Posts Tagged ‘Hilton Head Homes’

Hilton Head homes are selling well at all prices, like this home in Indigo Run.

Homes Priced Less Than $450,000 Are Most Popular

Several sources tell us what buyers want to pay for a home on Hilton Head:

• Responses to print ads – there are more responses in recent months.
• Responses to on-line listings, also up.
• Calls from buyers - my favorite by far, also up in recent months.  Nothing beats speaking directly with someone to learn about their interests.
• Comments from agents who talk about their experiences. 
• Hilton Head MLS statistics.   
• News articles that combine information from the above, like this article.

Opinions about the market based on personal experience can be like  like blind men who define the elephant by which part of the elephant they touch.   Statistics can be interpreted differently by different people and so all sources of information are significant.  Engineers love numbers; everyone likes anecdotes. 

I already knew that lower-priced homes were selling well based in part on the first-time home buyer stimulus of recent months, now extended.   But, I wasn’t sure about how well higher priced homes were selling.  I was happy to see that homes s in all price ranges are selling well on Hilton Head today.

The direction of prices will be for another article.  This article does not try to define whether prices are going up, down or sideways except indirectly nor do I try to address the  the sale of lots or villas - just houses.    It is understood that most of the homes sold in every price range are bargains compared to what they sold for in recent years and even one year ago. 

The numbers in the chart below are from the Hilton Head Multiple Listing Service and they summarize homes sales from the entire Hilton Head area, not just Hilton Head Island.   Hilton Head  means the entire area and this includes  more than just Hilton Head Island; it also includes Bluffton, Daufuskie Island, Okatie, Hardeeville and additional outlying areas.  For many people today, Hilton Head  means everything from Rt 278 to Sea Pines whereas Hilton Head Island means just the Island itself.  

Hilton Head Homes Sold in the Last Six Months

*S/L is the ratio of how many homes have sold in the last six months compared to the number of homes listed.  The higher the ratio, the more likely that prices will be steady or increase in the future.   A low ratio could mean that few homes are selling and prices may have to come down to achieve sales.  Most every group of properties shows a strong, healthy ratio of number of homes sold to the number of homes listed.

**C+P/S is the ratio of contingent and pended homes compared to the number of homes sold in the last six months.  This says whether the number of homes under contract shows an increase, decrease or no change from the sales velocity of the last six months.   Almost all price ranges show an increase in the number of sales and if sustained, could bring higher sales prices.

 ”Contingent” means that a contract of sale has requirements that must be satisfied before the agreement can proceed to closing.  The most common contingencies are a buyer’s satisfactory inspection and that the buyer  must qualify for a loan. 

“Pended” means that there are no contingencies to the contract of sale or that they have been satisfied and the property will proceed to close.  Many agents label “contingent” homes as “pended” but for our purposes, it doesn’t matter.

 To get the bargain home that you want in any price range, or devise a winning strategy to sell a house that you already own, please call me , the Hilton Head Gated Communities Specialist today.  

The Multiple Listing Service of Hilton Head Island that requires this disclaimer:  “The statistical data contained herein has not been verified by the Multiple Listing Service of Hilton Head Island, Inc. and the publication of information hereof is not a representation or warranty of any fact whatsoever.”

Richard Kadesch, Owner and Broker-in-Charge The Gated Community Specialist ® Go Gated Realty ® Hilton Head Island, South Carolina Rich@gogated.com www.GoGated.com 1-800-333-5025 Read Some of My Clients’ Success Stories

#42 Hidden Lakes Lane in Bluffton, South Carolina has three-bedrooms, two bathrooms, a two-car garage and a fence back yard; for sale with Go Gated Realty for $174,500.

The Biggest Selection Is In Bluffton, S.C.

Homes that cost less than $200,000 have always been a ‘hot’ market on Hilton Head because many people can afford them.   Prices on lower-priced homes have fallen along with the rest of the real estate market into this affordable price range and with low interest rates, this is the most affordable housing market since affordability has been measured.   Buyers who are looking for these kinds of homes include young families, first-time home buyers, singles, Hilton Head investors and retirees.  

A $200,000 mortgage costs only $1,074 per month, fixed over 30-years with 5% interest.  This is less than the rent for many comparable homes that cost less than $200,000.  

Bluffton, South Carolina is just across the bridge from Hilton Head Island is and it has the greatest selection of homes in the area for less than $200,000.  Today, there are 64 three-bedroom homes with 2-car garages for less than $200,000 for sale from all Hilton Head MLS companies.  These are newer, attractive homes that are located in relatively new communities that are close to schools and that have neighborhood swimming pools, tennis courts and playgrounds.  

“Hilton Head Home” in this article refers to a home in the Hilton Head area.  This includes Bluffton and  areas near and including Hilton Head island.  Homes on Hilton Head Island start at higher prices than those in Bluffton and for example,  there are only 9 homes on Hilton Head island today that are listed for less than $200,000 and none have a garage.  The lowest price for a home with a two-car garage on Hilton Head Island today is $250,000. 

To see the selection of Bluffton homes for less than $200,000 yourself, please visit my web site GoGated.com.  Choose ‘Homes’ and the price range you want and select area 16 for Bluffton, out-of-plantation homes.  Interactive maps on my web site will show you the locations of the communities and the neighborhood finder on my web site will let you make quick community comparisons. 

It costs nothing more to have a good Buyer’s Agent on Hilton Head assist you and represent your interests before, during and after your purchase and understanding which properties are best for you takes time and experience.  I love working with Hilton Head first-time home buyers and retirement buyers who typically want lower-priced homes.  If you would like to receive a list of homes that will meet your needs, and with no obligation, please contact me.

Richard Kadesch, Owner and Broker-in-Charge The Gated Community Specialist ® Go Gated Realty ® Hilton Head Island, South Carolina Rich@gogated.com www.GoGated.com 1-800-333-5025 Read Some of My Clients’ Success Stories

Hilton Head home loans follow Fannie Mae guidelines and the guildelines of private mortgage insurance companies.  These guidelines are being revised almost every week because of increased foreclosure rates and late mortgage payments.  Moreover, new regulations in the recently passed Housing and Recovery Act of 2008 and new restrictions by the Federal Reserve are forcing Hilton Head mortgage lenders to become more stringent in their underwriting process going forward.  

Hilton Head Lenders Now Require 

• Higher credit scores and bigger down payments.
•  Documentation of income and ability to repay the loan. 
• Heavy limitations on easy to get stated income or “no doc” loans.  Self employed borrowers are reluctant historically to document all of their income and are cerrtain to be affected by this requirement. 

More Changes Are Coming 

• Beginning in October of 2009, escrow accounts for taxes and insurance will be required on all mortgage loans. 
• Loans with negative amortization are being eliminated.. 
• Loans with pre-payment penalties will be restricted.

Your Advantage Now

• You may still buy a Hilton Head area property with 5% down. In the future at least 10% down may be required. Regardless, this is still affordable for most borrowers.
• Mortgage rates are predicted to trend upward long term.  In the near future, you will get a better rate than if you wait. 

 Prequalify Again and Be Current