I showed property to someone and we found a great bank foreclosure; it was under priced and it was in a great location.  When I talked to the husband the next day, he said that his wife really did not like the floor plan – he said, “momma ain’t gonna buy it just because it is a good deal.”

I guess this really shows that it does not matter what a good deal a property is; if you do not like it, you are not going to buy it.  I always try to point out to people that the need to like what they buy because they are going to have to live in it.

I received a phone call from a client asking me to do an updated market analysis on their Hilton Head Island property. 

I told him that the home was probably somewhere around $400,000 in today’s market.  He did not want to list, but he said that if I had a buyer come along who was eccentric and wanted a house like his that he would take $550,000. 

I almost couldn’t believe what he was saying; I wish I could bring him a buyer like that, but I had to tell him that this buyer does not exist. 

Would someone walk into a car dealership and pay $40,000 for a car that was worth $20,000?  Probably not.  The same rules apply for real estate.

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.

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.

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.

I recently had a family call me to sell their vacation villa.  When I went to visit with them they said that the reason they were selling was because their life had become so hectic that they were not able to travel to Hilton Head Island to use their villa. 

As we were were talking about their property, the seller felt bad because they felt that they were not taking advantage of their property.  They had owned their villa for many years and had lots of good memories.  She said, “you use it or lose it” and I find this to be very true in many things in life.

Several years ago I sold a villa to someone from Cincinnati, Ohio.  When he purchased the villa, he said he could not believe he was doing it because he was only planning on coming to Hilton Head twice per year.  It turns out that he has used it almost 10 times per year and has felt that it was a great family investment.  The villa has gone up in value, but that nothing to do with what he meant.  He was just referring to the time spent and memories formed in their villa.  That is what I call value.

I was with two of my children and another family and was listening to my children tell about all the great times we had at Melrose when they were growing up.  We used to go over there for several weeks during the summer - I would work during the day and catch the ferry every night. 

When people asked me what I thought about Melrose, I seemed to think about the $35,000 I lost in that investment.  My four kids don’t look at it that way at all.  When you look at the overall picture I think that they are right and I am wrong.  You “use it or lose it.”

I was talking to a Realtor friend of mine in Chicago the other day.  On Friday she had listed a great property that she was so excited about – it represented a great value and was priced correctly in the market. 

Monday morning, two comparable properties had been reduced in price and the pricing that had been determined on Friday that was correct, was now in fact incorrect.  It was hard to believe that she was right on Friday and wrong on Monday. 

We had to step back and realize that all markets, especially the real estate market, changes from day to day. 

I once had a client who owned a lot in Sea Pines Plantation.  He called to get an updated market analysis on his property and I told him that the lot was worth $600,000. 

Six months later I heard from my client; he was so excited because he had someone offer him $600,000 for his lot and he had signed a contract.  I then told him that his lot at this point was actually worth somewhere around $700,000.  My client was distraught because I had previously told him that his lot was worth $600,000. 

Again, the market changes from day to day.  This is why I think it is important to consult your Realtor regularly as to the value of your property.  Remember, you can be right on Friday and wrong on Monday.

I was eating breakfast at a diner in Estill, South Carolina last weekend.  A young woman walked in and she was wearing a tshirt that said “will trade boyfriend for tractor”.  I did not really understand her shirt or why she would wear something like this.  Then I thought – everyone has things that are important to them. 

I recently went to list a 2nd row ocean home in Sea Pines Plantation.  When the homeowner told me what they thought their home was worth I was shocked.  I went on to tell them that oceanfront homes similar to theirs had not sold for that price. 

They came back and said that being 2nd row was better because you did not have people in your backyard all the time. 

I understand that this might be what they prefer, but it does not change the market. 

It is kind of like if you wanted to sell your Mercedes for more than a Bentley.  Just because you might like your Mercedes more, this does not mean that it is worth more than a Bentley. 

In my 29 years of selling real estate on Hilton Head I have learned that everyone has their opinion – but again, these opinions don’t always alter the market.

People call every day and ask what we think their property is worth.  The first and most important question we ask is when they purchased their property. 

By asking this question, we can get a good idea of where it is in value because we understand what has happened to property values.

I keep a chart in my office that shows property appreciation/depreciation percentages each year since 1990. 

By asking what year someone purchased real estate and what they paid for their property, I can give a good estimate of what their property is worth. 

What it is worth to you as a seller may not be what it is worth on the market.  I often tell people that a property’s worth has a lot to do with the way you use it and the value it is to you and your family.