We are seeing a slowing in the refinancing and I guess the market thinks that we will see rates back in the 4% range.  “All my banking clients don’t see a return to those rates.  I guess I must agree that we maybe turning the corner on rates and property values”, said Bruce Goff a local appraiser on Hilton Head Island.
Stabilization ahead in 2011 in the Hilton Head Real Estate Market

On the Island, I am seeing stabilization in many market segments as the supply dwindles in the under $700,000.  If this supply trend contiues, I believe you will see it creap into the over $700,000 range.  Buyers have been picking the cream of the crop and that just helps increase prices.  Oh, the principles of economics 101 are at work again on our island.

Smart Buyers will look at New Construction on Hilton Head
Recently, I conducted a study to guage how the market deducts for incomplete structures.  I found that most of the partially constructed houses sold before January 2010.   With the help of my contemparies, I track new home construction.  There are far fewer than in the past when there was speculation but the prices that people are paying in most cases are below $180 per square foot.  I see this changing as people find the good properties have been sold.  As you know, I have remodeled homes in the past but the cost is typically twice that of new construction but the great properties with great views are dwindling.  I think in 2011 the smart buyers will realize that with lot prices so low building will be a great alternative.

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