Greater Hilton Head -Bluffton Area Sales Activity
10 Months of 2007 Vs 2006
Yr. Avg List Price Avg Closed Price Total Sales %CP/LP Avg DOM
(2007) $912,993 $830,884 844,531,965 93.97% 134
(2006) $806,172 $856,701 943,860,133 94.97% 123
(Avg List Price=Average List Price, Avg Closed Price= the final selling price, % CP/LP is the sell price to asking price ratio expressed as a percentage, Ave DOM=Average days on the market)
Inside the Sun City Gates
Pulte: Will They Be Offering a "A Free Turkey in Every Pot"
Pulte is has an impact on the resale market. Tell them you're looking at re-sales and they'll do everything they can to convince you to buy new from them-they might even throw in a FREE Thanksgiving Turkey!
New homes increased as of October 22, 2007, they are competitive with re-sales. Pulte has been offering homes with what were once upgrades as standard, in the total price of a new home.
In addition, Pulte is offering "bridge loan" type of financing for those with a home to sell. They are offering 50% off of some lots. It makes it tough, but, one must know how to position the resale against Pulte's offerings.
Outside the Sun City Gates
The Havens and Other Alternatives for Seniors--Sun City re-sales also compete with all the offerings in new construction, including the latest Pulte venture, The Havens. The Havens is offering incentives like all of the other builders.
Bluffton Planned Unit Developments in the Route 170 & 46
•· The New River Area-some seniors are buying in these developments
•· Verdier--The Island Packet reports that Verdier--developers of a planned unit development on route 170 across from the Sun City entrance -- are in default of bank loans to the tune of $22.5 million. (You may remember receiving mailings from them offering incentives to senior buyers to come to their side of route 170.)
Challenges with Opportunity
It is true home prices have come down. But, "the sky is not falling." Homes sell when they are priced right-and buyers will not pay more than market value. There is a direct relationship between a home's asking price and days on the market.
There will always be cycles in any kind of market. Up times- stable times-and down -times.
And everything is relative-for example, if you're selling and want to purchase a home somewhere else now, you'll sell for less than you'd like-but-you'll buy your next home for less today than you would have, in months past.
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