I was reading the Wall Street Journal the other day and saw an article that lit my fuse ... and made we want to plead with every real estate buyer, "BUY TODAY, BEFORE RATES JUMP." Here's a link to the article Nabbing a bargain-Basement Mortgage Before Rates Rise.

After I read that I was talking to one of our potential home buyers who was looking all along the South Carolina Coast. I urged him to find that area on the SC Coast that most fit his needs and buy today. "It may be the Hilton Head area or it may not," I told him, "but find something soon and take advantage of this interest rate windfall." 

Rule of Thumb: a 1% rise in rates equals a 10% rise in monthly P & I payments

I went on to share with him the general rule of thumb that a 1% rise in…

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     It’s what we have all been waiting for, significant change in the real estate market on Hilton Head Island, SC. Total closed real estate sales through March 15, 2010 were $285 million compared to the same period in 2009 that totaled $156 million. That is a tremendous increase of 83%. The average sale price has showed a small decline of 6% down from $360,000 in 2009 to $340,000 in 2010.

     It all adds up to sales being up and prices stabilizing. Conservative buyers are entering the market place at record numbers as mortgage money has become available at historic lows. Positive change continues in the Hilton Head area real estate market ... so bottoms up!

by Marcia Hunter, Rick Turner and Associates, 843-816-0422.

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