Dear Clients, Friends and Fellow Associates~

Below is our Hilton Head Monthly Market Trend Report for July 2010.  This report is exactly what it’s name implies; it’s an “at a glance” report of current Home, Villa and lot trends for Hilton Head Island. 

This market research tells us where the most robust (busiest) price segments of the market are – i.e. it will tell us where the activity is and where it is not.  It shows the number of listings and the sales that occured last month in each pricing segment.  It also shows negotiatiability, the average listing to sale price, the days on the market and the number of months of inventory.  The last column shows the increase or decrease in the remaining months of inventory from the month prior and helps us spot possible trends.  Take a look below and than call us to explain how this report applies to the timing of your Hilton Head Island purchase or sale. Read the rest of this entry

Happy Half Year!

As we are now half way through 2010, I wanted to wish my clients and friends a very happy half year!  As we stated at the beginning of 2010, the market is changing.  We have seen positive improvements take place and we also can see challenges ahead.  There are also several vanishing opportunities worth noting.  All in all, the first half was a great improvement over 2009.  In fact, my company and I doubled our sales and volume in the first half of 2010 compared to the first half of 2009.  We are very happy to be busy with buyers once again. Read the rest of this entry

The signs on Hilton Head Island

Blooming azaleas, buyer appointments, phones ringing and multiple offers are all signs that Hilton Head is clearly in recovery.  Although, the recovery will be more of a campaign than a flip of a switch, it is now taking place.  Sellers are finally listening to their agents, buyers are finally stepping up to these properties with confidence and it is now GAME ON.  Read the rest of this entry

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

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!

Dear Clients, Friends & Fellow Associates ~  

Jane Hyers and I have made it our big fat audacious goal to “Provide exceptional service, create raving fans & help our clients succeed” 

We knew when we made this goal that it would become our mantra and we would never be able to settle for less.  This goal is always in front of us and we can never completely achieve it without hard work and dedication.  We also recognized that the only way in which we would be able to exceed our Hilton Head sellers expectations is to first know what they are.  Therefore we created the worksheet below:

Raving Fans Worksheet

We are always pushing hard to increase our level of service for our clients.  Our constant search for knowledge of marketing and market trends pushes us to do better for our clients.  

From these efforts we are helping our clients achieve their goals and in return are recieving some fantastic testimonials from sellers and buyers that have worked with us, not just the first time, but through multiple transactions.  We are always looking for areas of improvement and are prepared to work hard to create more raving fans. 

In summary, we would love to have your suggestions and feedback.  If you would take a few minutes and fill out the worksheet attached it will help us meet and exceeed your needs.  If you should feel compelled enough to include a testimonial from working with us, we would be very appreciative.  Just fill in the last few lines and fax it back to 1-866-680-1137.  Thank you! 

All the best,

Robbie Bunting & Jane Hyers

Dear Friends, Clients and Fellow Associates~

We missed the bullet!   Hilton Head Island is 97% developed with a limited and finite resource of land and we did not have the investors and flippers buy our real estate.  Of course, the beauty of our market right now is we have a surplus of inventory on Hilton Head Island, but this will change faster than these other areas.  Hilton Head did not have much land or huge coastlines to develop.  As a potential buyer getting ready to purchase Hilton Head Property it is very important to know the rules associated with our market.  Therefore we have put together a list of rules for buyers below for your review.

Rules for Buyers on Hilton Head Island

Rule #1  – Know the Market

Buyers need to know the market trends of the area they are buying.  Some of the things they should look at are days on the market, number of listing in their price range, selling price per square footage by neighborhood, percentage of listing  to selling price and of course absorption levels.  Each segment of our market is different and cannot be negotiated the same way.  The Island market simply does not behave like other markets because of its geographical size and the quirkiness of being a blend of residential and resort real estate.  In fact, it has been said that the Hilton Head Market is more insulated than other places and is one of the last one into a recession and one of the first ones out.

Buyers Rules for Buying Property on Hilton Head Island(or anywhere else)

Rule #2 – Choose only ONE Agent

Choose to work with only one agent that you know and trust.  Of course, you can hire the agent as your “exclusive buyers agent”, but if you are not ready to buy, you do not need to hire an agent just yet.  Here are some other helpful hints in working with agents:  1.  Communicate frequently with your agent  2.  Let other agents know who you are working with when you attend open houses  3.  Do not call the listing agent if you have a buyers agent, let your buyers agent do their job  4.  Keep in mind agents are commission only and get paid only when they find the right property that suits your needs.  Tell your agent your time frame and turn them lose!

Rule #3 – Get ready to BUY.

There are three very important parts of purchase that you should be ready for before you find the perfect property.  These include 1. Pre Strategy Session.  The benefits of being pre-qualified is that you can save thousands in negotiation, but more importantly lower priced no financing contingency contracts may be considered and chosen because of the financial situations now.  If you are pre-qualified you can have the confidence to write a no financing contingency contract.  2.  Have your checkbook ready.  Typically earnest money in our area ranges from 5-10% of the purchase price.  3.  Credit scores matter right now and you should know yours.  If you get pre-qualified, the lender will take care of this for you and advise you. 

Rule #4 – Take the Eight Hour Test

If you make the decision to purchase and cannot sleep a good eight hours the night before you meet with your agent, it may not be the right time to buy.  My financial strategist always told me this before I went ahead on some of my bigger purchases.  This simple rule will keep you from making the wrong decision.  If you sleep great and are relaxed in the morning, it is OK to go ahead and jump in!

Rule #5 – Prepare the offer Properly

Buyers have the potential of losing their dream property in negotiations. Just the other day a buyer was negotiating their dream home on the Island and even had a higher offer but they lost their chance to buy the home.  Any time there are contingencies, all parties must sign off on them for the contract to be valid.  During this stage the seller is still free to entertain other offers.  This is where the problems arise as other buyers can move in without giving you the chance to raise your offering price.  If you do your home-work, write in fewer contingencies and keep the negotiations moving the chances of winning are better. 

Rule #6 – Recognize Real Estate on an Island is Seasonal

If you are buying property on Hilton Head, it is important to know which season you are in during negotiation.  Of course, during the busier months if you find a property you will want to negotiate faster and get a signed contract before someone else comes in and makes an offer.  In the off season, you may move a bit slower unless it is an especially hot property.  Moving the negotiation process along is very important once the first offer is submitted.  Don’t sit back and relax until the contract is signed by all parties and delivered.  When it is done, it is time for a victory dance!

Rule #7  –  Don’t LOWBALL realistic prices

You will not get a property that is priced correctly at a low ball price.  Realistic sellers are getting close to their asking price in this market.  In fact, the average list to sell price for our properties has been 93% of asking price for homes and villas.  If you are looking to get a property for pennies on the dollar perhaps you should look in other places(click on this link). Remember, it is not how much you pay it is how much you get.

Rule #8  – Don’t ever give up!

Buyers are giving up to quickly.  If you make an offer and it is countered, do not give up.  I just went through a negotiation with my buyer and at least 2 times they were ready to give up and go back out shopping for a different home.  It came down to a $5,000 decision in the very end, and fortunately they stayed in the game and got the best home, in the best neighborhood at the best price.  Do not draw a line in the sand without being prepared to step over it and redraw it again especially in this market.

Rule #9 – Enjoy the Journey!

This is important.  Buying real estate should be fun.  The pressure that you feel to purchase is all internal and never should it be external.  If you want it, go ahead and get it.  However, do not let an agent, a seller or a buyer put pressure on you to buy(only your spouse is allowed to do this).  Buyers’ need to know that the right property is available in today’s market and they should enjoy the journey and find it.  Not all markets are like this.  Have fun and go out and find your personal paradise with an agent that you know and trust!

In Summary:

As a buyer you have the power of all three including great location, great condition and incredible value.  One or two of these will disappear as the market stabilizes.  If you do decide to play the game, we hope the rules above are helpful.  Of course, feel free to contact us anytime to get you started in researching some market areas of choice.  We look forward to seeing you achieve your dream.

Enjoying fall on an Island,

We are,

Robbie Bunting & Jane Hyers

Dear Friends, Clients and Fellow Associates~

Don’t be a Dinosaur.  The real estate market is changing quickly and as a buyer, seller, or agent there are some great opportunities that come with this change.  These changes will take place and there is nothing we can do to stop them.  While other conditions are simply beyond our control we believe that OUR TOP TEN LIST FOR REAL ESTATE SURVIVAL IN 2009 can help you buy a home, sell a home or earn a commission.  If you are ready to make a move here are some suggestions for this changing market:

The Top Ten List for Real Estate Survival in 2009

1. Communicate – Information now travels at the speed of light and because of this we are expected to respond  faster.  Let’s all communicate faster right now!
2. Embrace – Technology will continue to change the way we do business.  In fact, today 90% of all buyers research real estate on the net…this in unbelievable.  Let’s embrace technology right now!
3. Network – Do not take for granted your old networks will be as reliable as they were for you in the past.  Business and the people in it are changing.  Look for new networks right now!
4. Research –  Do you really know what market or situation you are in? Reliable information is now readily and easy to gather.  There is no excuse for not finding the information you need to move.  Call your agent or go to the net to find some answers right now!
5. Build up –  Sell the sizzle, not the steak!  In other words build the value and not try to sell the price.  Just one idea but sellers and agents should team up and provide a list of  buyer benefits their real estate offers.  Benefit lists should include all the improvements and special features of the property and the community.  These lists should be shared with other agents and their clients in a checklist format via email or by flyer.  Some  more ideas include CLICK HERE TO READ MORE+++.  Let’s all sell the sizzle and build up the value of our properties right now!
6. Phone – Pick up the phone and turn off the computer.   With the advent of the internet we have stopped calling and settled for email to correspond important thoughts and messages.   Use the net for backup communication only. Let’s all call someone on the phone right now!
7. Encourage – Buyers, agents and sellers  need encouragement from each other.  It is amazing how a sincere rah-rah can move a deal into closing.   A pat on the back or a “from the heart” encouraging word goes a long way.  Tell someone “good job, good job” right now!
8. Perseverance – Never, never give up.  If you are a buyer keep calling your agent.  If you are a seller keep calling your agent.  If you are an agent keep calling your sellers, buyers and other agents.  Agents, buyers and sellers are throwing in the towel too early.  In this market we all must keep pushing each other harder.  It may take more time and effort right now, but WE CAN DO IT right now!
9. Ask –  I am a subscriber to “the green eggs and ham” closing technique.  Just keep on asking!  Never settle for indecision.  Go ask someone right now!
10. Move – The market is busy and it requires all of us to move.  If you are a buyer or seller, it is time to move and there are agents ready to help.  Let’s all move right now!

We have the resources, networks and communication that can help you get to where you are going.  In fact, our latest Market Trend Report can show you how to take advantage of this market today. 

If you are ready to make your move… give us a call.  We will do all of the above and then some!

Working in Paradise~

Robbie Bunting & Jane Hyers