2011
o 87 homes sold for total of $149.8M
o 69 homes in the $1M’s
o 12 homes in the $2M’s
o 2 in the $4M’s
o 2 over $5M
2012
o 99 homes sold for total of $177.9M
o 75 homes in the $1M’s
o 13 homes in the $2M’s
o 6 in the $3M’s
o 3 in the $4M’s
o 2 over $5M
Even more compelling for the luxury home buyer is that the average price is up 4.4%. With the real estate market expected to continue improving, high-end buyers should strongly consider purchasing this winter to avoid higher prices after the strong spring market. By the end of spring, prices could easily be up another 4.4% which would mean for the average luxury home the price would be about $79,000 higher. That’s a lot to pay for.
AND GET THIS! Banks are still giving money away. In the high-end jumbo market, buyers can borrow up to 80% at:
· 3.5% for a 30-year fixed-rate loan,
· Or 2.65% for 10/1 ARM (30-year amortization, rate is fixed for the first 10 years and then floats annually).
Luxury home buyers are urged to take advantage of today’s once-in-a-lifetime reduced prices before they rise any further, and today’s historic low interest rates. Visit our website, www.HiltonHeadRealEstateSearch.com, to find properties of interest, and email me or give us a call at (843) 816-0796 with your questions, or to schedule an appointment. Rick Turner and Associates – Expect More. Get More.