They say “Timing is everything” in life and this is especially true when it comes to Hilton Head real estate.  In the past, the best deals made on the Island were made because the purchaser was lucky and their timing was good.  They just happened to be on Hilton Head Island when a property that matched their needs was on the market.  In today’s market however, a purchaser does not need to count on luck to find the perfect property.  Read the rest of this entry

Recently, I began reviewing the sometimes complex process of performing and utilizing home inspections as an important component of a home buying transaction.

The site helpinghomesellers.com offers a wealth of information regarding home inspections. In this segment, we’ll take a look at negotiating home inspection issues using the site as a guide.

According to the consumer information site, most contracts provide the opportunity to negotiate any repairs to the satisfaction of the buyers. This includes either doing some or all the repairs and/or compensating the buyers with cash.

Although a whole house inspection may turn up an expensive repair, sellers may be able to negotiate a cash settlement that is less expensive than what the repair would have cost. Offer money to the buyers so they can choose how the repair is completed.

Helpinghomesellers.com illustrates a classic example where a seller’s furnace died just prior to closing. The buyers understandably wanted a new furnace, and the cheapest one to be found was $1,900.

Without telling the buyer the amount, the agent, representing the seller, recommended that the seller offered to give the buyers $1,400, pointing out they could use this money towards installing any type of furnace they wanted.

Otherwise, the seller was obligated to just install a new one that worked. The buyers took the money and the seller saved $500.

Avoid repairing items that lend themselves to a subjective interpretation as to how well the repair was done. Say a garage roof needs some serious shingle repair and replacement.

After completion, what if the buyers don’t think the new shingles match the originals that well? Instead, helpinghomesellers.com says offer the buyers money so that they can repair this type of problem by themselves and you’ll save a whole lot of problems.

Money, unlike repair work, is not subject to interpretation. It sure beats sweating out the buyers’ approval, which is often done at the eleventh hour walk through.

A dollar settlement is almost always acceptable to buyers and it eliminates last minute problems.

By John Voket

U.S. homes sold at a faster rate in September than any other time this year, a recent report from the National Association of Realtors said.

Evidently, sales of existing homes increased 2.4 percent from the previous month to a seasonally adjusted annual rate of 5.17 million.

Experts are saying that this increase is a great sign that the housing market is picking up and moving past the slowdown that started in mid-2013.

More Encouraging Signs on the National Housing Market

The National Association of Realtors provided some additional information that helps paint a more complete picture of the current state of the housing market:

• The sales rate has dropped 1.7 percent over the past 12 months.
• First-time home buyers comprised about 29 percent of all sales. This is below the historic average of roughly 40 percent.
• Median home prices increased 5.6 percent over the last 12 months to $209,700.
• September sales increased in the South and West compared to the previous month.
• Meanwhile, sales increased slightly in the Northeast and dropped in the Midwest.
• Nationally, the share of purchases by investors decreased from 19 to 14 percent year-over-year.
• The report projects that 4.94 million existing homes will be sold this year, down 3 percent from 5.09 million in 2013.
• Generally speaking, real estate experts say 5.5 million existing home sales is a healthy market.
• Meanwhile, housing starts increased 6.3 percent to a seasonally adjusted annual rate of 1.017 million homes, although much of that was new apartment buildings.
• Apartment construction has jumped 30.3 percent over the past 12 months, almost three times the rate of growth for single-family houses.

Many Forces Are at Work to Create These Conditions, Analysts Said.

For instance, over the last year, fewer investors have entered the market. Luckily, their pullback has been offset by existing homeowners who are moving up to more expensive properties or downsizing as empty nesters.

Meanwhile, some would-be buyers have been kept out of the market because of rising prices through much of 2013, weak income growth and tighter credit standards.

Experts are now predicting that the worst of the housing market recession is over but that the economy and housing market will likely grow in fits and starts.

One development that might help with this growth is the fact that the federal regulator overseeing Fannie Mae and Freddie Mac is considering creating an option for lower down payments so more people can qualify for a mortgage.

And because the average 30-year fixed rate mortgage dropped below 4 percent recently, experts are expecting more buyers to enter the market.

In Fact, Many Signs Suggest Now Is a Great Time to Be A Buyer

For instance, online real estate brokerage Redfin said that only 44 percent of its offers in October faced bidding wars. This is down form a high of 75 percent in March 2013.

Meanwhile, more homes are expected to become available on the market thanks to many investors’ plans to sell for tax reasons at the end of the year.

So if you’ve been sitting on the fence about whether to invest in property, now is a great time to do so!

Your #1 Real Estate Resource

We believe that knowledge is power and so we work hard to provide you with the most accurate and up-to-date information on the national housing market. Hopefully you found today’s report helpful!

Check back here soon for more valuable insight on the recent trends on the national housing market and how they may impact your efforts as a buyer or seller!

1. Hilton Head is easy to get to and from!  A client told me the other day told that they were looking at places far away, but came back to Hilton Head Island because they would use it more.  I am sure there is a point of diminishing return when you factor distance to use.  Click here to read driving distances to Hilton Head from many cities.  On top of that, with two convenient airports, Hilton Head Island is one of the easiest Island’s to travel to or from.
2. Hilton Head’s weather is subtropical!  The Island is kept warmer in the winter and cooler in the summer by ocean breezes over the warm sea(that is why you see people swimming in the ocean in January).  In fact, our moderate winter days are typically warmer than other inland southern cities.  Winter months offer sub tropical temperatures that are perfect for snowbirds or vacationers looking for a warm weather escape.
3. Hilton Head is surrounded by beauty and amenities! With 53 miles of bike pathways, 12 miles of beaches, 24 Championship Golf Courses,  260 + tennis courts , Chaplan Park, Crossings Park, 1300 acres of land owned parks, some of the best things about living on Hilton Head Island is the natural beauty that we never take for granted.
4. Hilton Head offers small town living with big city benefits!  Hilton Head Island’s year round population is just under 40,000, but the Island offers incredible restaurants, a great hospital, airport, library, sensational shopping, fabulous grocery stores and even a PGA golf tournament.
5. Hilton Head is in the center of everything!  Hilton Head is located in the geographic center of Beaufort, Savannah, and Charleston.  These historical cities are easy day trips from Hilton Head Island.  As well, living on an Island that is 5 miles x 12 miles, one is never far from anything.
6. Hilton Head has happy people living here!  Hilton Head is a lifestyle choice as very few are ever transferred to the Island for their work.  That and over 200+ days of sunshine really make Islanders a very happy bunch.  They say hello when they are out and even may waive when they drive by.
7. Hilton Head has great festivals and events!  The Island festivals include Spring, Summer, Fall and Winter events that make Island living fun.  You can also visit the chamber’s  festival calendar to see what is going on anytime of the year.
8. Hilton Head appeals to all!  Great schools attract the families, warm weather and great amenties attract the retiree and second home owner and for the professional(doctors, teachers and business) Hilton Head offers a high quality lifestyle near the beach.
9. Hilton Head is a limited finite resource.  It an Island that is 97% developed.  We’re not sure how long the seats will last, but right now you can buy awesome real estate on Hilton Head Island.   Whether it’s a villa, home or a homesite for someday, you can find paradise.  Give me a call at (843)785-7111 ext. 1 or send me an email and I will send you some ideas.
10. Hilton Head still offers the best things for free(or almost free)  Soaking up sun on the beach, enjoying a sunset over the water, paddling a kayak, a rusty bike ride, a dip in the ocean, sitting under a moss covered oak, counting the stars and enjoying the colors in the October sky, walking the beach are all of the best reasons to live on Hilton Head Island, South Carolina.

If you’ve been weighing whether now is the right time to enter the local housing market as a home buyer, we have some news to share with you that will help you decide.

According to a recent report from real estate data provider CoreLogic, U.S. home price gains are slowing down, despite an increase during the month of August.

This is great news for home buyers because it means that you have a fantastic opportunity to get a reasonable price on your next home before prices continue to rise!

What Every Home Buyer Should Know About Recent US Housing Market Activity

CoreLogic reported that home prices increased 6.4 percent in August when compared to last year.

Still, that figure is actually down slightly from the annual gain of 6.8 percent in July.

Here’s what else the recent housing market report revealed:

• The increase in home prices is also down when compared to how much they had been rising toward the end of last year. During that time, prices were rising as much as 12 percent.
• Home sales have been mostly stable throughout 2014, as have price gains.
• All states showed home price gains during the month of August, save for Arkansas where prices were stagnate.
• Home values rose 11.1 percent in Michigan, which led the pack. And values in California and Nevada came in second place with 9.2 percent.
• In terms of specific cities, the Houston area saw home values increase 11.1 percent compared to the previous year. Los Angeles, Atlanta, Dallas and Riverside also saw large gains.
• Home prices nationwide remain about 12.1 percent below their peak average in April 2006.
• Home purchases decreased 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August.
• Home sales decreased from a July rate of 5.14 million.
• Meanwhile, the pace of home sales dropped 5.3 percent year-over-year.
• Experts say that an annual sales rate of 5.5 million is considered a healthy market.
• Meanwhile, the median sales price has increased 4.8 percent over the last 12 months to $219,800, although that average dropped slightly during the month of August when compared to July and June.

Experts say that most of any uptick in sales activity (and thus, values) on the national housing market would depend on wage growth. That’s because wages are currently neck-in-neck with inflation, making it hard for home buyers to increase in buying power.

Still, there’s hope on the horizon:

Although hourly wages have only increased 2.3 percent over the last 12 months, there are signs that that activity will pick up in 2015.

Use Recent Activity on the National Housing Market to Your Advantage

As you can see, the market has stabilized itself enough where you could purchase a home and get a pretty good return on your investment as values eventually continue to rise.

So if you’re thinking about investing in real estate anytime soon, now is the time to do so!

And be sure to check back here soon as we continue to discuss with you important real estate trends that impact you!

A note from Gerry at Miller Long Term Rentals:

Now is the time to take advantage of low interest rates, low home prices and an excellent long term rental market to help defray the carrying costs, even though you are not planning to move for a few years.  This is a trend that is happening now on Hilton Head. 

If you would like to discuss the prospects of buying and renting a home on Hilton Head Island or the Bluffton area, please call our office as we would be happy to explain the long term rental market. 

Please click  Long Term Rentals on Hilton Head Island for a list of Octobers Long Term Rentals.  Thank you.

Best Regards,

Gerry Ferrara, Property Manager

Miller Long Term Rentals Inc.

4 Dunmore Court, Bldg. A, Suite 100

Hilton Head Island, SC 29926

843-682-4310, Fax 843-682-4316

gerry@millerlongterm.com

www.millerltr.com                                        

Villas in the Hilton Head Area come in all shapes and sizes.  Their locations vary as do their prices from $40,000 to almost $3 million.   The benefits of ownership can include logical reasons including possible tax deductions, rental income and potential appreciation.  Listed below however, are the real reasons to own a villa on Hilton Head Island. Read the rest of this entry

Bankruptcy Sale.

Custom built. This big beautiful home includes three car garage with a private pool and deepwater dock in the backyard. Features include crown moldings, family room, six bedrooms, big closets, office, covered patio, sundeck, circular staircase, spectacular custom kitchen, 3rd floor playroom and big master suite. Wexford offers world class golf, a lock system, marina and tennis within a private gated community on Hilton Head Island.  Over 7,000 htd, offered at $1,799,000.00