A note from David Crowell at Mortgage Network

Mortgage Network is a good barometer of what is actually happening in local markets. We see more borrowers ( both for purchase and for refinance) than any of the Banks. Here is what we are seeing:

1. Many more, close to double , purchase transactions by young couples and first home buyers. Why not? Best market for them in decades.
2. Recovery starting in the mid market  $300-$500,000 as bargain hunters begin snapping up homes that are priced at distress levels.
3. Serious signs that condominiums  have finally drawn the attention of investors and bargain hunters. We believe that condos will remain underpriced for awhile, and that many retirees will chose this route because the cost is now sooo much lower.
4. The upper market $500,000-1.2 million is still quiet simply because baby boomers have not yet had the confidence to start retiring in big numbers. The moment that this shift takes place…..next week? 6 months from now? …….. this market will become hot instantly and inventories will tighten dramatically.
5. Top of the market $1.2-$5 million. This is always a guess….. Tiny inventories coupled with Buyers who can buy whether good times or bad.

Small Markets turn around fast!

Our overall outlook is for a recovering market throughout 2010, continuing into 2011. Remember that it does not take much recovery for a small,  already developed market like Hilton Head to get TIGHT and therefore to get more expensive….very quickly. Advisory to Buyers is to make your move now. Advisory  to everyone else is to use low rates (refinance) and  a tough economy as a time to get your house in order. 

Please contact David at:

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