econmonic recovery

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In 2008, the number of Hilton Head Island homes under contract (“Pending”) for 11 out of 12 months was less than each corresponding month, one year prior, in 2007. This was a clear indication the home market was in decline. The negative trend continued into 2009, as the number of January, February and March Pending [...]

For those of us in the housing industry, whether on the selling or financing side of the business, we all agree that we are presently seeing many changes in the way business is conducted. In the past year on the financing side we have seen underwriting guidelines tighten, the appraisal process undergo radical change, and [...]

As the first-time homebuyer tax credit is set to expire on Nov. 30, 2009, government officials are considering ways to extend the $8,000 tax credit to many military personnel, if not to all first-time home buyers.

Here are some questions asked of by Frank Dune of Celebrate Hilton Head about the current real estate market.

1. To put the current real estate “slump” in perspective, how is it similar and how is it different from other cyclical downturns that you have experienced in this market throughout your real estate career? Inventory levels are similar to the 1991 down turn. Today there are about the same number of units on the market, although we have a higher percentage of Short Sales and Real Estate Owned (REO – bank owned) properties. As usual Hilton Head Island entered the down turn later and I believe it will exit the economic down turn before the rest of the country. Another interesting change this market has brought about is that today we have more properties for the end user (non-investment). In 1991 I feel there was a higher percentage of resort rental properties.