I have had many people ask me how many foreclosures are in our current real estate market. At the present time there are 134 homes that are in foreclosure in the Hilton Head area; 3 in Sea Pines Plantation, one in Forest Beach, 3 in Wexford Plantation, one in Long Cove, one in Palmetto Dunes, one in Folly Field, 7 in Hilton Head Plantation, one in Indigo Run, one in Palmetto Hall, 2 in Windmill Harbour, 9 in off plantation areas and the remaining in Bluffton.
Looking at a breakdown by price:
39 are priced under $100,000
23 are priced between $100,000 and $200,000
12 are priced between $300,000 and $400,000
6 are priced between $400,000 and $500,000
5 are priced between $500,000 and $600,000
3 are priced between $600,000 and $700,000
2 are priced between $700,000 and $800,000
one is priced between $800,000 and $900,000
one is priced between $900,000 and $1 million
3 are priced between $1 million and $1.5 million
2 are priced between $1.5 million and $2 million
one is priced between $2 million and $3 million
one is priced over $3 million (more…)
This beautiful home has unbelievable views of marsh to Calibogue Sound in Sea Pines Plantation. This home has many extras: 3-stop elevator, 2-car garage plus community pool & tennis courts on site. Spacious Great Room with lots of glass taking advantage of the view. Large master bedroom with an attached sun room. Master bath has his/her vanities and a walk-in closet. This is an end unit townhouse so it offers lots of glass windows on the side making it a light & bright home. Click here for additional photos and information on 53 Oyster Landing Lane.
I was visiting with some clients who were in the process of moving back to upstate New York to be closer to their children. They had been living on Hilton Head for over 20 years. They told me that they had rented a truck and that they had gotten such a great deal; it was only $200 and normally a truck like that would cost $800. I had to think about that for a moment and they went on to say that most people are leaving New York and driving the trucks from there, rather than driving the trucks back there. Because of this, they gave them a very good deal because they needed to get the truck back to New York.
This again is simple supply and demand – as it relates to any commodity.
If you are buying on Hilton Head Island you are in a great position – there is a lot of supply and some great deals available.
About five years ago I had a couple call me to do an updated market analysis of their home on Hilton Head Island. At that time they decided not to sell.
About a month ago they called me and asked me to come back to their home to give them an idea of what their home would sell for in today’s real estate market. I think that one of the first things I told them was that they were going to wish that they had sold five years ago.
I was surprised when they said that they were happy they did not sell then and that now was the right time to sell for them.
As a real estate agent, I often look at everything in regards to value and price. I think this couple had the right idea – they said that they valued their time in their home and said that no money in the world could make up for the happy times they had there – but that now it was time to move.
I think this is especially true in a place like Hilton Head, South Carolina where you can have so many great experiences and memories. So remember, the cost of a home is not always measured in dollars….
I am often asked what is the difference between a short sale and a foreclosure.
In a short sale, the owner still owns the property, but if they tried to sell they would have to bring money to the table because the property is currently worth less than the mortgage value. This is money that the owner does not have so they are negotiating with the bank in order to get out of their home before going into foreclosure.
One of the major problems with short sales is the fact that they take a lot of time. This does not matter often when a client is looking for a condo as a vacation home because it does not matter how long it takes to get it sold. On the other hand, if someone is moving to the island and needs to get in a property we normally don’t look at short sales.
In a foreclosure, the bank already owns the property and there is normally a faster turn around time.
A lot of people feel that there are some excellent values available in short sales, but you must be willing to wait.
I was recently at a real estate conference and one of the Realtors was talking about their listing process. He said one of the questions he often asks sellers is whether they want to list to sit or list to sell. In today’s market, this is a very smart question.
I often think of the real estate market like the stock market – there is a price to buy and a price to sell.
Would you call a stock broker and tell them that you would like to sell stock ABC for $50 per share when the price is actually $42 per share? The advantage to the stock market is that the value is printed for you. In the real estate market we can’t always give you an exact price that your property will sell for, but we can usually tell you what it won’t sell for.
It is important to realize that sellers and real estate agents do not determine the price; especially in this market. It is all based on the current real estate market.
So when you list your property, do you want to list to sit, or list to sell?
I decided to drive out to my farm one Saturday afternoon. Everyone knows the villa schedule on Hilton Head – Check out Saturday morning, check in Saturday afternoon.
As I was driving over the bridge into Bluffton, the traffic starting backing up driving eastbound on Hwy. 278; in fact, it backed up almost all the way to Interstate 95.
With my local knowledge, I knew that there were several alternatives to get around the traffic – driving further south on Interstate 95 to Exit 5 or taking the Bluffton Parkway. I knew that all these visitors in their SUVs with foreign license plates did not know these “local secrets.”
I think there is a lot of value in local knowledge. This is not only true relating to traffic, but in real estate as well. So many people make mistakes because they don’t ask an expert – remember, not all markets are created equal.
And the next time you are in a traffic jam, remember that there are other options. Give me a call and I’ll tell you how to get around it and if you need help with real estate, I can help you with that too.
