Real Insights Into Hilton Head Island and Sun City Real Estate

The state of Wall Street has many people wondering what will happen to their Real Estate market. The truth is, it's still too early to tell and anyone who says different is just jumping to conclusions. These are trying times on Wall Street. It's hard to get a grip on what's happening with financial firms, the government and how this will affect us and the Real Estate market. Institutions are going bankrupt, write downs, and mergers. It's a little scary. That said, consider history and consider, "Who's your Daddy?" Real Estate!
What do people do when there's no where to invest in the stock market? They buy Real Estate. What do people do when interest rates are at historical lows? They buy Real Estate. What do people do when prices of Real Estate are at bargain prices? They buy Real Estate. What have people done in Hilton Head & Sun City? They buy Real Estate because of the lifestyle...and its time to get on with the next phase of life.
There is no question that there is a lot of uncertainty in the residential real estate market right now. That said, for many property owners, now may actually be one of the best opportunities in many years to sell their current home and to upgrade. Let me explain...
The tide turned in 2006 to a buyer's market. With that shift, we'll say that prices are down or are in the process of coming down 10-30% across the board, to use a round number. Say that you currently own a home that, during a strong seller's market, you would expect to sell for $500,000, and that you would be looking to upgrade to a new property that, during a strong seller's market, would cost $1,000,000.
Today, with prices coming down 10%, your current home will now sell for $450,000, or $50,000 less. However, the home you'd be looking to purchase, would now sell for $900,000 or $100,000 less. The ultimate result is a net "gain" of $50k over what you would have spent in a seller's market.
Of course this is an overly simplified scenario, and assumes across the board even price reductions as well as a large difference between your current home and ideal new purchase. Nevertheless, remember some of the best intangible and tangible aspects of the current market for purchasers - you can take more time, consider your options in a more relaxed fashion, view more properties, negotiate better terms of the contract, etc.
For developer properties, buying new may even provide a better value as a result of free upgrades, paid closing costs and mortgage payments up to a year.
Email me at Larry@LarryMeyersHHI.com to discuss your particular situation and how to make this market work for you. If Sun City Hilton head is your destination, contact me for details on their "Free Getaway."
No one knows what tomorrow looks like but today it looks like Real Estate is a good bet.