2010 is proving to be another year of improved sales for real estate on Hilton Head Island. In a nutshell, the amount of properties that have PENDED this year has gone up, in all categories. If there is a drawback it is the median price SOLD is down across the board (with the exception of the larger homes). Due in large part to short sales and foreclosures, the amount of homes coming onto the market priced <$100K has gone up while inventory of larger homes ($650,000 and up) has come down. The List Price to Sales Price ration remains strong, 92%-94%, meaning there are fabulous deals to be had in today's market but people are not going to give their property away.
Over the past 30 years Hilton Head Island real estate has averaged a 9% appreciation per year, across the board. The average yearly appreciation in most areas of the country is 3%-5%, depending on area. If you are waiting for your home; that in 2006 was worth $500,000 but is now worth $300,000, to return you will miss a once in a decade opportunity. On average you will gain 4% on your house as prices on Hilton Head Island appreciate at 9%. With this in mind, even if the value of your home returns to $500,000 the price of your dream home increased too. In fact, it increased at double the rate your home did!
Why wait? You have worked and saved your entire life and deserve to enjoy the fruits of your labor; whether it is a secondary, investment or retirement home. Today's property prices are at 10 year lows and interest rates are lower than most of us have seen in our lifetimes. This offers a once in a decade opportunity that is ripe to take advantage of.
If you are interested in owning a 'piece of paradise' call me for a no-obligation consultation on real estate values on Hilton Head Island.
No comments:
Post a Comment