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

According to our experts, here is what to expect in 2010!

Inventory levels are now dropping on Hilton Head Island!

According to our recent market research, we have now turned a corner in the real estate market on Hilton Head Island!  We have seen a significant drop in supply in just the last month(over 10%!).

Inventories are dropping!  (Hilton Head Multiple Listing Service)

Type                  Nov 2009           Dec 2009          Jan 2010

Homes              2,422                    2,366                  2,174

Villas                1,156                     1,123                   1,014

Lots                  1,680                     1,646                   1,492

As inventory levels drop, by mid summer we should see less days on the market and less negotiability.  If you want a great property at a great price the sooner you make your move the better your chances to find!  One final thought…if you are a buyer, be sure to wire escrow deposits, as they now take up to 10 days to clear many of the banks today.  (If you have questions about real estate or the information above you can contact us directly at (843)842-0805 or by e-mail at robbie@robbiebunting.com)

Interest Rates have bottomed out according to our lender!

We are expecting rates to remain near the all time lows for the next few months, and then rising gently through the year.   The Federal Government has been financially supporting the low rates, and will continue to do so until the housing market is clearly in recovery. Our prediction by year end: Fixed rates will still be in the high 5’s/ low 6’s , adjustable  rates  in the 5’s, and jumbo mortgages will be in the high 5’s…..in other words, an overall increase of ¾%.   Buyers beware: 2010 is the low, and you really need to pull the trigger for the best rates this year. 

(If you have questions about loans or the information above you can contact David Crowell directly at (843)842-4004 or by email at dcrowell@mortgagenetwork.com)

Demand continues according to our long term rental agent!

Long term rental demand starts traditionally in March and lasts through September as a general rule.  The length of time it takes to rent a property is approximately 2 months, but it can vary, as a rental home that is rental ready, light, bright and updated will rent quicker. Furnished homes usually appeal to snow birds or people with a temporary need and usually take longer to rent. Unfurnished homes are the bulk of the long term rental market, as most people have their own furnishings.

We feel the long term rental market will be good for 2010, as there is shortage of available homes under 2,400 sq. ft. We think it is a good time for people to buy, as prices and interest rates are low and the supply for available long term rentals is low. 

(If you have questions about long term rentals or the information above you can contact Keith Miller at (843)682-4310 or via e-mail at Keith@millerlongterm.com )

Give yourself time in the closing process per our attorney!

Patience is the key for those involved in seeking either to sell or those who may be purchasing at somewhat of a bargain-basement price.  Cary Griffin indicated that 2010 will likely be full of attempted sales by sellers under duress, or “short sales”, as well as sales by lenders who have already foreclosed or taken back the property in one fashion or another.  These types of transactions tend to be bureaucratic and slow moving, but there are benefits if they are successfully completed.   Hence, both parties should expect a longer time period between contract and closing. 

From the buyer’s perspective, obviously interest rates are a key focal point.  Also, consider the fact that as of now, in 2010, there is no federal estate tax.  Therefore, buyers should consult with their estate planning advisors as to how to take title to a new primary residence or a second home as the federal estate tax documents come back to life in 2011 with higher rates and lower exception amounts than existed in 2009.  “Stay tuned” is the best advice here.

(If you have questions about contracts/closings or the information above please contact Cary Griffin at (843)785-2171 or cgriffin@mcnair.com )

Get in front of the line and build/remodel before everyone else!

2010 is starting off with great promise. There are several factors driving a stronger building market in 2010. Homeowners are seeing that the economy is on a rebound and see prices only going up from here. The timing today offers the advantage of lower costs for both construction and prime locations(tear downs are once again in favor!) 

Construction costs will start to climb in the latter part of the year as demand increases. As always, make sure that your builder/contractor uses the right quality materials for the desired end product. As consumers are looking for the very lowest price, hungry contractors might sacrifice the quality of the material to get the price that the homeowner wants. In some instances, this may not be bad – in others, it could be a problem. Communicate with your contractor to insure that you get what you want.

Overall, construction costs are currently lower than the past few years, however, as the building market continues its long and steady re-growth, costs to build will increase accordingly. Don’t wait, start building now! 

(If you have questions about building/remodeling or the information above, please contact Scott Bunting at (843)384-7468 or e-mail SBunting@buntingcompany.com)

Buy now and get ready for busy summer rental season!

This past year was very promising as we exceeded our goals in the rental market for 2009. This is the time of year where property owners are doing all the upgrades and renovations getting ready for the busy rental season ahead.  This is also the time of year where any owners wishing to change rental companies or join a rental company usually make those choices so that there is minimal loss of potential revenue. We have been booking rentals thru the winter and already have a high demand for properties during the march thru September months as our bookings are up 75% over last year. We are booking for the summer now and things are filling in very nicely. We are currently still taking Ocean View/Front properties, Near Ocean and some golf locations. We are also, in need of 4 bedroom or larger homes on the ocean or Near Ocean. We are running special packages for Palmetto Dunes for 2010 that are sure to keep everyone back for more. 

(If you have questions about short term rentals or the information above, please contact Mark Shackelford at (843)686-9638 or e-mail at mshackelford@palmettodunes.com )

Can you see the bottom from where you are standing?

We would love to hear from you what you are seeing from where you are standing in the current market.  Please e-mail us robbie@robbiebunting.com.  Thank you!

What to do about Wind and Hail Insurance?

As the weather turns toward spring, we find a lot of conversation from homeowners concerning Wind and Hail insurance coverage.  Some homeowners policies are written with the wind/hail coverage included within the policy or more often for properties on the Island the wind coverage is written as a separate policy issued by the South Carolina Wind Hail Underwriting Association (SCWHUA or Wind Pool).

SCWHUA is not inferior coverage.

Back in the 1970’s, the South Carolina Legislature essentially ordered the formation of the SCWUA when it required the insurance industry to make available wind and hail insurance to homes and businesses located along the beach areas.  This residual market was necessary because the coverage was not available or affordable for many properties close to the coastline.  The Wind Pool has served a great benefit to many who live in the beach region.   All property and casualty insurance companies conducting business in the State are required to participate in funding the program and share in any losses or profits.

Want to save some money on you wind and hail insurance? 

Consider raising the deductible! The wind coverage contains a deductible clause that is based on a percentage of the amount of insurance.  Options include 3%, 4%, 5% and 10%.  The premium savings are substantial and you have the benefit of a lower deductible should a loss occur from a non-named storm.  In other words, covered losses not arising out of a named storm carry only a 1% deductible of the limit on the policy, not the higher deductible listed for a named hurricane or tropical storm.   

One final thought from our Insurance Expert. 

Remember if you want replacement cost coverage for your home from the SCWHUA, you must have flood insurance in force at the time of loss.

Please contact:
Jeff Althoff, Agent
Beaufort County Farm Bureau
PO Box 4488
281 Parris Island Gateway
Beaufort, SC 29903
Ph:   843-522-0031 Ext. 234
Cell: 843-812-2921
Fax: 843-522-0785
jeffalthoff@scfbins.com

Dear Clients, Friends & Fellow Associates ~

To become a local, you must survive a winter on Hilton Head Island!

The slower pace, the lights, the festivals, the people, the uncrowded restaurants and the weather are just a few blessings we must enjoy to become a local.  December’s moderate winter temperatures on the Island are perfect for a beach walk, a round of golf, tennis, a run or a long bike ride.   

We are not seeing the Hilton Head real estate market cooling off ! 

Given the lower interest rates, many purchasers seeking “warm and wet” are taking advantage of the great pricing and properties offered.  Already since December 1, 2009 we have sold 54 properties through our Multiple Lisiting Service.  Smart money is shopping real estate right now!  In fact, this is the best time to shop as the pace is slower and the access to properties is easier. 

Hilton Head Island Happenings !

If you live here or plan on visiting, below are some suggestions for you to enjoy with family and friends this coming Holiday:

• Drive Down Dove Street – North Forest Beach Light Show is scheduled December 1-31 Dove Street Festival of Lights  Donations will be accepted for the Deep Well Project which provides a  broad range of vital social services for the working poor, disabled and infirm within the greater Hilton Head area. (843)785-2849
• Take a trip to Harbourtown – Gregg Russell’s Holiday Concert Under the Liberty Oak in Harbour Town, December 23 5:30-7 p.m. Complimentary. (843) 842-1979  “Christmas Celebrations in Sea Pines“
• Enjoy “Breakfast with Santa”  – This is hosted by the Island Rec. Center at the S.H.A.R.E. Center, 9:00-11:30 12/12/09(843) 681-7273.  Santa
• Take a walk or a run!  Hilton Head Regional Jingle Shell Run December 19, 2009 – (843)757-8520  Hilton Head Regional Medical Center Jingle Bell 5K Road Race & Health Walk
• New Year’s Eve Celebration – The Wreck of the Salty Dog in South Beach Marina Village. Live entertainment, a champagne toast, specials and more. (843) 671-7327.  Salty Dog Holidays
• 9th Annual Polar Bear Jump – Harbour Town Pool in The Sea Pines Resort, 10 a.m. Warm up with hot chocolate and refreshments. Complimentary. (843) 842-1979.
• Take a real estate tour!  Email us or contact your Realtor.  We are currently offering some incredible locations!    

If you have a question about the events above or need any information on the properties offered, please feel free to contact us anytime.  We love the calls and there really is nothing we like to do more than to help you. 

From a magical Island,

We respectfully are~

 
Robbie Bunting & Jane Hyers
843-842-0805  ~ islandrealtor@hargray.com

P.S.  We have some very special Holiday Resort Rates at the Oceanfront Hilton in Palmetto Dunes.  Let us know if you can break away or need a room for overflow during the Holidays.

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:

Dear Leamington Property Owners, Friends and Clients~
 
Linked below, is the Leamington 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:

November 2009 Update and Market Trends Report

Buyers will rush in to get the lower rates and better properties this winter on Hilton Head Island.  Values are available in all areas of our real estate with the market now building from the bottom up.   If you are a buyer or seller we would be happy to share with you how this relates to you and your timing.  

Hilton Head Market Trend Report for November 2009

We appreciate the opportunity and trust!  It is our goal to provide exceptional service, create raving fans and help our clients and friends succeed!  Please feel free to e-mail us today or call us any time at 800-932-3652.  Thank you.

All the best,

Robbie Bunting & Jane Hyers

P.S.  Be sure to mention our FLY & BUY OFFER if you will be buying property from us this fall.  Thank you.

Dear Clients, Friends and Fellow Associates~

Listed below are the current foreclosures on Hilton Head Island.

• Homes in Foreclosures on Hilton Head Island +++CLICK HERE+++
• Villas in Foreclosures on Hilton Head Island +++CLICK HERE+++           
• Lots in Foreclosure on Hilton Head Island +++CLICK HERE+++

Listed below are the current Short Sales offered on Hilton Head

• Short Sale homes on Hilton Head Island+++CLICK HERE+++
• Short Sale Villas on Hilton Head Island+++CLICK HERE+++
• Short Sale lots on Hilton Head Island+++CLICK HERE+++

As we head into the winter months on Hilton Head Island, these final clearance items will sell.  We encourage you to look over the above lists and let us know what sale items capture your attention.  If you would like more information or have a question, simply email us at islandrealtor@hargray.com  Thank you.

From an Island offering final clearance prices,

We are,

Robbie Bunting & Jane Hyers

robbie@robbiebunting.com

P.S.  Our sellers understand the market and have priced their properties to sell! +++Click Here for great properties+++ We are proud to offer some of the best locations on the Island!!!

Dear Friends, Clients and Fellow Associates~

The next four months or on Hilton Head Island will be busier than ever before.  The market has been building with 3 properties selling per day in October and in November we are now averaging 4 properties sold per day.  We will see more sales in the “off season” as buyers rush to grab the lower interest rates and better properties offered. 

Opportunity is when luck and timing collide.  If you are lucky enough to visit Hilton Head Island this winter you will discover timing.  The low interest rates, the return of the stock market and the buyer tax credit will affect our limited supply of real estate during our off season this year.  Of course, the “off season” offers many reasons to visit including “off season” access, “off season” accommodations, “off season” pricing, “off season” negotiations, “off season” weather and bottom of the market.  A buddy of mine told me  recently “the real estate bottom is so close, you can reach out and touch it”.  We are now negotiating bottom or below bottom!

Bottom will wait for no one.   Take action now and book a trip to Hilton Head Island this November, December, January or February.  Prices are now stabilizing and properties are selling.  If you wait until spring, you will pay a higher price   Call your REALTOR today.  Before your arrival have your agent set you up with a  free private MLS Link to start getting you familiar with the properties offered.   This is a great way to do some research prior to your arrival via internet. 

You will lose money if you wait.  Interest rates are set to go up in March 1% or more.  This means you will lose 10% of your purchasing power if you wait til summer.  Make your plans now.  We have lenders that contact us daily with money offers that are beyond belief, we have Jumbo lenders that have 80% Jumbo Money and very low rates.  In fact, we have Interest rates that start as low as 3.5%.  It is important to ask your Realtor to put you in touch with a lender before your visit.  Money talks when you negotiate and by spending a few minutes with a lender on the phone, you will save a few thousand dollars(or more) in your negotiation.  Be sure to ask your lender for a  prequalification/comfort letter!  This is almost the same as a cash offer when it comes to negotiating. 

You will lose the best property if you wait.  We currently offer for sale the power of three including superior locations, incredible interiors and unbelievable pricing.  These properties always sell first.  If you wish to take advantage of these you must make plans to visit the Island before everyone else does.  Although this has been a constipated market in the past, everything is moving now!  Some of the best Hilton Head deals include a 1.5 million architectural home now offered for only $849,000, a new oceanfront under $4, incredible villas $400 –  ,unbelievable homes under $800k, fantastic estate homes over $800k +, unbelivable villas over $400, and chance of a lifetime land opportunities, these properties and locations cannot be beat!

Buy in the “off season” and enjoy it “in season”!  If you are like most of our visitors to Hilton Head, you travel to Hilton Head Island during the seasons of spring, summer and fall.   The reason we are telling you to act now is that we don’t want you to be upset when you visit!  The best deals will be made this winter.  In fact, no one can argue that we will ever have better properties, better prices, better locations or better interest rates than we have now.   Market has created opportunity, one that we most likely will never see again!   

From an Island that offers opportunity,

We are~

Robbie Bunting & Jane Hyers

P.S. ~ The last 4 recessions were officially announced an average of 522 days (17 months) after they were over.  How are you going to get the best property at the best price?  Buy it in our off season and enjoy it in season!