The marsh tacky race will go on — but at Coligny Beach | islandpacket.com.

For more information, contact:
Walt Molony 202-383-1177 wmolony@realtors.org

Fourth Quarter Existing-Home Sales Surge in Most States, Prices Up in More Areas

A Realtor takes a stand!

Hilton Head Island’s conforming loan limit too low! 

The market is correcting and real estate is selling, but there is one more thing that is holding us back from full recovery in Hilton Head.  We are currently working with a conforming loan limit of $417,000 which is not indicative of the coastal area we live in with its $695,000 median house cost(2009).  Something must be done about this!

All conforming loan limits are not the same!
We did not show up on the radar when it came time to assign conforming loan limits because HUD assigns these values based on the county that these properties are located in.   There is just too much of a difference between our conforming loan limit and our average price home(almost $400,000).  Conforming rates should match the area, but in this case they do not!  We need HUD to establish a conforming loan limit based on our town’s average median home sales price(or zipcode).  This is like a small drip, if we do nothing it will cost all of us a lot of money.

Robbie Bunting, Broker Associate
Hilton Head Island
www.robbiebunting.com
robbie@robbiebunting.com
800-932-3652

An Appraiser takes a stand!

The present loan limit of $417,000 significantly impacts our local market.                 

It is evident in the appraisal assignments I have received in the past year.  In 2009, I only had fourteen assignments where the contract amount exceeded $417,000.  In 2003, before our inflationary period, I had forty-seven assignments where the amount was in excess on $417,000.

If you just analyzed sales data in Sea Pines Plantation, ignoring 2004 through 2007, here is the sales data that you would see.

• 2003 Medium Sales Price = $605,000 and the average Selling Price was  $   815,000.
• 2008 Medium Sales Price = $799,500 and the average Selling Price was  $1,012, 387.
• 2009 Medium Sales Price = $685,000 and the average Selling Price was  $   924, 224.

We are not Beaufort County; we are a Coastal Resort that produces huge tax dollars for our state when we are not hampered by unreasonable lending restrictions.

Bruce A. Goff, Owner Bruce A. Goff, Inc.
PO Box 4652 / Hilton Head Island, SC 29938
SC Professional Appraisers Coalition, Board/Past Chairman
SC State Certified Residential Real Estate Appraiser, CR29
Licensed SC Real Estate Broker / SC Real Estate & Appraiser Instructor
Voice: (843) 686-4444 / Cell: (843) 683-4444 / Fax: (843) 686-4858
Website: www.brucegoffhhi.com / Email: brucegoffhhi@yahoo.com

A Lender takes a stand!

Conforming loans are those purchased by Fannie Mae and Freddie Mac.
Both have set the loan limit at $417,000, but under pressure from Congress have increased the limit in certain “high cost areas” to as high as $800,000 (Hawaii). Hilton Head does not qualify as a high cost area because it is part of Beaufort County. This is clearly wrong and could be corrected very easily by appropriate pressure on our Congressional representatives.

The scoop on conforming vs non confroming loans.

If this anomaly was corrected, then Hilton Head homeowners would enjoy greatly increased access to credit . Since a high number of homes in Hilton Head require lending between $500-$900,000 this would in one single move stimulate our most important market sector. Simple problem: Simple solution. By the way, our representatives would not need to move heaven and earth to get this job done. It does not require a change to law; it only requires a walk down the hall to the chairman of the relevant committee , and a few minutes of old fashioned horse trading.

David Crowell
Senior Loan Officer
dcrowell@mortgagenetwork.com
Mortgage Network, Inc.
1000 William Hilton Parkway
Suite 205
Hilton Head Island, SC 29928
Office: 843-842-4004
Fax: 843-785-6404

An Association takes a Stand!

If the loan limits were set by an area smaller than an entire county, such as a town or city, there would be areas in the state which would be able to take advantage of the new limits.  Coastal properties have historically held a higher value, and since the coastal town is being analyzed with the county, it limits the opportunity for the increase  in the FHA and GSA loan limits.Please read the entire position paper by clicking here>>>

Jean Beck
Executive Vice President
Hilton Head Area Association of REALTORS®
32 Office Park Road, Ste. 124
Hilton Head Island, SC  29928
843-842-2421 x222 (o)  843-301-2160 (c)
www.HHRealtor.com

We need you to take a stand!

We need your help.  Please forward this email to everyone you know that owns property and call your Senators or Congressman. 

Please take these steps:

1. Foward this email to anyone that you know that owns property in Beaufort County!
2. Contact your Senators and Congressman below!

The Honorable James Demint
340 RUSSELL SENATE OFFICE BUILDING WASHINGTON DC 20510
(202) 224-6121
 
The Honorable Lindsey Graham
290 RUSSELL SENATE OFFICE BUILDING WASHINGTON DC 20510
(202) 224-5972
 
The Honorable Joseph Wilson
U.S. House of Represenative
903 Port Republic Street, Beaufort, SC 29902
Mail to: Post Office Box 1538, Beaufort, SC 29901

A higher conforming value will make it attractive to buy and refinance our homes and will have the end result of stabilizing our market.  It will allow people with good credit to lower their cost to buy or re-finance their homes and it will help stop the foreclosures and short sales that are taking place.  IT IS TIME TO TAKE A STAND.

REALTOR� Magazine-Daily News-Mortgage Rates Hit Near Record Lows.

REALTOR Magazine-Daily News-More Buyers Seek Mother-in-Law Suites.

REALTOR� Magazine-Daily News-Shadow Inventory Unlikely to Hurt Market.

REALTOR� Magazine-Daily News-Vacant Lots Become Hot Property.

A natural high.

The Hilton Head bridge allows all those that cross over a chance to transition.  Some are leaving behind their stress, others are reaching for more time together, while others are simply returning from Home Depot.  One of the best parts about living on an Island is that we have a bridge to remind us of the natural beauty that surrounds us.  Everytime we cross the bridge towards the Island, we get a natural high and are reminded  to slow down in life(and speed) as we hit the pavement.  So what does the bridge mean to its visitors, its residents and to you?

Parachute everything on arrival to the Island!

For Island visitors the bridge offers a chance to leave everything behind and start anew.  It can be seen in every visitors face as they cross over the bridge for more important things in life including time with family, time with nature and time to breathe.  The bridge allows all of us to parachute the things we wish to leave behind as we cross over to Hilton Head Island.

Jumpstart tired batteries!

For the second home owner, the bridge is a jumpstart to their tired batteries.  As this group heads over their bridge, they feel recharged as they head to their place of personal power.  The bridge gives them the chance to think about all the great things they work so hard for.  Crossing over the water triggers memories of all the wonderful things ahead.

The luckiest group of all!

For the full time resident, we are the luckiest group of all.  Sometimes though it takes crossing the bridge to remind us of everyting we have.  Perhaps it should be an “Islander Requirement”  to cross the bridge at least once a week to refresh our reasons for living here.

As you cross over the Hilton Head Island bridge, what are your thoughts?  It is my hope that as you cross over that you feel recharged, that you leave your stress behind and that you breathe a sigh of gratitude.   If you wish to join the luckiest group, email us at islandrealtor@hargray.com .

Update October 30, 2012 ~ I love calling prospects in the north after a big snow storm and talking about the weather on Hilton Head.  I mention the blue skys, apologize for the 6o degree temperatures, but tell them its supposed to be warming up, you know.  The photo to the left was sent to me today from a client from West Virginia today.  Not only is our Hilton Head weather good, we shovel a lot of sunshine on Hilton Head Island with over 200 days of sunshine.  Read the rest of this entry

Get a free credit report today!

Now is an incredible time for you to purchase a new property or look at refinancing your current property. To be sure you do not miss out on this opportunity Mortgage Network is offering a free credit report with every consultation.

All credit reports are not the same!

It is important to note that while credit reports are available online, the scores do not accurately reflect your score when being considered for mortgage purposes. Liabilities are weighted differently when the report is done for mortgage purposes rather than informational purposes. Our report will give you immediate insight into the interest rates and terms that are available based on your score.

All you need is the attached form and we will issue a report immediately. This is a $30 value.  Simply print the form and fax back to 843-785-6404 to the attention of David Crowell.

Looking forward to an exciting 2010!

David Crowell
Senior Loan Officer
Mortgage Network, Inc.

dcrowell@mortgagenetwork.com
1000 William Hilton Parkway
Suite 205
Hilton Head Island, SC 29928
Office: 843-842-4004
Fax: 843-785-6404