As part of my responsibility as a buyer's agent, I view and read market reports and, more importantly, sources that provide good ideas and a broader understanding of the multitude of factors that come into being a professional real estate agent. One of my recent findings came from the Realogy Corporation, and I agree with their recommendations. That said, as consumers we need to tune out the pervasive, never-ending, negative news from most media outlets. Let's get back to thinking for ourselves using verifiable information that is relevant to each of our own special goals and needs for the lifestyle we choose to live. Then let's make a plan and get on with it using the principles that make America great. We've always taken calculated risks because of the American spirit of working to make our dreams come true, undaunted by other hardships. What follows are highlights from the article, that from my perspective are relevant:
"Realty Corporation Proposed Housing Stimulation Through Mortgage Motivation"
To help stimulate the housing market and lead to a broader economic recovery, the company conducted separate national surveys with real estate franchises and U.S. homeowners, which underscore the rationale for its proposal. They posit a short-term government buy-down of mortgage rates to at least 4.5 percent, or lower, for a 30-year fixed mortgage (down from current rates of approximately 6.04 percent). This homebuyer incentive would apply to the purchase of all new and/or existing homes sold up to $1 million in price. There are a number of ways in which the government ultimately could decided to structure and fund this program.
On Hilton Head, I have experienced the same recurring theme Realogy discovered in all 50 states. Namely, there are substantial numbers of credit-worthy buyers waiting for lower rates and stability in home prices. There is pent-up demand for housing, and in a shared view, substantially lower mortgage rates will stimulate both existing and new home sales, reduce home inventory levels, stabilize home prices and, ultimately, help the overall economy. When home sales increase, housing-related consumer purchasing follows, and we would expect this to help lead our economy to a recovery.
The Hilton Head Island and Sun City, SC real estate market continues to exceed national trends and averages. Why? Aside from the quality of life and natural beauty our island has to offer, there are several advantages our local economy will continue to thrive on as it has in the current state of our national economy.
Sun City Hilton Head, Bluffton and Beaufort County are target markets for the near 80 million baby boomers that will retire over the next 15-20 years. Local industry both on and off of the island continue to grow within the limits that the restrictive environmental covenants allow, and our core values that drive people to our area continue to be enhanced annually by building more parks, walkways, and nature preserves. We are not rural and suburban America where industry that initially drove settlement is now leaving; we are the next dream home to many generations to come and our Town keeps a strong focus on staying on the top of the ladder.
Great values that hit our market continue to sell within days, sometimes with multiple offers. There are daily transactions amongst area homes and villas of all price ranges. We have seen more multi million dollar purchases in the second half of this year, and many island communities show the same transactions numbers at this time last year indicating we are leveling. Remember, real estate is local and Hilton Head Island, SC is unique and as soon as you know it is the bottom of our market, it is too late.
Stay in touch with our local market. For more information about Hilton Head Island Real Estate, call Larry Meyers at 843.338.9543, email larry@larrymeyershhi.com, or CLICK HERE to visit my website today. To view a video of the Lowcountry, CLICK HERE.
The state of Wall Street has many people wondering what will happen to their Real Estate market. The truth is, it's still too early to tell and anyone who says different is just jumping to conclusions. These are trying times on Wall Street. It's hard to get a grip on what's happening with financial firms, the government and how this will affect us and the Real Estate market. Institutions are going bankrupt, write downs, and mergers. It's a little scary. That said, consider history and consider, "Who's your Daddy?" Real Estate!
What do people do when there's no where to invest in the stock market? They buy Real Estate. What do people do when interest rates are at historical lows? They buy Real Estate. What do people do when prices of Real Estate are at bargain prices? They buy Real Estate. What have people done in Hilton Head & Sun City? They buy Real Estate because of the lifestyle...and its time to get on with the next phase of life.
There is no question that there is a lot of uncertainty in the residential real estate market right now. That said, for many property owners, now may actually be one of the best opportunities in many years to sell their current home and to upgrade. Let me explain...
The tide turned in 2006 to a buyer's market. With that shift, we'll say that prices are down or are in the process of coming down 10-30% across the board, to use a round number. Say that you currently own a home that, during a strong seller's market, you would expect to sell for $500,000, and that you would be looking to upgrade to a new property that, during a strong seller's market, would cost $1,000,000.
Today, with prices coming down 10%, your current home will now sell for $450,000, or $50,000 less. However, the home you'd be looking to purchase, would now sell for $900,000 or $100,000 less. The ultimate result is a net "gain" of $50k over what you would have spent in a seller's market.
Of course this is an overly simplified scenario, and assumes across the board even price reductions as well as a large difference between your current home and ideal new purchase. Nevertheless, remember some of the best intangible and tangible aspects of the current market for purchasers - you can take more time, consider your options in a more relaxed fashion, view more properties, negotiate better terms of the contract, etc.
For developer properties, buying new may even provide a better value as a result of free upgrades, paid closing costs and mortgage payments up to a year.
Email me at Larry@LarryMeyersHHI.com to discuss your particular situation and how to make this market work for you. If Sun City Hilton head is your destination, contact me for details on their "Free Getaway."
No one knows what tomorrow looks like but today it looks like Real Estate is a good bet.
The Hilton Head Island and Sun City, SC real estate market continues to exceed national trends and averages. Why? Aside from the quality of life and natural beauty our island has to offer, there are several advantages our local economy will continue to thrive on as it has in the current state of our national economy.
Sun City Hilton Head, Bluffton and Beaufort County are target markets for the near 80 million baby boomers that will retire over the next 15-20 years. Local industry both on and off of the island continue to grow within the limits that the restrictive environmental covenants allow, and our core values that drive people to our area continue to be enhanced annually by building more parks, walkways, and nature preserves. We are not rural and suburban America where industry that initially drove settlement is now leaving; we are the next dream home to many generations to come and our Town keeps a strong focus on staying on the top of the ladder.
Great values that hit our market continue to sell within days, sometimes with multiple offers. There are daily transactions amongst area homes and villas of all price ranges. We have seen more multi million dollar purchases in the second half of this year, and many island communities show the same transactions numbers at this time last year indicating we are leveling. Remember, real estate is local and Hilton Head Island, SC is unique and as soon as you know it is the bottom of our market, it is too late.
Stay in touch with our local market. For more information about Hilton Head Island Real Estate, call Larry Meyers at 843.338.9543, email larry@larrymeyershhi.com, or CLICK HERE to visit my website today. To view a video of the Lowcountry, CLICK HERE.
The state of Wall Street has many people wondering what will happen to their Real Estate market. The truth is, it's still too early to tell and anyone who says different is just jumping to conclusions. These are trying times on Wall Street. It's hard to get a grip on what's happening with financial firms, the government and how this will affect us and the Real Estate market. Institutions are going bankrupt, write downs, and mergers. It's a little scary. That said, consider history and consider, "Who's your Daddy?" Real Estate!
What do people do when there's no where to invest in the stock market? They buy Real Estate. What do people do when interest rates are at historical lows? They buy Real Estate. What do people do when prices of Real Estate are at bargain prices? They buy Real Estate. What have people done in Hilton Head & Sun City? They buy Real Estate because of the lifestyle...and its time to get on with the next phase of life.
There is no question that there is a lot of uncertainty in the residential real estate market right now. That said, for many property owners, now may actually be one of the best opportunities in many years to sell their current home and to upgrade. Let me explain...
The tide turned in 2006 to a buyer's market. With that shift, we'll say that prices are down or are in the process of coming down 10-30% across the board, to use a round number. Say that you currently own a home that, during a strong seller's market, you would expect to sell for $500,000, and that you would be looking to upgrade to a new property that, during a strong seller's market, would cost $1,000,000.
Today, with prices coming down 10%, your current home will now sell for $450,000, or $50,000 less. However, the home you'd be looking to purchase, would now sell for $900,000 or $100,000 less. The ultimate result is a net "gain" of $50k over what you would have spent in a seller's market.
Of course this is an overly simplified scenario, and assumes across the board even price reductions as well as a large difference between your current home and ideal new purchase. Nevertheless, remember some of the best intangible and tangible aspects of the current market for purchasers - you can take more time, consider your options in a more relaxed fashion, view more properties, negotiate better terms of the contract, etc.
For developer properties, buying new may even provide a better value as a result of free upgrades, paid closing costs and mortgage payments up to a year.
Email me at Larry@LarryMeyersHHI.com to discuss your particular situation and how to make this market work for you. If Sun City Hilton head is your destination, contact me for details on their "Free Getaway."
No one knows what tomorrow looks like but today it looks like Real Estate is a good bet.
Experience counts ! Your not retiring , your changing lifestyle and investing. As a coastal Carolina luxury home marketing expert I'll help you capture the lifestyle you want. Exceptional service .
Let me give a couple of examples. There were a couple of homes we asked Larry to set up an appointment for a second walk through. One day we called Larry at 4:30 PM and asked if he could arrange a second look at a home in Bluffton the next hour or two. He did not hesitate, called the listing agent and we had an appointment within the hour even though it meant Larry had to drive from Hilton Head to Bluffton in rush hour traffic to meet us at Belfair. This was the house we ended purchasing.
The second example. The day of the closing we asked for a walk through inspection in the morning before the closing which was at noon in an attorney's office. The selling party was surprised we asked for a walk through inspection but Larry insisted which we did that AM. During the inspection I found a surround sound speaker system that was hard wired in the family room and was taken by the sellers. I believe that should have been listed in the purchase and sales or contract agreement and it was not. I called Larry on the way to the lawyers office and told him about the missing surround sound system. I told him that I did not want it to hold up the sale but he insisted on calling the sellers agent to bring up the matter. At 2 PM after the closing I received a call that the seller would be returning the speaker system the next day, which he did.
These are a couple of examples of Larry's dedication to his clients and his work as a realtor for which Linda and I are grateful."
George & Linda Davagian, Bluffton, SC
"When we arrived at Larry Meyers Jr's doorstep, we didn't have a clue as to how to initiate the anticipated daunting process of finding a vacation home on beautiful Hilton Head Island. Furtermore, we were not quite sure what we wanted - a new or resale house or condo. Within the first few minutes of meeting Larry, however, we unequivocally knew we could work with him. His easy-going persoanlity quickly alleviated our apprehension.
Thankfully, Larry took charge. he patiently drove us from place to place, on and off the Island, and shared a wealth of information about all the areas. He is a true professional, very knowledgeable indeed! Patience is definately another one of Larry's virtues. In fact, after our second "outing" with Larry, our daughter wanted to know if he was "still standing" after dealing with our indecisiveness! "Absolutely", I laughingly replied.
We will be ever grateful to Larry Meyers, Jr. because he was the catalyst responsible for us finding the perfect place. Larry never ceases to amaze ; when his job was done, he did not desert us. In fact, he was responsible for making the closing phase easy, too, by giving us information that helped us connect with people who made the process go smoothly. Also, Larry calls us periodically just to inquire how everything is going! He's a gem! Could Larry have made our buying experience any better? Well, only if he had paid for our new "digs".
Irene & Joe Zabbara, Long Island, NY
Letter to Linda:
"Never dealing with a realtor before but knowing several very well, you certainly are not the typical realtor from my perspective. If I were to recommend you to others, I think the most important quality that you have is caring for the client and really understanding their needs . In my case an individual who does not believe in rules and guidelines, you gently and with the utmost patience helped me understand them. Your second quality is your thoroughness. You spent a great deal of time and effort to close the sale, but never pushy or overbearing. You never once said Jimmy we really do not do this. You just did it. ( probably grumbling a bit ) Even with the fiasco of my land sale you were so patient and careful to protect my interests even though I know how much you wanted the sale. Finally the after sale, what person would go and check on someone's house after the sale. Without a doubt you are a very exceptional realtor and the profession could use many more like you. You are without a doubt a very special person."
Jimmy K., Vestal, NY
"We both want to thank you very much for all the work you put into showing us homes and sharing your knowledge with us. You're the ideal realtor. Assertive, but not aggressive and you showed us only the homes we were interested in and could afford. We wish you much success in your new office and wish only the best for you. "
Carolyn and Joe, Bethlehem, PA
"Dunes Marketing and in particular the Larry Meyers Team, with Linda Warnock as our agent has shown professional, experienced and informative services to us. They have represented us as both buyers for our condo and purchasers of our new home and also coordianted our sale of a condo. They handled all issues and our personal concerns beyond our expectations. We felt confident that the Dunes Marketing Group and Linda had our best interest in mind. We highly recommend Linda and the Larry Meyers Group for their integrity and real estate knowledge. "
Shirley and Bob Olori, Pearl River, NY
"Linda, as with any of our job expectations, the preparation before the event is sometimes more important than the actual event! In my professional career at the University, if I did not do my homework beforehand, I would most surely have faced great difficulty as the event unfolded. Comparing your approach to those satndards, I cannot do anything but give you absolute praise. you listened to what Jimmy's needs were initially with his first visit. I believe at that point you truly went over and above for him. By the time I got there, again you had paid very close attention to what we noted in our on-line search, and gave us your full attention for the entire day, and part of the evening as I remember!!! Your work with us was very thorough. When we made our decision, the sale went extremely smooth. Your assistance with the choice of law firm made the closing go extremely well. I cannot say enough about the whole process!!! We obviously are very pleased to have you on our side. "
Patti K., Vestal, NY
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