By James Wedgeworth on June 22nd, 2010
My wife and I were in Lexington, Virginia visiting our daughter recently. We went for a walk to get some coffee and passed by a beautiful home. It happened to be for sale and we picked up a flyer out of the box out front - it was listed for $1.5 million. I automatically thought that this house was not worth $1.5 million, especially when the house down the street that was similar was priced at $500,000.
My wife looked at me and said that there was no way I could know that this house was worth because I was not a Realtor in this area. Real estate works the same in all areas – there is a pecking order for properties. You don’t have a lot of buyers in Lexington, Virginia looking for a $1.5 million dollar property on 6.5 acres.
I once went on a listing appointment and the seller told me that they wanted $10 million for their oceanfront home. I knew there was no way she could get that when her next door neighbor’s home was on the market for $5 million. She said her house was slightly larger – which it was, and her home had 5 bedrooms rather than 4 bedrooms – which it did, and that the pool was larger – which it was. These factors; however, did not mean that the house was worth twice as much.
It sometimes amazes me the price someone will put on a property.
When someone is trying to determine the value of their home, I think it is important to look at the competition. I often tell people that the price of their house is not determined by me, but that it is determined by the market and the buyers in the market.
By James Wedgeworth on May 14th, 2010
I noticed in the local Island Packet today that the average 30-year fixed mortgage has reached 4.93% which is the lowest level we have seen in quite some time. If someone is interested in purchasing property on Hilton Head Island, interest rates are your friend.
There are a lot of things pointing out that now is a great time to buy – there is a great selection of property, great prices, low interest rates and motivated sellers.
By James Wedgeworth on May 7th, 2010
I was driving through Asheville today and saw a billboard that had the above saying. This made all the sense in the world to me.
This is the prime time to lock in a low interest rate.
It is the perfect storm for buying – low prices, low interest rates and a great selection. So what are you waiting for – NOW is the time to buy!
By James Wedgeworth on May 3rd, 2010
How many real estate sales does it take to turn a market around?
I had a client in town who was looking for a property in a particular plantation. I told them that there were 55 homes currently on the market and there had been two sales. Nothing that was currently on the market could begin to compare to the two homes that sold because the owners were clearly not as motivated to sell.
The lesson from this; act when you find a good buy on the market so you don’t miss out later on.
By James Wedgeworth on March 17th, 2010
I was watching television at the gym this morning and a commercial came on advertising a caribbean resort that was offering rooms at 60% – “a once in a lifetime opportunity.” Not as many people are traveling as in years past and they are trying to fill their rooms.
Perhaps we should look at the real estate market in the same way. There are not as many buyers as their have been in years past, creating lots of great buying opportunities – making this real estate market “a once in a lifetime opportunity.”
A few years down the road, maybe we will be looking back at this time and will be kicking ourselves for not taking advantage of the great deals available on Hilton Head Island.
Click here to view my featured Hilton Head Island listings – for your opportunity of a lifetime.
By James Wedgeworth on March 3rd, 2010
I get asked this question almost every day. People are always wondering if the market has bottomed out or if they should wait longer to purchase - should they buy before the real estate market gets better in the spring.
Timing is everything in real estate, but the most important thing is to buy when you find the property you are looking for at a price you think is a good price. Does that mean you might purchase a villa and it go down $10,000 in value – yes, that could possibly happen. But you never know.
At least once a week I talk to someone who says that they should have sold in 2005, but the market was so strong that they thought they would wait another year – that was a big mistake.
The most important thing is to buy when you are ready to buy and sell when you are ready to sell and don’t try to second guess the market. I’ve been in real estate for almost 30 years and I’m not very successful at 2nd guessing the market.
By James Wedgeworth on February 18th, 2010
Enjoy spectacular views from 1097 Lighthouse II Villas
Just listed in the heart of Harbour Town – this beautiful Lighthouse II penthouse is immaculate. Rarely on the market, this is a great opportunity in Sea Pines Plantation.
Two bedrooms were combined to form huge master suite with spectacular bathroom. Details abound in this villa – crown molding, coffered ceilings, teak floors and fabulous views.
Click here for additional photos and information on this chance of a lifetime.
By James Wedgeworth on February 13th, 2010
There is an old saying in real estate that says “when you are ready to buy, the property you want to buy will not be available at that time.” I find this to be true quite often.
I recently had some clients who were several years away from retirement, but a house came on the market that they absolutely loved. They said, “only if this house would be available in two years” to which I replied that the chances of that happening would be slim to none.
I always tell my clients that if they find the property they are looking for, buy it. It does not matter if it is six months too early, a year too early or a year and a half too early. For years, you will be happy with the decision you have made.
About 15 years ago, I had a client who told me that they always wanted to own a home on S. Calibogue Cay (there are only about eight or nine homes on that street. One came available that was a great buy and he said that he wished it was on the market at a different time. I told him that down the road this house probably would not be available. After some thought, he decided to buy and to this day he is thankful for buying when they did and they love their home.
By James Wedgeworth on November 5th, 2009
Beautiful Home in Port Royal Plantation
We just listed this great home at 10 Piece of Eight in Port Royal Plantation on Hilton Head Island.
This home features beautiful double fairway views with plenty of privacy on a cul-de-sac street. This home is superbly maintained with generous room sizes and many updates throughout. Abundant storage, terrific floor plan and wonderful outside living areas. Even better – just a half mile walk to beach. Enjoy the Port Royal amenities. 3,257 square feet per owner.
Want more information on 10 Piece of Eight - visit my website at www.JamesWedgeworth.com.
