Tuesday, July 31, 2012
New Featured Listing - 1 Angel Wing
Friday, July 27, 2012
Meaninfgul Strides in the Construction Industry
Both
nationally and locally the Construction Industry is making meaningful
strides towards recovery to date in 2012. This positive pace has been
without any governmental incentives that were in place last year.
Nationally, housing starts rose 6.9% in June from May to a seasonally
adjusted annual rate of 760,000, the highest since October 2008. In
addition, the Home Builder Confidence continues. The July NAHB/Wells
Fargo Housing Market Index jumped 6 points to a level of 35. This is
the highest in more than five years and the largest one month
increase since the recession
recovery in 2002. (This is based on three components: current sales
and sales expectation and builder traffic.)
Locally, the building industry has picked up as well on a higher
pace. On Hilton Head Island the
number of new single family home permits increased 50% from May to
June. The dollar volume increased 48% from May June.
Historically, Hilton Head Island is
an insulated market during recessionary times. Typically Hilton Head
is one ot the last locations to be hit by a recession and one of the
first locations to recover. With a sub-tropical climate, a
variety of planned communities Hilton Head
Island is very attractive to many baby boomers reaching
their retirement age as well as younger families that are looking for
their perfect vacation home or rental investment. Investing in Hilton Head Island has much
potential!
Courtesy Bunting Construction Co.
Mortgage rates drop again, Freddie Mac says; 30-year at 3.53%
The average rate on a 30-year fixed mortgage hit another new low this week, dropping to 3.53% from 3.56% last week, according to Freddie Mac's survey of what lenders are offering to well-qualified borrowers.
With the Federal Reserve aggressively pushing rates down and few signs of inflation on the horizon, it was 12th time in 13 weeks that a new record was set, Freddie Mac economist Frank Nothaft said in the report Thursday morning.
Freddie Mac said the 15-year fixed loan, which has been a popular part of the recent boom in refinancings, averaged 2.83%, down from 2.86% and also a new record.
The typical start rate on a five-year hybrid loan, which has a fixed rate until it turns adjustable in the sixth year, was at a record low level as well: 2.69%, down from 2.74%.
Borrowers would have paid 0.7% of the loan amount in upfront lender fees to obtain the 30-year fixed loan and 0.6% for the 15-year fixed and five-year hybrid, Freddie Mac said.
Freddie Mac asks lenders each week about the terms they are offering to solid borrowers for loans of up to $417,000. Industry pros say well-qualified borrowers can often do slightly better by shopping around, and it’s possible to "buy down" rates by paying additional discount points to lenders.
The survey excludes additional third-party closing costs such as appraisals and title insurance.
Home Values Rise for the First Time in 5 Years
NEW YORK (CNNMoney) -- Home prices hit a bottom and are finally
bouncing back, according to an industry report released Tuesday.
Nationwide, home values rose 0.2% year-over-year to a median $149,300 during the second quarter, the first annual increase since 2007, real estate listing site Zillow reported. Prices were up 2.1% from the first quarter.
Even though June marked the fourth consecutive month of home value increases, overall home prices are still down almost 24% since April 2007, when Zillow began to track home values.
"[I]t seems clear that the country has hit a bottom in home values," said Zillow's chief economist Stan Humphries. "The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own."
Last winter, Zillow projected that the housing market turnaround would not arrive until the end of the year.
Other home price indexes have also recorded gains lately, including the S&P/Case-Shiller home price index. In it latest release, it reported that home prices in 20 major markets rose 1.3% in April, the first monthly increase in seven months.
Nationwide, home values rose 0.2% year-over-year to a median $149,300 during the second quarter, the first annual increase since 2007, real estate listing site Zillow reported. Prices were up 2.1% from the first quarter.
Even though June marked the fourth consecutive month of home value increases, overall home prices are still down almost 24% since April 2007, when Zillow began to track home values.
"[I]t seems clear that the country has hit a bottom in home values," said Zillow's chief economist Stan Humphries. "The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own."
Last winter, Zillow projected that the housing market turnaround would not arrive until the end of the year.
Other home price indexes have also recorded gains lately, including the S&P/Case-Shiller home price index. In it latest release, it reported that home prices in 20 major markets rose 1.3% in April, the first monthly increase in seven months.
Monday, July 23, 2012
Hilton Head's June Real Estate Sales Soar
The Hilton Head area real estate market is considerably healthier than it was one year ago, according to a report Tuesday by S.C. Realtors.
Sales of homes, condominiums and villas in June were up more than 60 percent over June 2011 and are up about 23 percent overall year to date.
June's surge -- the highest increase of any of the state's 16 regions for the month, according to the report -- was accompanied by a 21-percent decrease from June 2011 in the average number of days homes spent on the market.
That decline is indicative of an increasingly healthy market, said John Robinson, president of the Hilton Head Realtors Association.
"Over the past few years, that average wait hasn't decreased that much," he said. "This shows that the market's getting better and that buyers are making their moves."
Hilton Head Realtor Charles Sampson partly attributed the spike in sales to banks' placing distressed properties back on the market.
"Sellers are saying, 'I've waited long enough,' " he explained. "The inventory's starting to balance out."
The trend was not accompanied by the substantial drop in the median selling price that had tempered enthusiasm over strong sales rates in the past several months.
At $230,000, that median price marked only a slight decline from the June 2011 mark of $233,000.
Beaufort area sales remained consistent -- up 2 percent over June 2011 but down about 2 percent year to date.
Courtesy The Island Packet, by Grant Martin
Sales of homes, condominiums and villas in June were up more than 60 percent over June 2011 and are up about 23 percent overall year to date.
June's surge -- the highest increase of any of the state's 16 regions for the month, according to the report -- was accompanied by a 21-percent decrease from June 2011 in the average number of days homes spent on the market.
That decline is indicative of an increasingly healthy market, said John Robinson, president of the Hilton Head Realtors Association.
"Over the past few years, that average wait hasn't decreased that much," he said. "This shows that the market's getting better and that buyers are making their moves."
Hilton Head Realtor Charles Sampson partly attributed the spike in sales to banks' placing distressed properties back on the market.
"Sellers are saying, 'I've waited long enough,' " he explained. "The inventory's starting to balance out."
The trend was not accompanied by the substantial drop in the median selling price that had tempered enthusiasm over strong sales rates in the past several months.
At $230,000, that median price marked only a slight decline from the June 2011 mark of $233,000.
Beaufort area sales remained consistent -- up 2 percent over June 2011 but down about 2 percent year to date.
Courtesy The Island Packet, by Grant Martin
Tuesday, July 3, 2012
New Featured Listing - 56 S. Sea Pines Drive
Light filled home with open floor plan and a gorgeous view of Catesby
Pond. Enjoy a tranquil setting only a short walk to the beach in this
lovely updated and remodeled home with 3 bedrooms, den that can serve as
4th bedroom when needed, a large screened porch and beautiful pool.
Even an under gound dog fence. This is Hilton Head at its best. MLS #
316709
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