October 2012

Found 4 blog entries for October 2012.

 

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The recession has created an opportunity for home buyers today, to own a home at less than half of what they would have paid six years ago. That’s a real estate sale of unprecedented historic proportions! A home that would have sold for $800,000 six years ago, is today selling for right around $488,000.

Six years ago, the interest rate on your 80% loan would have been approximately 6.34%, but the interest rate today, on that same home on a 30-year fixed rate mortgage is running 3.85% and even lower at times.


See the chart above.  Your monthly payment on your home that you bought six years ago for $800,000 would have cost you $3,978 a month. TODAY, as a result of drastically decreased home prices and historically low mortgage rates, you would

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If there was ever a time to buy real estate, especially in the Hilton Head Island area, now would be it. Home prices have dropped by an unprecedented 35- 40% as a result of the recession, a greater drop than even during the Great Depression. This one fact alone may make this the best time in the history of the United States to buy a home.

But, now add into your thinking that mortgage interest rates are at historic lows.

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Freddie Mac has been keeping records of mortgage interest rates in America since 1971. As seen in the chart above, never in those 41 years have rates been this low. It’s almost like FREE MONEY!

This combination of rates not seen in most of our lifetimes and a shocking decrease in home prices has created the total

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rick_turner_oct_960WOW! In the first three quarters of this year 1712 homes have sold in the Hilton Head Island area, and the year is not over yet. This number is 9% higher than in the pre-recession year of 2006 and 10% more than the number sold in 2011. There are a couple of reasons for seeing these types of numbers in sales.

 

Historically Hilton Head is the last market to experience recession and the first to come out of it. We could credit this to the fact that the area is not only a premier vacation destination; it’s also one of the top retirement destinations in the country. Evidence of this comes from the South Carolina Association of Realtors. For three years now they have reported that the Hilton Head Island area has been the hottest real estate market in the

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Hilton Head area median home prices were on a decline since the recession began in 2006, but in the first half of 2011 these prices hit their low point. Now, in the first half of 2012, home sales are on the rise, and median home prices have increased 1.3%. See the chart below:

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Pundits sometimes ask, "How do you know when you've reached the bottom of the market?” The answer is, “When you see it in your rear view mirror." We can now see the bottom in our rear view mirror.

This fall literally may be the best time EVER to purchase a home in the Hilton Head area... before prices rise even further. Visit our website to find properties of interest, and email me or give us call at (843) 816-0796 with your questions, or to schedule an appointment. Rick

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