Did you know there is an ownership program set up on Hilton Head Island that offers multiple weeks of use per year? This ownership offers 1/5th deeded interest and it is completely hassle free. We had a client purchase this type of ownership to experience all four seasons before purchasing a full time residence, one couple gave each of their children two weeks to use every year with their families, and other couples have used theirs to escape winter every year. Prices currently start in the $30,000’s for 10 weeks(1/5 deeded ownership). What could you do with 10 weeks a year on the Island? Read the rest of this entry
Port Royal Village, a cozy seaside village on Hilton Head Island offers walking convenience to great golf, tennis, dining, a spa and an incredible beach. Surrounded by Low Country beauty the village winds through moss covered oaks, tranquil lagoons, Palmettos and lush landscaping. Accommodations offer perfect vacation getaways and year round living with added convenience to all the fabulous dining and shopping Hilton Head Island offers. Read the rest of this entry
Evidently, home price growth accelerated in much of the country during the fourth quarter of 2014.
This is a fantastic development for anyone hoping to get a good price on their home for sale. Continue reading to learn more.
What You Should Know About US Home Sales
Here is an overview of the highlights of the most recent real estate market report:
- The median price of an existing single-family home increased year-over-year in 86 percent of 175 metropolitan areas.
- 24 areas had price gains of 10 percent or more.
- That figure is up from 16 regions during the third quarter.
- Meanwhile, prices declined in 24 areas.
- Experts credit the home price acceleration at least in part to low mortgage rates and improving employment conditions.
- Still, home price gains are reducing affordability in areas across the country, which had 25 percent growth on average over the last three years.
- At the end of the fourth quarter, there were 1.85 million previously-owned homes listed for sale, down from 2.01 million a year earlier.
- The number of markets that saw year-over-year price gains in the fourth quarter has increased.
- The median price for an existing single-family home in the three months through December was $208,700, which is up 6 percent from the fourth quarter of 2013.
A Different Effect Seen in Canada
As US home prices have increased, a lot of Canadian cities are seeing declines in home prices.
According to the market data:
- Home prices have started trending downward in several major Canadian cities, including Montreal, Winnipeg, Calgary and Hamilton, Ont.
- Still, at least two major cities showed gains. On an annual basis, home prices were up 7.4 percent in Toronto and up 5.1 percent in Vancouver.
When It Comes to Real Estate, Knowledge is Power
We take pride in being able to provide you with the most up-to-date market information so that you can make informed decisions as home buyers and sellers.
Check back soon for even more updates on the state of the national housing market and how that may impact you as a buyer or seller.
It may be too late to fly to Paris, but not for a trip to Hilton Head Island for Valentines Day. Hilton Head Island is only a one day drive for many and offers some excellent Valentines events. We have included Romantic Restaurants and Oceanfront Resort Specials for you below. Of course, the Spanish Moss and Moonbeams are included for free. Happy Valentines Day!
We call the months of November through February on Hilton Head Island our sports season because they offer perfect weather for golf, long beach walks, biking, tennis and other outdoor activities on Hilton Head Island The Island is kept warm by thermals(ocean breezes) over the warm sea. This creates subtropical temperatures and mild winters that we have all come to know and love.
That’s because both sectors of the national housing market have made gains recently, according to media reports.
If you’re planning on entering the market anytime soon as a buyer or seller, we recommend you continue reading to learn more about the latest trends on the housing market.
A Closer Look at US Single-Family Housing Starts
According to a recent Reuters article, groundbreaking for U.S. single-family homes increased to its highest level in more than 6 years in December.
Experts say that this, coupled with a huge jump in permits, hints at a recovering housing market.
Here’s what national data revealed about single-family housing starts:
- Single-family housing starts jumped 7.2 percent to a seasonally adjusted annual pace of 728,000-units.
- That figure is the highest level it’s been since March 2008.
- The jump in housing starts offset a 0.8 percent fall in groundbreaking for the multi-family homes segment.
- These two factors combined lifted overall housing starts 4.4 percent to a 1.09 million-unit rate last month.
- It should be noted that Wall Street had forecast starts rising to a 1.04 million-unit pace.
- For all of 2014, groundbreaking increased 8.8 percent to 1.01 million units, the highest since 2007.
- Single-family housing starts in 2014 were also the highest in seven years.
- Single-family permits increased 4.5 percent to their highest level since January 2008.
Equally Positive Signs Seen on for New Home Sales
Meanwhile, sales of new homes also showed signs of growth in recent months.
Here’s what Reuters recently reported about this subsection of the market:
- Sales increased 11.6 percent to a seasonally adjusted annual rate of 481,000 units.
- New home sales, which make up roughly 8 percent of the housing market, saw a total of 435,000 homes sold compared with 429,000 in 2013.
We’ll Help You Become an Informed Buyer or Seller
We truly believe that the more informed buyers and sellers are about the local housing market, the more likely they are to enjoy a successful outcome on the market.
That’s why we bring you pertinent information about the housing market every month.
Check back here soon for even more information about the current state of the housing market and how it may affect you.
Perhaps it is the low gas prices, the weather or their biological clocks, but whatever the reason baby boomers have landed in the Hilton Head area and like what they see. Just like geese flocking south, these boomers are settling in and taking up real estate in a big way. Below are the sales that have occurred year to date. If you think that it will get easier to find great property in the spring, our advice is “Don’t take a chance on time”.
Nationally, mortgage applications increased 49% in the first week of January and 11% the week prior which is the strongest two week gain since December 2008(Housing Watch, Bank of America 1/15/2015). These lower mortgage rates are increasing the sales pace on Hilton Head Island and our phones are ringing, appointments are being made, contracts are being written and we are off to a great start. This is great news for the Hilton Head sellers, agents and buyers that can pick up their pace! Read the rest of this entry
According to a recent Bloomberg article, more and more first-time home buyers are entering the market because they feel more confident about the economic recovery.
Faster economic growth and a labor market that’s approaching “full employment” (according to the Federal Reserve) are aiding in that rise in confidence among first-time home buyers.
Even if you’re not a first-time home buyer, this news is sure to benefit anyone who is navigating the national housing market right now.
Fannie Mae Economist Makes Positive Predictions for 2015
Douglas Duncan, a chief economist at Fannie Mae in Washington, made the following predictions about the year ahead:
- There will be a 6.3 percent increase in mortgage lending for purchases this year.
- This increase follows a 9.6 percent decrease in 2014.
- Increasing confidence in the job market is the strongest indication that home sales will improve.
Thomas Reuters Consumer Sentiment Poll Reflects Similar Optimism
Recently Thomas Reuters partnered with the University of Michigan for a consumer sentiment poll and this is what they found:
- Consumers expect an increase of 1.7 percent in their incomes in 2015, the highest since 2008.
- Those under 45 years old expect the biggest gain at 4.7 percent.
More Encouraging Factors From The National Economy
Meanwhile, economic growth (bolstered by consumer spending as well as business investment) is increasing. In fact, the Commerce Department reported that the US grew by 5 percent in the third quarter, which is the fastest since 2003.
The Fed said it expects the economy will expand between 2.6 percent and 3 percent in 2015, up from 2.3 percent to 2.4 percent in 2014.
Plus, the economy added more than 2.7 million jobs in 2014, which is the most since 1999, according to the Bureau of Labor Statistics.
And the jobless rate will average 5.2 to 5.3 percent, which is at the level last seen before the financial crisis.
All of this job growth and creation means that the median household income in 2014 increased 1.6 percent to $53,880 through November. Experts say that rate should increase through 2015.
Which Brings Us Back to the First-Time Home Buyer
All of this growth and prosperity is driving young home buyers to the market. As they enter the market, more homes will change ownership, freeing up existing home owners to buy bigger and better homes.
We’ve said it before and we’ll say it again: You need a regular stream of first-time home buyers to aid in the growth of any housing market. Thus, we’re thrilled that more and more first-time home buyers are coming back to the market.
Your #1 Resource for Real Estate News
We hope you found today’s news on first-time home buyers as encouraging as we did!
Check back here soon for more valuable information on the current state of the housing market and how it may impact you as a buyer or seller.