I was at workout this morning and one of the guys asked me what I thought about 2009. I responded with the title of this post! It is an old country music song. This guy was from up north and I had to explain to him what Greyhound Bus Lines were. He didn’t know they existed.

I think this song title truly indicates the feeling that most realtors have about the real estate market in 2009. It was the slowest year we have had in production in a long time. It was the biggest drop in production from the previous year in the 29 years I have been in Hilton Head.

2009 was also a year that saw many people leave the real estate business. Some of the major real estate companies went through a restructure and some even closed down.

It has been a rough year in more ways than you can count for the real estate profession. It has also affected other professions relating to real estate i.e. appraisers, closing attorneys, home inspectors, etc.

My hope is that 2010 will be the year of the buyer! I think 2010 will bring sellers around to realize that prices have corrected and that if they want to sell their property, they have to price it at a price to sell in today’s market. There is a silver lining in this dark cloud, if you are a buyer!

The old saying that “Good things come to those who wait” has always been true.  Well the wait is over! 

If you’re thinking of buying a resort property on Hilton Head, I have never seen a better time to buy.  I know there are a lot people whose New Year’s resolution is going to “pick up a place at the beach”; well now is a good time to do so. 

All of the lights are green when you look at what is important.  First of all, prices are down to approximate levels that we saw 6 or 7 years ago.  Second, interest rates are at historic lows.  Third, inventory levels are extremely high.  In other words, whatever you want, we probably have three or four of them. 

When you look at what is happening in the real estate market now it is a great time – the wait is over!

For buyers it is also good news that there are a number of bank foreclosures properties that banks are willing to sell at greatly reduced prices.  So not only do you get a good value but you get a good location, good interest rates, and there are a lot more motivated sellers that want to get their property sold.

How long will this window of opportunity last?  Well, I don’t know but I know usually the market picks up in the Spring.  So if people are looking to purchase, I tell them now is a good time to do so.

Sincerely yours,

James Wedgeworth

Retail stores had great results on “Black Friday” – the Friday after Thanksgiving.  I think they need to call it “Green Friday” because there is a lot of money being spent.

What can we learn from this as buyers and sellers of real estate.

It amazes me that someone will spend the night in front of a store in freezing weather to get a good buy.  That shows you that there are buyers out there looking for great deals.

As a seller of property in the current Hilton Head Island real estate market, I think this is a valuable lesson.  We just don’t have people willing to pay last year’s prices when they get homes at a lower price.  So many sellers keep telling me that their property is priced properly, but we are not getting any offers.  Other properties are getting multiple offers.

I recently heard of a 2nd row property in North Forest Beach that had 16 offers – while there were eight other 2nd row properties with no offers.  This one was a good buy.

There are buyers if the price is right.  In a slow market people are more motivated than ever to look for the best value.  If you want your property sold today, you have to put a “Black Friday” special on it and try to get activity.  Otherwise, your home might just sit on the shelf.