Willy's Beach rEport - March, 2009

GREETINGS FROM HILTON HEAD! March came roaring in like a lion to the Lowcountry earlier this week. As temperatures plumeted and snow fell to the west of us, as is typical, we have moderated and Spring Fever is now in the air, temps are in the 70's. Folks are taking advantage of the weather by heading outside-some to work in the yard while others enjoy the day on the golf course, beach and bike paths.  The annual Spring Break Tennis Tournament is happening on the courts around the Island, too!   

COMMUNITY NEWS UPDATE:

*March 15^th is the annual St. Patrick's Day Parade on Hilton Head. Get your green on and head out to have some fun. For more info:  http://www.gotohhi.com/parade/

*April 13- 19 is the annual Verzon Heitage Golf Tournament for tickets and information: http://verizonheritage.com/

*For info on upcoming events on Hilton Head and the surrounding area: http://www.hiltonheadisland.org/vacation-visitors-guide/events/

*To request a copy of the HiltonHead Vacation Planner:

http://requestinfo.hiltonheadisland.org/

FINIANCIAL NEWS UPDATE:  I don't need to tell you the financial news has not been good and unless you live under a rock, some level of stress, anxiety and sleep depravation has befallen you of late as you contemplate the news and its affect on you and those you love. Since this is a Hilton Head area real estate update I'll stick to topic and forego any macroeconomic insights. That being said, for those who need information on the U.S. Treasury's new Housing Affordability Modification and Refinance Guidelines announced this week, email us for the information. 

INTEREST RATES continue to hover in the 5% (+/-) range for conventional 30 year fixed mortgages.  Lenders tell me they do not exect rates to go any lower but they should stay stable for the foreseeable future. Jumbo rates ($417,000+) are a few points higher- perhaps a good reason homes over $750K were off 47% nationwide last year per NAR statistics. Couple that with President Obama's Mortgage Interest Deduction Modification for those earning $250K+ annually, as well as Beaufort County's and the SC Tax Code for 2^nd homeowners and we will continue to see ongoing challenges for higher end properties.

FORECLOSURES and short sales continue to be the news of the day. If you would like a list of area foreclosures, simply let me know. I'd be happy to send you the current inventory available and open the door to your future.

VILLA SALES (off 70% compared to 2007 statisitics for villas MLS wide, year to date) continue to be a challenge with new Fannie Mae lending guidelines in place and regime fees that average $400+ for 2BR's and $600+ for 3BR's.

WILLY'S BEACH PROPERTY MARKET REPORT We want you to stay on top of what's happening to one of your most valuable assests. Email us to request your copy of the complete list of ocean oriented homes and villas sold and under contract year to date. Stay on top of the ever changing market.

1^st TIME BUYER CREDIT- Get information about the $8,000 credit available to 1^st time homebuyers or those who have not owned a home in the past 3 years.  Check out: http://teamfanning.com for more info. We want to help, let us know how we can be of service!

HOT DEALS! Get a list of weekly hot deals in the area from sellers who have said-SELL NOW! Ask and you shall receive. To search for all available properties in Hilton Head area, go to www.WillyFanning.com.