Keith Strawn

One of the really interesting -- at least I think so -- aspects of the shifting real estate market is that it "shifts" the way we purchase property in Beaufort County. Just a few years ago, conventional financing was the way to go. Through the first three quarters of 2006, for instance, a whopping 83.6 percent of all home sales were conducted utilizing conventional financing, according to statistics gleaned from the Beaufort Multiple Listing Service (MLS). During this same time period, less than 5 percent of home loans were through the Veterans Administration (VA), and about half of one percent (.006) were loans that utilized the Federal Housing Authority (FHA). Cash sales accounted for about 10 percent of purchases.

Not so in 2009. You can throw those trends and stats out the window. Through the same time period in 2009, more and more buyers are seeking out a variety of "non-conventional" funding sources, and the number of buyers using conventional financing has plummeted to 50 percent, according to the Beaufort MLS.

Cash deals have emerged as a big player in the 2009 real estate market, more than doubling its market share since 2006. Almost 19 percent of 2009 residential transactions have been conducted via this mode, according to Beaufort MLS statistics, up from about 10 percent in 2006.

VA loans have made huge gains in 2009, more than quadrupling their market share. In 2006, about 4.6 percent of residential sales used their VA in 2006, while that figure is about 18.5 percent in 2009. Back in 2006, there was an abundance of 100 percent financing available through conventional means. Much of that financing has dried up in 2009, so military veterans and active duty personnel have gone back to the VA as the source for 100 percent financing.

Although FHA loans still comprise a relatively small (8 percent) share of the marketplace, there is nothing small about the gains FHA loans have made. As mentioned earlier, FHA loans comprised about one half of one percent back in 2006, when the market began its slowdown.

This is a big weekend for Hunting Island and it's iconic lightouse, located about 25 minutes east of Beaufort.
The Friends of Hunting Island will celebrate the 150 years of the 95-foot light house, which was first completed in 1859, destroyed just a few years later during the Civil War, and rebuilt in 1873. Because of powerful surf and the resulting erosion on Hunting Island, the tower had to be moved further inland in 1887.

The Friends of Hunting Island have planned all sorts of activities for the black and white structure. You can read all about it in today's edition of the Beaufort Gazette.

Hunting Island is one of the most visited state parks in South Carolina. I have heard it is THE most visited park in the state, but we'll have to leave it at that. It is a wonderful, fascinating place, that has been the filming venue for movies such as Forrest Gump and Disney's Jungle Book.

There are many local treasures in the South Carolina Lowcountry -- Waterways, historic buildings, military and religious ruins like Fort Frederick and Old Sheldon Church..............and gators. Yes, alligators. These guys are everywhere. Area golfers will tell that you these reptiles are ubiqitous in the Lowcountry. These gators are by and large very private. They enjoy sunning themselves near fresh-water lakes and ponds, and along our many golf fairways. But although these gators tend to mind their own business, just remember they have big mouths, lots of teeth, and can be dangerous if provoked.
An elderly Hilton Head golfer was recently attacked while trying to retrieve a ball which had landed near a gator. The condition of the golfer is being closely guarded by family and friends, but hopefully he is doing well.

So, please be mindful when exploring area golf courses and bodies of fresh-water.

I had a great conversation the other day with a fellow agent here at Lowcountry Real Estate.

We discussed the phenomena (for lack of a better word) of folks who fall in love with a house, based on internet photos, and then don't want to get out of the car because they don't like the neighborhood........
Or because it is not on the water..........
Or because it is situated next to a lesser priced home........

If you have never been to community to which you are about to move, you really need to take a half a day, or even a full day, and ride around neighborhoods in your price range with your Realtor, to make sure you like the area. If you don't like the area, the likelihood is you won't want to buy a house there, no matter how much you think you like the home.

Trust me on this one. By starting with neighborhoods and specific areas, you will save yourself a lot of time. And, you will also save some sellers the several hours a lot of folks spent preparing their home for showings.

Thanks for checking in.