GREETINGS FROM HILTON HEAD!. With Labor Day Weekend safely behind us and schools back in session across the country, Hilton Head Island has quieted down considerably from just a few short weeks ago. With the weather beginning to moderate, locals have begun to venture out to their favorite stores and restaurants again and life on this slice of paradise reminds us, once again, why we live and love Hilton Head.
INTEREST RATES : Rates have drifted down recently to right around 5% for a 30 year conventional (under $417,000) fixed mortgage, with some lenders advertising rates below 5%! That being said, the Jumbo mortgage market ($417,000+) remains challenged and the conventional mortgage market finds lenders very, very selective about who will qualify for a mortgage. Borrowers must show good credit history, an ability to repay on a property that appraises at today's conservative appraised values. Today's lenders may be responding to, and possibly over reacting to, recent past bad lending habits or it may signal a return to a more common sense approach to borrowing and lending.
VILLA & HOME SALES ACTIVITY : With the challenges buyers have in obtaining or even finding a loan, it's no wonder many recent transactions are for cash. Smart money (cash) has determined that NOW is the most opportune time to come off the fence and make that long awaited purchase of a Hilton Head area property. Those buyers who have come into the market of late, are looking for value-defined as the best priced property, in the best location and in the best condition. Increased sales activity of late indicates that smart money is moving into the market prior to year's end when government subsidized interest rates are expected to begin to creep up and the best home and villa values will be under contract.
From oceanfront homes in Palmetto Dunes and Sea Pines, to ocean oriented homes in Port Royal and Shipyard, to villas like Evian in Shipyard and of course, foreclosures and short sales have all seen a recent increase in activty. Now the trick will be to see if the momentum stalls or begins to build.
To search for all the available properties in Hilton Head-Bluffton-Sun City area, click on www.TeamFanning.com.
FORECLOSURES and short sales continue to be a preferred 1st look for buyers in the market. Property prices begin in the $40's. If you would like a list of area foreclosures as they come onto the market, simply let me know. I'd be happy to help open the door to your future.
For a list of available foreclosures send us an email or call 866-476-9809 then enter extension 3154.
If you, or someone you know, have been thinking of selling or are interested in knowing more about the best values in the Hilton Head-Bluffton- Sun City area, let me know.
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