Every year we ask our trusted and local Hilton Head advisors to take a look at where we have been to get a better understanding of where we may be going. These market trends help us better adapt to this changing market and help us guide our clients and customers as they research the Hilton Head Real Estate Market. Below is the real estate financing update and video.
A Note from David Crowell at Mortgage Network
Mortgage Network is a good barometer of what is actually happening in local markets. We see more borrowers (both for purchase and for refinance) than any of the banks. Here is what we are seeing(click here for the video version of this information):
- Purchase transactions by young couples and first time home buyers. It is still the best market for them in decades.
- A steady flow of purchases in the $300,000-$500,000 range as bargain hunters are snapping up homes that are priced at distress levels.
- Condominiums are continuing to draw the attention of investors and bargain hunters. We believe condos will remain underpriced for a while, and that many retirees will choose this route because the cost is so much lower.
- The upper market $500,000-$1.2 million is finally starting to move as baby boomers have the confidence to retire.
- Top of the market $1.2-$5million. This is always a guess…tiny inventories coupled with buyers who can buy whether times are good or bad.
The outlook is great!
After a slow start to the year we are seeing an enormous increase in activity in the market. We believe that April, May and June have shown us the start of a trend that will take us through to a strong finish for the end of 2011. If you are in the market this is simply the absolute best time to buy. If you are not a buyer at the moment take this opportunity to refinance and get your financial house in order.
Please feel free to contact David at:
David Crowell NMLS #12620
Senior Loan Officer
Mortgage Network, Inc.
1000 William Hilton Parkway
Hilton Head Island, SC 29928
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