Hilton Head SC Home Values Increase
Hilton Head SC real estate - which includes the historic town of Bluffton, SC-offers some of the most equisite and breathtaking real estate in the nation. From our small beach-town charm, incredible array of recreational and social amenities, and oceanfront Hilton Head real estate, it is easy to see why so many people dream of making the Hilton Head Island area their home. During the recent real estate downturn, maybe people were waiting to see what would happen before buying-but trust me, if you wait much longer, you are going to miss out.
Hilton Head Real Estate Prices
Nationally and locally, the housing numbers are overwhelmingly positive-and as you can see from the graph above, home prices have increased 13.6% in the second quarter of 2013 alone! What does that mean for you, the prospective Hilton Head home buyer?
It means if you bought a home now at $400,000 during this quarter, and it appreciates at the same rate, then if you waited until the this fall to buy that SAME HOME would cost you $454,400. The SAME HOME!
The only thing that has changed? Home Prices. Hilton Head home prices are dramatically climbing as the demand for beautiful homes, dream locations and a solid financial atmosphere create a perfect trifecta for the real estate market. Prices are climbing. What will happen in the next several quarters? This sudden burst of appreciation is more than likely the fact that the distressed properties (foreclosures and short sales) are almost sold out. We expect to see a moderate appreciation over the next year, perhaps in the 7 - 10% range.
Homes On Hilton Head And Bluffton SC
In April of 2013, a 30 year fixed was at 3.57 while a 15 year fixed was at 2.8. Now, in July of 2013, a 30 year fixed is 4.48 and a 15 year fixed is 3.62. That means that if you:
- buy a home now for $400,000, with 20% down, you will take out a loan for $320,000
- Fixed rates for a 30 year load are currently 4.48%
- At the current July 3, 30 year fixed rate, your mortgage would be $1617.59, before property taxes and insurance.
If you happen to be one of the people waiting around to make you real estate move, it could cost you big time. If interest rates increase only 1%, so they are at 5.48%, and home prices only go up 10% (and remember they jumped up 13.6% between the first and second quarters of 2013!), then that same home would cost you next year:
- $440,000 to buy the SAME home as above
- 20% down is now $88,000, so your loan is for $352,000
- Your interest rate is now 5.48%, making your monthly mortgage $1994.20 BEFORE ADDING property tax and PMI!
Your waiting to buy just cost you $376.61 a month for 30 years, and $376.61 extra a month for savings, kids college, travel, vaction, and car payments adds up quickly! That is a total of 135,579.60 MORE mortgage dept you wouldn't have to pay if you bought that same house right now at the current home prices- compelling evidence to wait no longer and make your real estate move today, wheather you choose to buy in the Hilton Head Island area or another area of the country that appeals to you. Our team of expert Hilton Head Realtors are here to help you find the perfect home.
Best regards,Posted by Rick Turner on