Short sale

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I pray none of the following apply to you. However, the current economic conditions have taken its toll on all of us. If you need to sell your home and any of the situations listed below apply, you need to tell your Realtor immediately. The only way your realtor can help you out of a [...]

We know everyone wants a good deal, no matter if you’re buying toothpaste or a home. That fact rings true especially in this market, as everyone knows prices have gone down appreciably. But one must keep in mind that “good” deals are relative and take a little time to study. Your idea of what a [...]

Short sales take place when an owner tries to sell his home for less than what he owes. This is usually the last gasp before foreclosure. Let’s say a seller owes $800,000 on their current mortgage and is trying to sell for $700,000. This would be a short sale. Once the seller gets an offer, [...]

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.