delays, especially once we get to budget discussions.  So the big question becomes "will the value of my home increase?"  In a good economic climate, absolutely it will.  However, I wouldn't bank on any increases just yet.  There are several economic factors in today's market that the bridge will have NO IMPACT on.  For example:

1.  There is currently 19 to 24 months of active inventory on the market in Duck and Corolla.
2.  Lending restrictions are much tighter causing a lot of folks problems with qualifying.
3.  The 25% to 35% down payment needed.  For most Jumbo loans (over $417,000) 35% down is the requirement.  Now picture 35% down on a home that in 2017 costs 20% more to buy!
4.  Consumer confidence needed to make a half a million dollar (on average) discretionary purchase.

What you can expect in 5 years are some very happy weekly guests NOT stuck in traffic.  We should certainly see an increase in rents if nothing else!

To read more about this, click on my Facebook  for the full article from Outer Banks Voice.