Excellent News for Home Buyers: US Prices Stabilizing

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Home Selling 6If you’ve been weighing whether now is the right time to enter the local housing market as a home buyer, we have some news to share with you that will help you decide.

According to a recent report from real estate data provider CoreLogic, U.S. home price gains are slowing down, despite an increase during the month of August.

This is great news for home buyers because it means that you have a fantastic opportunity to get a reasonable price on your next home before prices continue to rise!

What Every Home Buyer Should Know About Recent US Housing Market Activity

CoreLogic reported that home prices increased 6.4 percent in August when compared to last year.

Still, that figure is actually down slightly from the annual gain of 6.8 percent in July.

Here’s what else the recent housing market report revealed:

  • The increase in home prices is also down when compared to how much they had been rising toward the end of last year. During that time, prices were rising as much as 12 percent.
  • Home sales have been mostly stable throughout 2014, as have price gains.
  • All states showed home price gains during the month of August, save for Arkansas where prices were stagnate.
  • Home values rose 11.1 percent in Michigan, which led the pack. And values in California and Nevada came in second place with 9.2 percent.
  • In terms of specific cities, the Houston area saw home values increase 11.1 percent compared to the previous year. Los Angeles, Atlanta, Dallas and Riverside also saw large gains.
  • Home prices nationwide remain about 12.1 percent below their peak average in April 2006.
  • Home purchases decreased 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August.
  • Home sales decreased from a July rate of 5.14 million.
  • Meanwhile, the pace of home sales dropped 5.3 percent year-over-year.
  • Experts say that an annual sales rate of 5.5 million is considered a healthy market.
  • Meanwhile, the median sales price has increased 4.8 percent over the last 12 months to $219,800, although that average dropped slightly during the month of August when compared to July and June.

Experts say that most of any uptick in sales activity (and thus, values) on the national housing market would depend on wage growth. That’s because wages are currently neck-in-neck with inflation, making it hard for home buyers to increase in buying power.

Still, there’s hope on the horizon:

Although hourly wages have only increased 2.3 percent over the last 12 months, there are signs that that activity will pick up in 2015.

Use Recent Activity on the National Housing Market to Your Advantage

As you can see, the market has stabilized itself enough where you could purchase a home and get a pretty good return on your investment as values eventually continue to rise.

So if you’re thinking about investing in real estate anytime soon, now is the time to do so!

And be sure to check back here soon as we continue to discuss with you important real estate trends that impact you!



Buy and Rent til your ready to move on Hilton Head Island

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Miller Long Term Rentals on Hilton Head IslandA note from Gerry at Miller Long Term Rentals:

Now is the time to take advantage of low interest rates, low home prices and an excellent long term rental market to help defray the carrying costs, even though you are not planning to move for a few years.  This is a trend that is happening now on Hilton Head. 

If you would like to discuss the prospects of buying and renting a home on Hilton Head Island or the Bluffton area, please call our office as we would be happy to explain the long term rental market. 

Please click  Long Term Rentals on Hilton Head Island for a list of Octobers Long Term Rentals.  Thank you.

Best Regards,

 

Gerry Ferrara, Property Manager

Miller Long Term Rentals Inc.

4 Dunmore Court, Bldg. A, Suite 100

Hilton Head Island, SC 29926

843-682-4310, Fax 843-682-4316

gerry@millerlongterm.com

www.millerltr.com                                        

 



The Real Reasons to own a villa on Hilton Head!

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RS Barrington Ct Generics LoVillas in the Hilton Head Area come in all shapes and sizes.  Their locations vary as do their prices from $40,000 to almost $3 million.   The benefits of ownership can include logical reasons including possible tax deductions, rental income and potential appreciation.  Listed below however, are the real reasons to own a villa on Hilton Head Island. Read the rest of this entry



Bankruptcy Sale – Big, Bright and Beautiful

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Play VisualTour

Bankruptcy Sale.

Custom built. This big beautiful home includes three car garage with a private pool and deepwater dock in the backyard. Features include crown moldings, family room, six bedrooms, big closets, office, covered patio, sundeck, circular staircase, spectacular custom kitchen, 3rd floor playroom and big master suite. Wexford offers world class golf, a lock system, marina and tennis within a private gated community on Hilton Head Island.  Over 7,000 htd, offered at $1,799,000.00



Bluffton, South Carolina – What a wonderful place to call Home!

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Bluffton, The Last True Coastal Village Of The South

Nestled in the southern tip of South Carolina, just over the bridge from Hilton Head Island, SC and 20 miles northeast of Savannah, GA, Bluffton is easily accessible from Intrastate Highways 46, 170, 287 and Interstate 95. The area of Bluffton offers a small town feel while its location adjacent to Hilton Head Island provides luxury amenities, fine dining, shopping, and sub tropical temperatures. The natural landscape and pristine environment meshes perfectly with the great cultural pride of Bluffton residents.

Old Towne Bluffton

Until recently, Bluffton was a town of one square mile, but as Hilton Head Island grew and expanded, Bluffton began to benefit as well with the growing number of people wanting to be near Hilton Head Island, but still enjoy the closeness and charm of a small town. Bluffton currently covers about 35 square miles of land.  The original one square mile is now known as “Old Town”, and is the area where most of the historical preservation, landmarks, and tours take place. Many newer neighborhoods with shopping, dining, golf, parks, recreation, and commercial businesses have been popping up in the last few years, but the small town feel of the original Bluffton is still preserved and maintained through careful city planning.

Featured Communities of Bluffton

Lots       $1.00 – $325,000
Homes $394,900 – $1,649,000

Lots       $1.00 – $319,000
Homes $325,000 – $2,500,000

Lots       $1.00 – $449,000
Homes $499,000 – $12,600,000

Homes $229,000 – $244,900

Lots       $52,000 – $179,000
Homes $279,000 – $995,000

Lots       $39,900 – $259,000
Villas    $299,000 – $599,900
Homes $397,500 – $999,900

Homes $285,000 – $399,000

Homes $248,900 – $459,900

Homes $136,500 – $329,900

Lots       $33,000 – $385,000
Villas    $154,500 – $242,000
Homes $124,900 – $999,000

 

Pinecrest

Homes $180,000 – $324,900

Lots  $24,900 – $529,000
Homes 199,900 – $1,350,000

Lots       $44,900 – $109,900
Homes $334,000 – $569,000
Lots           $118,900 – $1,950,000
Homes     $595,000 – $6,495,000
Bluffton Communities

Welcome Home To Bluffton, SC

When you are ready to make your dream a reality, feel free to search Bluffton homes for sale, browse Bluffton communities and neighborhoods and request a . To learn even more about the Bluffton, SC area, simply contact me, Robbie Bunting, your expert Bluffton real estate agent.



Beaufort County officials mull ways to fix school funding issues | Bluffton Today

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Beaufort County officials mull ways to fix school funding issues | Bluffton Today.



US Real Estate Market Sees 6-Year Home Sales High

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US Home SalesWe’re breaking records on the U.S. housing market!

Evidently, during the month of August, national home sales reached their highest levels in more than six years, according to a recent report from the Commerce Department.

This is incredible! That means that sales activity has returned to the levels it was pre-bubble burst. And this spells great success for anyone interested in listing their home on the market.

A Closer Look at US Home Data

According to Commerce Department figures, new home sales jumped 18 percent to a 504,000 annualized rate, which is the strongest it’s been since May 2008.

Not only that, but this rate is even higher than the highest forecast made by a Bloomberg survey of economists.

This one-month increase shattered a 22-year record. That’s because the last time the US housing market saw a one-month increase this big was 1992.

Here’s what else the Commerce Department revealed in its report:

  • Economists surveyed in the Bloomberg report said the pace would increase between 405,000 and 455,000.
  • The median forecast of 74 economists was that the pace would increase 430,000.
  • The median sales price of a new house increased 8 percent year over year in August, to $275,600
  • Home purchases increased in three of four U.S. regions. The West led the group with a 50 percent jump.
  • The housing inventory (given the current sales rate) dropped to 4.8 months from 5.6 months in July.
  • There were 203,000 new houses on the market at the end of August.
  • Existing home sales decreased 1.8 percent to a 5.05 million annual pace last month. This occurred after existing home sales reached a 10-month high of 5.14 million in July.
  • Housing starts decreased 14.4 percent to a 956,000 annualized rate. This occurred after July’s 1.12 million pace was the strongest it’s been since November 2007.

Canada Home Sales See Encouraging Numbers as Well

  • Canadian national home sales increased 1.8 percent from July to August.
  • Actual (not seasonally adjusted) activity were 2.1 percent above August 2013 levels.
  • The number of newly listed homes decreased 1.2 percent between July to August.
  • The MLS Home Price Index increased 5.3 percent in August when compared to last year.
  • The national average sale price also increased 5.3 percent in August when compared to last year.

Moving The US Real Estate Market Forward

Experts say that the housing market has been growing in fits and starts but that steady growth is what will be needed in the long-term to effectively stabilize the market.

Still, home sellers can be encouraged by these recent numbers as they do demonstrate that the market is headed in the right direction!

Check back here soon as we continue to watch the housing market, looking for trends that impact you as home buyers and sellers.



Shopping for a Vacation Rental company on Hilton Head Island?

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photo (2)As summer comes to an end, this is the perfect time to shop and compare rental companies.  We are pleased to introduce, HiltonHeadPropertiesRandR.com.  Darcey Sundling, Property Manager/Principal can help a property owner achieve their properties full rental potential and has put some together some excellent programs including the “Allegiance Program” for local REALTORS. Read the rest of this entry



Delinquent Tax Sale ~ Hilton Head, Daufuskie and Bluffton Properties

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The delinquent tax sale for Beaufort County is always the first Monday of October.  The sale will include properties on Hilton Head, Daufuskie, Bluffton and other locations in Beaufort County.  Information can be found on the counties website for more information about the process(or click on the short video to the right, our phone number has changed to (843)785-7111 or Robbie@robbiebunting.com).  Thank you.

Read the rest of this entry



Report: Big Homes Are a Hot Trend on the National Real Estate Market

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US Construction Big homes are a big deal on the national housing market, according to a recent article in USA Today.

Evidently, a growing number of home buyers are looking for larger homes to accommodate their every need and desire.

In fact, of the 569,000 homes built last year in the US, about 33 percent (or 188,000 homes) had three or more bathrooms. That’s the largest share since tracking of new construction homes started in 1987.

Meanwhile, 44 percent of last year’s total new homes (or 251,000 homes) featured four or more bedrooms – which is the largest share it’s been since 1973.

These homes also tend to come with a lot more amenities:

  • 53 percent of the homes built last year (301,000) had a patio
  • 63 percent (361,000) had a porch
  • And 22 percent (127,000) had a deck

It’s quite an interesting trend, especially given that at the same time, home ownership rates are remaining stable and the size of families and households is actually decreasing.

Let’s Take a Closer Look At This Recent U.S. Trend

Here are some recent real estate market statistics that will provide additional context on this trend:

  • The average square footage of new single-family homes in the United States jumped almost 57 percent to 2,598 in 2013, compared with 1,660 in 1973.
  • The Northeast boasts the second-highest average square footage, with that number jumping from 1,959 to 2,636 during that same time period. That’s an increase of 65 percent!
  • Meanwhile, the number of people actually living in these homes has continued to decrease. In fact, the average number of people per household in the US decreased from 3.01 in 1973 to 2.54 in 2013.
  • Specifically, families have decreased from 3.48 to 3.12 during that same time period.
  • As one might expect, bigger homes have caused a rise in the average sales price of new construction homes. In fact, that figure skyrocketed from $62,500 in 1978 to $324,000 in 2013.
  • The Northeast has the highest average sales price, which exploded from $63,000 in 1978 to $469,000 in 2013 – an increase of 646 percent.
  • Even within the short time frame of 2012 to 2013, sales prices still showed huge increases. For instance, the average sales price of newly built single-family homes jumped 20 percent – from $292,000 in 2012 to $324,000 in 2013.

Yet the income levels of individuals are not keeping pace with these bigger (and more expensive) homes. For instance, the median income in the US increased by 9 percent from 1978 to 2012 – from $56,975 to $62,241.

And the home ownership rate continued to decrease – from 65.4 percent during the fourth quarter of 2012 to 65.2 percent during the fourth quarter of 2013.

Experts say that those people in the higher income levels that are more active on the housing market. Maybe that’s why all-cash sales accounted for 42.7 percent of all U.S. residential property sales during the first quarter of 2014, up from 20 percent during the first quarter of 2011.

What Do You Make of This Recent Real Estate Trend?

We would love to hear your thoughts!

We certainly think that all of this market activity will have an overall positive impact on the U.S. real estate market.

For now, be sure to check back here soon for more valuable and up-to-date information that may impact you as a buyer or seller.




Copyright © 2014 Hilton Head Real Estate. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.
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