When I list property, many sellers would like to hold an open house for the public.  I usually tell them that I would be glad to do that because I work for the seller, but that is not what usually sells a home.

We recently had an open house where we had about 35 couples come through the home.  Of the 35 couples, 34 couples were people who lived in the neighborhood who said they always wanted to see the house – they have no interest in buying whatsoever.

I also found that people sometimes go to an open house as more of a social event – they like to look at houses.  That is one of the advantages of being a Realtor – I get to do on a daily basis what people do when they have a day off.

A lot of people also like to go to open houses to get decorating ideas.  We notice that when we have open houses, people are always commenting on the decor. 

Realtors who sometimes do not have the money to advertise and promote a home will do an open house because it does not cost any money – that way they can tell the seller that they are working hard to get their house sold when in reality, they are not doing the things necessary in order to promote the house in an effective way simply because they do not have the resources to do that. 

The main advantage of an open house is not to get the house sold, as it is to get prospects for the Realtors. 

I think it is important that a Realtor be honest with his seller and point out what does and what does not sell real estate.

For years I used to complain about the traffic in Bluffton.  I have a farm in Estill which is one hour from Hilton Head.  When I went to the farm, I would never go between 4:30 and 6:00 – I would either go before or after that because the traffic would be so bad.  When I would drive back from the farm, I would never come in around 8:00am – I would normally come in before that.  I had it down to a science – I had calculated that I needed to be at the Moss Creek traffic light before 7:10 in the morning because after that you would be stuck in traffic.

I have to compliment the highway department on their reworking of the roads and turning the two lanes into three lanes – I never realized that this would make such a difference. 

I recently spent the night at the farm and drove back to the island at 8:00am – I could not believe it – I breezed right through.  It amazes me what a difference one lane can make.

I also think that the opening of the Bluffton Parkway has made a significant impact on Hwy. 278 traffic. 

Thank you highway department!

Unless you have been under a rock, you know that the real estate market across the country (with a few exceptions) is a buyer’s market.  This means that it is a great time to buy because buyers have control.  Several years ago it was a seller’s market where the sellers had control, meaning that they could ask for whatever they wanted and pretty much get it.

One of the advantages of a buyer’s market is selection.  There are other factors – price and terms. 

Several years ago, it seems like most everyone I worked with would have to make a compromise in their buying process.  They got close to what they wanted, but not exactly what they wanted.

In today’s market with large amounts of inventory, a buyer can get exactly what they want in the perfect location, at the right price with the terms they want.  It sounds like a great time to buy.

Real estate markets are always changing, so it makes sense to take advantage of the market if you are a buyer.  If you have to sell, go ahead and sell, but if you don’t have to sell – I would recommend waiting.

You will find lots to do this weekend at the Bluffton Arts & Seafood Festival!

Friday night you can dine around town from 7 – 10pm with “Pop an Oyster with Champagne.”  Special tapas will be offered at five dining spots including the May River Grill, Captain Woody’s, Bluffton BBQ, Corks and The Dispensary. 

Saturday will begin with a 5K run/health walk through downtown Bluffton.  Stick around for art and seafood in downtown Bluffton Saturday afternoon.  There will also be rides down the May River with the Palmetto Ferry Company. 

Click here for more information on the activities this weekend at the Bluffton Arts & Seafood Festival! 

I would hate for us to get to the point where we are in a “cash only” real estate market.

What would happen if we were?  Obviously, supply and demand is important, but availability of capital is also important because they are connected hand in hand. 

We are seeing in our homesite market that very few banks are loaning money.  Therefore, we are in what we call a “cash only market” meaning that the only buyers we have are the people willing to pay cash. 

In this type market, we have very few sales which means an increase in inventory because we have more properties coming on the market than we have leaving the market.  This also means that buyers are buying from a position of strength meaning that they know the market is slow and they know there is not a lot of capital available so they are holding firm on their prices and sellers are giving in to their price.

I really don’t understand what banks are thinking – they have gone from one end of the spectrum to the other.  Three years ago they were offering credit to anyone who wanted it – you could get 100% financing on loans.  Now, they are offering no financing at all.  It does not make sense to me.  Maybe somewhere in the middle is where we need to be and hopefully we get there soon.

Friday, October 23, 9am to 3pm the Hilton Head Area Association of REALTORS will host their annual Blood Drive at 32 Office Park Road. 

Appointments are encouraged for this event – call the Association office at 843-842-2421.  There will be an hourly drawing from Faces Day Spa and donors will also be entered into a monthly drawing for 2 Delta Airline tickets in the continental U.S. 

So come out and support the BOO DRIVE!

It amazes me that there are so many people who think that they can be successful in real estate by working part time.  Owning a real estate company, we get a lot of calls from people wanting to get their license and want to sell real estate part time.  I often tell them that we have trouble selling real estate full time and I don’t understand how someone is going to sell part time and be successful.

I think most people think they can do real estate part time because they view it as something that is fun, exciting and something they would enjoy doing.  Everyone loves to look at homes! 

It takes dedication, study and understanding to be successful, and you cannot accomplish this working part time. 

I was talking to a friend in the medical profession and he was commenting on why he would not let his college roommate do open heart surgery on him even though he was a doctor.  He said he retired ten years prior and the technology in the medical field has increased so much over the last ten years.  He said he wanted someone operating on him who was up to speed on the latest technology.  This is true to some extent in the real estate business. 

I was recently out showing property when I noticed a “part time” Realtor jogging at 2pm in the afternoon.  There is nothing wrong with that – I admire her ability to stay in shape, but I was thinking to myself that she was not too concerned about getting her listings sold.

It is hard to be successful in real estate when you are working full-time and it is almost impossible to be successful when you are only working “part-time”.

Tomorrow, Saturday, October 17th marks the Hilton Head Island Home Builder’s Association Coastal Cajun and Blues Festival at Shelter Cove Community Park from 11am – 5pm.  Admission is $5/person and children 12 and under are free. 

You can enjoy authentic cajun food from some of Hilton Head Island’s best restaurants – Kenny B’s, Wild Wing Cafe, Bluffton Oyster Company, Hudsons, Giuseppis, Street Meet and more. 

There will also be crafts and entertainment for the kids.

Click here for more information!

I have realized that I have a number of prospects who always want to look at bank foreclosures.

I have realized that this means that they do not necessarily want a bank foreclosure – their perception is that a bank foreclosure is usually the best buy.

The bank does not have an emotional attachment to the property – they view it as an asset that they are trying to turn. 

Most people who sell their property often have an emotional attachment to the property and place great value on the memories created there.  I always try to point out that a buyer will not pay you $.01 for your memories or your good neighbors. 

I have also noticed that sellers will often price their property according to how much they owe or how much he needs.  Banks usually do not price property this way; they price it at the market price and if it does not sell, they adjust the price to a level that the property will sell.

An astute buyer needs to check not only the bank foreclosures, but other properties to figure out what is the best value.