Willy Fanning

GREETINGS FROM SHIPYARD !: The fortunate few to visit our Island over the past few weeks have enjoyed the splendid weather, quiet beaches, golf courses and bike paths. Now with the Holiday's upon us we begin a season of giving thanks for among other things the oportunity to call Hilton Head home, family and friends. We want to offer our sincerest thanks for all we take for granted most of the year. We hope you have a wonderful Thanksgiving with those you love.

INTEREST RATES : The President has signed into law an extension of the $8,000 1^st time homebuyer tax credit for those who have not owned a home in the past 3 years and added a $6,500 tax credit for those who have owned a home for the past 5 yers and wish to make a move. If you have questions or know someone who wants to take advantage of either of these programs, please let us know, we're happy to be of service. Interest rates continue to hold steady (5% range +/-) as does the Prime Rate which gives some measure of hope for those with mortgages (and credit card rates) tied to the Prime.

VILLA & HOME SALES ACTIVITY : The aftershocks and over corrections from past lending and credit abuses continues to have an impact on mortgage availability and buyer credit worthiness in the Conventional, Jumbo and Villa markets. Some potential buyers consider investments in the stock market and gold futures more desireable than real estate. Overall sales activity is what we consider to be normal 2009 seasonal activity. All that being said average price of sold homes and villas in Shipyard continue to drift down and should contiue that trend through mid-2010.

What's HOT? What's NOT! : Click on www.TeamFanning.com for the complete list of foreclosures, short sales and entire MLS inventory.

If you, or someone you know, have been thinking of selling or are interested in knowing more about the best values in the Hilton Head- Bluffton- Sun City area, click on www.HomeValuesinHiltonHead-Bluffton.com for a Market Snapshot of available properties, recent sales, FREE Community and School Reports all emailed directly to you in minutes!

Reading through the morning online news today a recent article from Business Week entitled "Boomtown Slowdown" (click on- http://finance.yahoo.com/real-estate/article/106554/Boomtown-Slowdown) gave an overview of the top boomtowns in each of the 50 states.

I searched out the boomtown for South Carolina and low and behold wouldn't you know it, there was Bluffton, SC! Click on http://images.businessweek.com/ss/09/02/0205_boomtowns/41.htm to see more.

There is lots going on in Bluffton. To find out more or to earch for homes online, click on http://teamfanning.com/ .

Check out the video of Bluffton http://www.travelistic.com/video/show/11017/Bluffton,-South-Carolina,-by-Erik-Hastings

I've lived and raised my family in Bluffton for the past 10 years. We love the lifestyle- the history, the rivers, the proximity to the beach and Hilton Head, Savannah and Charleston.

If you have any questions about this slice of paradise, let me know. I can be reached at http://teamfanning.com/

Greetings from Hilton Head Island! We're glad to have enjoyed the Holiday's in unseasonably warm temperatures. It felt more like spring than Christmas with temps in the mid-70's! Wow, Santa must have been somewhat confused when he flew into the Lowcountry.

New Years Eve found us in Jacksonville, FL for the Gator Bowl festivities. We really enjoyed ourselves with fireworks at midnight along the St. John's River with thousands of our newest friends ringing in the New Year. It was tons of fun! New Years Day we had our Orange on but the Huskers were able to hold off a late rally by the Tigers. I've never been to a bowl game before, so it was lots of fun in spite of the outcome. We really enjoyed the game. Even while sitting in a sea of Red, we still had a smile on our faces at the end of the game.

The New Year has ushered in a sense of relief for some and anticipation of improvement for all. Real estate volume or the lack thereof and activity continues to be a major topic of conversation in the traditional, as well as the new media formats. What to do? Where is it headed? Will the Recession cause prices to continue down? Will Obama save the day with his Trillion Dollar Stimulus Package? Will foreclosures still be a huge factor and drag prices further? and so on and so on....

Let me say this, right now on Hilton Head Island there is a sense that things are picking up. It may be a hold over of Holiday exuberance or maybe things really are beginning to improve. Time will tell and time always heals.

As for the numbers, what has happened and where things possibly could go; I have been studying them and will report back in a few days to give you my- as objective as possibe- insight on market conditions.

With less than 2 weeks to go, Santa has been busily going about his business here on Hilton Head Island. It appears at this point that his sleigh will be a little lighter than in years past in spite of continued efforts by retailers to get consumers into the Holiday Spirit. Incentives abound and sales of merchandise usually reserved for post-Christmas Day are now Pre-Christmas Day. That has to be good news for consumers and yet premium parking spaces are easily available at your favorite stores.

Like gas ($1.61/gal today) and commodity prices falling, interest rates have come down to levels heretofore not seen in quite some time, into the under 5% range. Yes, upper 4% rates on 30 year fixed mortgages are available and Jumbo rates can be had in the mid-5% range. Wow!

Here on Hilton Head it's beginning to look a lot like Christmas. All around the Island folks are gearing up for Holiday Parties, lights are twinkling and the weather has been cooperating nicely of late with warmer than usual temps. Our wishes are that you will take time to enjoy the Holiday and give thanks with those you love and not be consumed by negativity. Be consumed by the Nativity instead! Trust in Him-the Reason for the Season. God Bless and Merry Christmas!

Greetings from Shipyard! With the Thanksgiving Holiday Weekend now behind us and with this past Sunday's tree lighting here on Hilton Head Island, Black Friday consumer madness and Holiday songs on the radio, we are now firmly in the throes of, in the words of Clark Griswald - "a 4 alarm Holiday emergency!" All of us at Shipyard Real Estate want to wish you and yours a Happy and Healthy Holiday Season.

Financial News Update: Last weeks big real estate news was that the National Median Home Price lowered to early 2004 pricing. This week's news stated that interest rates continue to vacilate wildly. I had a closing today that is being held up because the lender needed to reissue the financial package because interest rates are lower today than last week! Let's examine these issues.

Median Price of homes drops to early 2004 pricing. In Shipyard early 2004 pricing of villas and homes were as follows- 1BR-$218,000; 2BR-$273,000; 3BR-$340,000; Homes-$428,000. Perhaps one reason we seen sales activitity fall off dramatically from '03 and '04 levels is because of overpricing. There are other reasons of course, like lack of buyer demand, Shipyard transfer fee, taxes, unrealistic seller price expectations and so on.

Interest rates have been drfting down but like the financial markets rates are vacilating wildly. That being said, 30 year mortgage rates have been in the low-mid 5% range of late. Even more astonishing is that Jumbo Rates (mortgages above $417,000) have come down too! I work closely with one local bank that has Jumbo money up to $2.5M for a fully documented borrower at 75% LTV (25% down- loan to value) offering 1, 3, 5, 7 or 10 year adjustable rate mortgages in the mid-5% range. If you would like additional information, just call or email.

What does it all mean? Where do we go from here? What it means is- if you have been waiting for a reason to purchase your dream home or villa, there is no better time than now! Yes, Santa is loading up his sleigh and news on the financial front can be unnerving to say the least, but now is the opportune time for owners to speak to their lender about refinancing their home or villa or to consider moving up (or down) to a new home or villa. Sellers have never been more ready to negotiate than right now!

For those buyers waiting for the right time to buy, the time is now! Even if prices of homes and villas drift a bit lower, your monthly payments should be lower at today's prices and lower interest rates than if you wait and interest rates go up while property prices come down a tad more. This coupled with the fact that in 60-90 days owners will be less inclined to negotiate, as they are right now, with the upcoming Rental Income Producing Season upon them.

Lower home prices + Lower interest rates + Available inventory = Great Opportunity!