Lowcountry eNews
October, 2008
Greetings from the SC Lowcountry! There has been a lot going on nationally both on Wall Street and in Washington, to keep people preoccuppied and quite frankly ratcheting up the anxiety level for just about everyone over the past month. Most everyone has had a crash course in Macro and Micro Economics that they really would have preferred not to have to learn, especially at the hands of their own personal portfolios.
All this has been going on while a national election, in just 20 days as of this writing, making all news and the candidates response to it, newsworthy. I have learned more about people and places I never knew existed and for the most part, would have prefered not to get to know.
Fortunately, the weather has been just gorgious here on Hilton Head and a bike ride or walk on the beach is the surest way to clearing ones' head and preserving ones' sanity. There are no recessions and impending doom watching the tides on their daily journey from low to high to slack and back again. There is something about the rhythm of the sea and its vastness that brings comfort. It's as if someone or something greater than yourself is in control.
Financial News Update: Let's just say gas is $2.88 a gallon on Hilton Head and looks to keep dropping in price. Conventional 30 year mortgage interest rates are still in the low to mid 6% range. Buyers with good credit, a down payment of 20% and who can prove they can repay the loan will find some incredible values. Banks have money to lend but you will have to prove you are a worthy borrower. The easy money days of little to no documentation and buy ‘n flip, are over.
What does it all mean? Where do we go from here?
Hilton Head is not South Florida nor Southwest Florida; it is not Las Vegas and it is not Phoenix. We do not have an 8%-10% foreclosure rate as they do in those vastly overbuilt areas. The stability and values in our market will continue to attract buyers and quite frankly, help to make Hilton Head the destination it is.
That said, there are foreclosures in Sun City, Bluffton and on Hilton Head. Contact us today for your free list of Lowcountry Foreclosures!
Are there good buys? Yes, prices have come down in the neighborhood of 15%-25% from 2005 highs. I would encourage anyone who has wanted a home on Hilton Head and thinks that maybe now is a good time to buy to consider doing so. If you were priced out of the market before, you very well may have been given a rare second chance.
Are homes selling? Yes, but there is a shrinking buyer pool due to recent Wall Street declines. We are here 24/7 and continue to help folks realize the dream of having their own place in the Lowcountry.
Won't prices go lower? Won't they retreat another 25% or more? I believe that our lifestyle, weather, flora and fauna will continue to attract buyers which in turn helps to stabilize our housing market. We're not selling securities and investments, we're selling homes for people to make lasting memories in.
I relocated from Long Island almost 20 years ago to get away from the weather, taxes and congestion. We just don't have a lot of people itching to get out of town for greener pastures. We are the greener pasture!
Lower home prices + Lower interest rates + Available inventory = Great Opportunity!
We promise to listen to and focus on your wants and needs. We serve the Hilton Head-Bluffton-Sun City areas and want to be your Realtor of choice!
Let us know how we can be of service and ho we can help you find your place in the sun.
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