Most Hilton Head sellers would like to collect a premium on their property. After all, it’s the best property because (insert reasons here). Sellers may shoot for a premium because of the larger square footage, higher quality, superior views, better furnishings, incredible rental income and nicer appliances. The question is, just how long should a seller hold out for a premium? Read the rest of this entry
The National Association of Realtors released the data, which showed that the seasonally adjusted pending home sales index increased 3.1 percent to 106.9 in February.
That’s the highest it’s been since June 2013!
If you’re preparing to list your home anytime soon on the local housing market, we encourage you to continue reading to learn more about this trend! Read the rest of this entry
How to watch the RBC Heritage on Hilton Head
The admission is a ticket, a badge, a boat, a big screen or a friend with a house on the Harbourtown Links course. All eyes will turn to Harbourtown and Hilton Head Island this week for this celebration of PGA golf and Spring on Hilton Head Island. Listed below are just some of the ways that you can do Heritage on Hilton Head Island from anyplace in the world. Read the rest of this entry
Living in a staged home for sale is difficult. Showings take place at all times of the day, throughout the week and it is hard to maintain that good first impression. In this short YouTube video, Kelly Hughes shares ideas about staging and living in a home listed for sale.
This is fantastic news as it shows that the U.S. real estate market continues to rebound from the Great Recession.
If you’re considering listing your home anytime soon, please continue reading to learn more about current national housing market trends.
A Closer Look at Recent US Sales Activity
CoreLogic released its February 2015 CoreLogic Home Price Index and the conclusions are favorable for home sellers.
Here are some of the highlights of that report:
- US home prices (including distressed sales) increased by 5.6 percent in February 2015 compared to February 2014.
- That increase marks three years of consecutive year-over-year increases in national home prices.
- Month-over-month, national home prices (including distressed sales) increased 1.1 percent in February 2015 compared to January 2015.
- 26 states and Washington DC were at or within 10 percent of their peak prices during the month of February.
- Six states, including Colorado (+9.8 percent), New York (+8.2 percent), North Dakota (+7.7 percent), Texas (+8.5 percent), Wyoming (+8.4 percent) and Oklahoma (+5.2 percent), marked new home price highs since January 1976 when the CoreLogic HPI began.
- When you exclude distressed sales, home prices increased by 5.8 percent in February 2015 compared to February 2014.
- And home prices increased by 1.5 percent month over month compared to January 2015.
Certain states stood out for various achievements during the month of February:
- If you include distressed sales, the five states with the highest home price appreciation were: Colorado (+9.8 percent), South Carolina (+9.3), Michigan (+8.5 percent), Texas (+8.5 percent) and Wyoming (+8.4 percent).
- If you exclude distressed sales, the five states with the highest home price appreciation were: South Carolina (+9.7 percent), New York (+9.2 percent), Colorado (+9 percent), Texas (+7.9 percent) and Florida (+7.8 percent).
- If you include distressed sales, the peak-to-current change in the national HPI (from April 2006 to February 2015) was -12.2 percent. If you exclude distressed sales, the peak-to-current change for the same period was -7.8 percent.
- If you include distressed sales, only Connecticut had a decline in home prices, with a 0.9 percent decrease.
- The five states with the largest peak-to-current declines, including distressed transactions, were: Nevada (-35.4 percent), Florida (-32.4 percent), Rhode Island (-29.6 percent), Arizona (-28.4 percent) and Connecticut (-24.7 percent).
- If you include distressed sales, the U.S. saw 36 consecutive months of year-over-year increases.
- 92 of the top 100 Core Based Statistical Areas (CBSAs) measured by population had year-over-year increases in January 2015.
- Those core based statistical areas that saw year-over-year declines were: Baltimore-Columbia-Towson, MD; Philadelphia, PA; Hartford-West Hartford-East Hartford, CT; New Orleans-Metairie, LA; Rochester, NY; Worcester, MA-CT.; Albany-Schenectady-Troy, NY; and New Haven-Milford, CT.
Based on recent market data and projections, the CoreLogic HPI Forecast suggests that home prices, including distressed sales, will increase by 0.6 percent month over month from February 2015 to March 2015 and on a year-over-year basis by 5.1 percent from February 2015 to February 2016.
If you exclude distressed sales, home prices are expected to increase by 0.5 percent month over month from February 2015 to March 2015 and by 4.8 percent year over year from February 2015 to February 2016.
How Can We Help You With Your Next US Home Sale?
If you’re interested in entering the market anytime soon as a home seller, please make sure to contact us.
We would be happy to assist you by further analyzing recent market activity to see how it may affect your specific efforts as a home seller.
Now may be the time to re-deploy assets back into the Hilton Head Island real estate market. Personal use is still the single best reason to own property in the Hilton Head area, but declining supplies and increased buyer activity may bring appreciation back into certain segments of the market. This is fueled by available interest rates and a limited supply.
Spring kicks off our busiest real estate months in the Hilton Head area. This time of year on the Island is amazing with everything in full bloom and temperatures in the mid 70’s and low 80’s. The great weather and Island bloom are the best reasons to visit, but on top of this we also have Easter(April 5), the RBC Heritage presented by Boeing(April 13-19) and spring happenings now. Read the rest of this entry
If you are planning on purchasing property in the Hilton Head area and wish to simplify the financing process, choose local mortgage representatives in the Hilton Head Area. A neighbor back home or a friend that works for XYZ bank will be challenged by Hilton Head’s special property characteristics. A local mortgage rep can better assist a buyer navigating these local waters.
For buyers, it’s a great time to purchase a home because the school year is coming to an end and residents have all summer to move before it’s back in session. For sellers, it’s a great chance to reach a lot of home buyers as they navigate the market searching for their dream home.
In preparation for the spring home buying season, we wanted to share with you some tips on how you can shop smart as a home buyer. Enjoy!
4 Home Buying Tips for the Spring Market
Don’t just rely on the Internet for your home searches. While you can certainly find a treasure trove of information on the Internet, it’s not the only way to find your dream home. In addition to searching real estate websites, you might consider also getting out and canvassing homes for sale the old fashioned way. After all, Internet pictures and listing information only tell part of the story. For full context, you need to view the home in person. And don’t hesitate, either! This year’s spring home buying market is expected to be particularly competitive and so you want to make sure you get to that home before other buyers do.
Learn about current market values in trend. Obviously, every market is going to be slightly different and so it behooves you to lean about your local housing markets specific trends. Let’s consider the recent Case-Shiller 2014 home price index, which shows you how much of a difference there can be among major markets. In that report, San Francisco saw the largest annual regional gain at 9.3 percent. Meanwhile, other major markets like New York, Chicago and Washington DC saw less than 2 percent. A qualified and experienced agent can talk with you about current trends and how they impact you.
Lock in low mortgage rates now. Those near-historic lows won’t be around forever. Thus, make sure you get a good mortgage rate now. By doing so, you ensure that your monthly mortgage will be reasonable for you. And in some cases, you may qualify for a larger or more expensive home thanks to low mortgage rates. Here’s another reason to get a mortgage now: In January, the Federal Housing Authority (which backs loans for borrowers who make low down payments), lowered the annual insurance premium it requires from 1.35 percent of a home loan to just 0.85 percent. All told, the Housing Department estimates that will save FHA homeowners roughly $900 a year.
Keep “Sweeten-the-Deals” Strategies in Your Back Pocket. As previously mentioned, this is going to be a competitive spring home buying season. In other words, you may face a bidding war. So to prepare, consider ways that you can sway the seller in your favor. This might include an escalation card, which is the amount that you’d automatically be willing to pay above a competing bid. You might also consider foregoing certain contingency clauses. Contingencies are stipulations that allow buyers to get out of contracts. These include appraisals, home inspections and financing contingencies. By removing such contingencies, you’re likely to impress the home seller enough to want to accept your offer.
We Are Your #1 Resource for Home Buying Tips
We hope you found the above information helpful as a prospective home buyer. Please make sure to check back here soon for even more tips that will help you as you navigate the market!
Have a great day!
Ocean Palms features 96 beautifully furnished villas managed by the Westin Hotel. Two and three bedroom villas in Ocean Palms have an all-inclusive amenity package that includes golf, tennis, beach and the use of Westin Resorts Fitness Center, Oceanfront Pool Complex, Beach Access and Resort Shuttle.
“We are proud to represent the homeowners at Ocean Palms and we are looking forward to an exciting year,” said Robbie Bunting, owner and broker in charge of Hilton Head Properties.
For more information, contact Tuttle or Hodsdon at Hilton Head Properties’ main office, (843) 785-7111, or stop by the furnished model at Ocean Palms.
Hilton Head Properties is located at 12 New Orleans Road on Hilton Head Island. HiltonHeadProperties.biz features more than 3,000 MLS listings and includes local videos, updated real estate articles, charts/graphs, mapping, visual tours, property updates and more. For more information, call (843) 785-7111 or e-mail Info@HiltonHeadProperties.biz.