Good News may be on the horizon for flood insurance across the nation. We have come across a few articles, some helpful links and insurance people that we have listed below if you have any questions. Please feel free to forward this information or contact them directly. Thank you.
Home buying fervor has driven home prices to their largest annual gain since 2005, according to a recent article in the Wall Street Journal.
Evidently, home buyer interest – fueled by low mortgage rates as well as reduced inventories – helped drive prices up in 2013.
Now, experts are saying that home buyers and home sellers can expect price gains to level off in the wake of the home buying frenzy.
Key Statistics For National Home Buyers or Sellers
According to the Standard & Poor’s/Case-Shiller price index, U.S. home prices increased 11.3 percent year-over-year during the fourth quarter.
Meanwhile, the Case-Shiller index that measures home prices in 20 major metropolitan areas reported that prices increased 13.4 percent during that same period of time.
And another index, which is calculated by the Federal Housing Finance Agency, reported that prices increased 7.7 percent, to an eight-year high.
More News You Can Use
Here’s what else real estate analysts recently reported about the national housing market:
- Home priced decreased 0.1 percent from November to December in the 20-city index.
- That marked the second straight monthly decline.
- Experts noted that the monthly declines during the fourth quarter were actually the smallest for that period in eight years.
- Meanwhile, in January, sales of previously owned homes dropped 5.1 percent from a year earlier, according to the National Association of Realtors.
- Home builders across the country reported increased profits in recent months. For instance, Luxury builder Toll Brothers said it saw a 21 percent year-over-year increase in its average sales price during the quarter ending in January.
- However, the builder also reported that new contracts for homes during that same quarter decreased 6 percent year-over-year.
- Meanwhile, all 20 cities reported annual gains last year, including Las Vegas with the largest at 25.5 percent and San Francisco following close behind with 22.6 percent.
- Across the US, home prices have increased 21 percent after bottoming out in early 2012.
- Home prices, which dropped 35 percent between 2006 and 2012, now are 21 percent below their previous peak.
- Now, home prices are at the levels they were in mid-2004.
Experts say that the rising home prices are good in one sense, although they may also curb home buyer activity as homes become increasingly less affordable.
Still, in the long run, the leveling out of price gains is a good thing because it means a more stable and robust housing market.
Your National Real Estate Experts
We hope you stop by our blog again soon to get the latest information on national housing market activity.
We’re your national real estate experts and we’re here to help you make an informed decision on the market as a buyer or seller!
If you are getting the HEEBEE JEEBEES from all the snow, the shoveling, the traffic delays and the cold…check out Jet Blues new fares from Boston and New York. If you are flying from these areas to Savannah-Hilton Head, visit Jet Blues airfare here. If you are flying in from someplace else, check out HipMunk as they find some incredible airfare deals. Of course, we have some corporate deals at some of Hilton Head’s best resorts. E-mail us, we will find a home, villa or oceanfront that you will love.
It all starts with a listing and a REALTOR. We are closing this week on a Hilton Head Property and it’s absolutely amazing how many people have been involved in the sale. Real Estate creates jobs. From the time a listing is signed to the final closing this small event is a ripple in our economy that turns into waves. Some of these jobs are evident, but hang on for the Tsunami. We have identified 70 jobs from the first property sold. Imagine the ripple effect. Read the rest of this entry
According to a recent news article, the National Association of REALTORS® recently reported that nearly 5.1 million homes sold last year, which is the highest rate it’s been since 2006.
Meanwhile, values are rising as home sellers grow increasingly tired of selling their home for “cheap.”
Although this is resulting in longer Days on the Market averages, it also means that home prices are rising.
A Look Back at 2013 Activity
Here’s an overview of national real estate activity, according to December data:
- From January to December 2013, there were 4.87 existing home that were sold on a seasonally-adjusted annualized basis.
- That figure is one percent higher from the month before.
- For 2013 overall, there were 5.09 million home sales, which is a nine percent increase from the year before.
- What’s more, that figure is the highest reading it’s been since 2006.
- Meanwhile, home builders reported increased buyer foot traffic. In fact, they said the activity had reached a 7-year high.
- And by December 2013, the home supply was down to 4.6 months. This means that if activity stayed the same, all available homes for sale would be sold in that time frame.
- The latest report also revealed that homes are not selling as quickly as the year before.
- While 28 percent of homes sold in 30 days or less, the Median Days on the Market actually increased substantially, from 16 to 72 days.
- In fact, Days on the Market has been steadily increasing for the last seven months.
- Here’s another thing to note: home prices have increased more than 20 percent in some regional housing markets over the last year, in part because of bidding wars.
- In December, foreclosed homes had a median Days on Market of 67 days.
A Look Ahead to 2014
Experts predict that cold weather in December and January may have created even more pent-up home buyer demand, which could bode well for housing market activity in the coming months as temperatures warm up.
Experts are also saying that while home sales have slowed over the last several months, competition is greater than ever.
This is aided by the fact that home sellers are feeling more confident than ever. They’re no longer worried about whether their home will ever sell, they’re worried about getting the best price possible for their home.
Thus, many have raised their list prices to values that they think are reasonable instead of pricing them undervalue in an effort to attract buyers.
While this might slow the momentum a little (and thus lead to longer Days on the Market), the long-term effect will be that prices will rise as buyers realize this is not a passing trend.
Your #1 Source for National Real Estate News
Please check out our website again soon to receive national real estate market updates and see how recent activity may affect your efforts as a buyer or seller.
All markets move based on supply and demand. If you understand this, you will never have a problem buying or selling real estate. This short informative video will help determine the best price for Hilton Head Real Estate based on interest, showings and offers. Read the rest of this entry
We love creating great marketing, selling property and having fun on Hilton Head Island. Thanks to all the agents that attended the International Paleo Cuisine Tasting at 17 Firethorn Lane. Although the final count has not been confirmed, we had over 300 virtual visitors and almost 100 local Hilton Head REALTORS in attendance…even with the rain. It is our hope that one of these agents brings the buyer for this incredible home , wins the free iPad…or both! Thanks for coming out. Read the rest of this entry
The economic recovery is not just confined to one region of the United States, according to a recent news article.
Evidently, a recent report from the U.S. Conference of Mayors noted that almost every city in the country is expected to see economic growth in the New Year!
This is great news for everyone because it shows that our economy continues to strengthen after the recent recession.
Why You Can Expect Great Things in 2014
According to the recent report from the U.S. Conference of Mayors, most cities in the US are expected to see economic growth and job gains in 2014.
Here are the cities that are expected to lead the pack:
- Naples, Florida
- Raleigh, North Carolina
- Atlanta, Georgia
- Austin, Texas
What’s more, those cities who were severely affected by drops in manufacturing or by the housing market crash are also expected to see gains in the new year:
- Youngstown, Ohio is expected to see economic growth of 1.6 percent
- Buffalo, New York is expected to see economic gains of 1.5 percent
- Shreveport, Louisiana is expected to grow by 1.6 percent, after the community saw a 5.2 percent decrease last year.
Experts say that part of the key to economic growth has been the stabilization of housing. Job growth has also helped to encourage spending.
They noted that college towns (such as Lawrence, Kansas or Austin, Texas) are expected to make strong gains while the larger cities (like New York and Chicago) are expected to see more modest growth.
Here are some more highlights of the recent report:
- 340 of 363 metro areas will see economic growth by at least 1 percent.
- Last year, only 183 metro areas saw such growth.
- In addition, experts predict that 69 of those 363 metro areas will see growth exceeding 3 percent.
- And only seven of the 363 metro areas will probably not see economic growth, according to the report.
- While that’s unfortunate, it’s still exceptionally better than last year when 97 metro areas didn’t see growth.
A New Year, A New Economy
With a New Year comes new opportunity. We’re thrilled to know that the local economy in almost all major US cities is expected to grow in the coming year.
Check back here soon to learn about more about national trends that may affect your efforts as a home buyer or seller.
May River Preserve is the area’s newest private gated residential community by Reed Development. May River Preserve is located on Bluffton’s old historic corridor in Bluffton, SC which is a riverfront town located 15 miles from the beaches of Hilton Head Island and 25 minutes to historic Savannah, GA.
- Natural gas community
- 320 acres and only 109 total homesites
- Over 20 acres of water
- Low country architectural themed designs
- Low yearly Property Owner Dues of $1,200
- May River Preserve Amenity Site Plan
May River Preserve- Information and Pricing
Southern Coastal Homes and David Weekley Homes are the exclusive builders in May River Preserve. The model designs are now complete and May River Preserve is offering home/lot packages in the price range of $399,900 – $480,000 + for the Phase One release. Individual homesites are available, starting at $79,000 for those that just aren’t ready to build. The home-sites start at approximately ½ acre offering lake and wooded preserve views. The amenity package includes a community pool, indoor / outdoor pavilion, security gate and common space with fire pits. Many Homesites have already been reserved. Please email us for contact and additional information at May River Plantation.
Up to 75% lot loan financing for the Hilton Head Area. With 25% down payment, rates vary based on credit scores, but with a credit score as an example at 787 the rate would be 3.750% with .250% point. Amortization is 10 years and balloons in 5 years. For more information please contact: Joan Sherwood
1040 William Hilton Parkway
Hilton Head Island, SC 29928
o: (843) 785-2880
f: (843) 410-4550
m: (843) 384-1385