We have attached the link to the 2010 February Market Study. This report shows the activity in the real estate market in a very recent snapshot. Below is a quick summary of this report: Read the rest of this entry
Jane and I had the best January we have had ever in real estate with 7 sales transactions and almost 4 million in real estate sales or listings. Combined with February, Dunes Marketing had Big RESULTS thru February:
For more information, contact:
Walt Molony 202-383-1177 wmolony@realtors.org
WASHINGTON , February 11, 2010
Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors ® .
Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.
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
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.
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
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
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 your help. Please forward this email to everyone you know that owns property and call your Senators or Congressman.
Please take these steps:
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.
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.
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
We guage our business by our phone. The phone is ringing again and already this year we have sold 4 properties. Every indication shows that the pent up demand and consumer confidence will drive the market forward in the first six months on Hilton Head Island.
The market will most likely level off by summer, as we eat through some of this incredible inventory. We will have difficulty meeting demand in the under $400,000 price point for Hilton Head Island villas and homes by summer. As the market is building from the bottom up, we expect greater activity in the $400,000-plus market as more homeowners realize the stimulus is for them. In fact, the high-end luxury market has shown an increase over the last 30 days and we should see these sales steadily climb into 2010.
Below are the sales comparisons for 2008 and 2009 for Beaufort County. Although the year end totals are lower for 2009, it is clearly evident that the market has made the turn based on the last few months of sales and is building momentum.
Sales Statistics for BEAUFORT County South Carolina
Realist’s most recent recording date for this county is 01/05/2010
Sales Statistics for BEAUFORT County SC
Realist’s most recent recording date for this county is 01/05/2010
Single Family Residence Sales for Beauforty County
Time Period Number of Sales
Nov 2009 229
Nov 2008 160
Oct 2009 270
Oct 2008 266
Condominium Sales for Beaufort County
Time Period Number of Sales
Nov 2009 69
Nov 2008 43
Oct 2009 56
Oct 2008 55
My company is selling Real Estate on Hilton Head Island! With over $10 million per month for the last four months we are building momentum. There are currently properties offered for sale that are priced significantly less than they were two years ago and are priced below market today. If you would like to recieve a list of these properties, please email us at robbie@robbiebunting.com . 2010 is all about timing and we look forward to working with you to achieve satisfaction and results.
All the best,
Robbie Bunting & Jane Hyers
800-932-3652
Posted via web from Hilton Head Real Estate
We guage our business by our phone. The phone is ringing again and already this year we have sold 4 properties. Every indication shows that the pent up demand and consumer confidence will drive the market forward in the first six months on Hilton Head Island.
The market will most likely level off by summer, as we eat through some of this incredible inventory. We will have difficulty meeting demand in the under $400,000 price point for Hilton Head Island villas and homes by summer. As the market is building from the bottom up, we expect greater activity in the $400,000-plus market as more homeowners realize the stimulus is for them. In fact, the high-end luxury market has shown an increase over the last 30 days and we should see these sales steadily climb into 2010.
Below are the sales comparisons for 2008 and 2009 for Beaufort County. Although the year end totals are lower for 2009, it is clearly evident that the market has made the turn based on the last few months of sales and is building momentum.
Sales Statistics for BEAUFORT County South Carolina
Realist’s most recent recording date for this county is 01/05/2010
Sales Statistics for BEAUFORT County SC
Realist’s most recent recording date for this county is 01/05/2010
Single Family Residence Sales for Beauforty County
Time Period Number of Sales
Nov 2009 229
Nov 2008 160
Oct 2009 270
Oct 2008 266
Condominium Sales for Beaufort County
Time Period Number of Sales
Nov 2009 69
Nov 2008 43
Oct 2009 56
Oct 2008 55
My company is selling Real Estate on Hilton Head Island! With over $10 million per month for the last four months we are building momentum. There are currently properties offered for sale that are priced significantly less than they were two years ago and are priced below market today. If you would like to recieve a list of these properties, please email us at robbie@robbiebunting.com . 2010 is all about timing and we look forward to working with you to achieve satisfaction and results.
All the best,
Robbie Bunting & Jane Hyers
800-932-3652
Dear Palmetto Hall Property Owners, Friends and Clients~
Linked below, is the Palmetto Hall Market Update . This report shows the active listings, the current pendings and the sold properties. Please note the average price per square foot for the actives, pendings and solds. This can help in determining a quick valuation by mulitplying this number times your heated square footage. Simply click on the link below to open this report:
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