Willy Fanning

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!

Greetings from Shipyard! Now that the Presidential Election is past and we all know who will lead the new administration, we can look forward to the upcoming Holiday's. Believe it or not, last night the Mrs. and I saw Holiday lights on the trees being lit here on Hilton Head. Can Santa be far behind? Let's not too far ahead of ourselves, this being November, let's talk Turkey!

Thanksgiving has always been a major Holiday in our home. As a child, it was a time to gather with my aunt's, uncle's and cousins at Nana and Poppa Fanning's farmhouse in Southampton, NY. I became a father for the 1^st time on Thanksgiving and two years later for a 2^nd time, as well. It has always been a festive day to gather and give thanks for the blessings we have. This year is no exception. I hope you will be spend time and enjoy the day with those you love.

Financial News Update: This past Tuesday was Election Day and a national clebration of American Democracy. What a priviledge to have the ability to go the polls (6:45AM) and cast a vote. The results were historic and now as President Elect Obama begins to appoint his transition team, the economy remains item #1 for his upcoming administration. It is our hope and prayer that he will assemble a group that will lead the country out of the Recession and stabilize the economy. It is an immense task!

The key will be a Housing Stimulus Package. It was Housing that put us into this mess and Housing will lead us out. We have seen Bank of America and JP Morgan begin to renegotiate mortgages in an attempt to slow foreclosures and begin to stabilize the housing market. Other institutions will need to follow their lead and allow homeowners to stay in their homes and stop the steady decline of home values with foreclosure after foreclosure making everyone see their homes value go down. We would like to see the 1^st time buyer tax credit ($7,500) extended to all home purchases, interest rates lowered into the 4.5% range, the increased loan limits made permanent and Washington focused on stabilizing the housing market rather than giving money to Wall Street and Banks who use the money for mergers and acquisitions.

If the housing and mortgage sectors can be stabilized, homeowners will begin to feel more comfortable again and begin to purchase big ticket items and the rest of the economy will begin to recover. For now, we sit and wait.

Hilton Head's real estate market has stabilized- flat lined really and just sits along with the rest of the economy waiting, waiting, just waiting.... I've said it before and will say it again, it's a great time to buy! Home prices have come way down and there is a great selection to choose from. Villas will continue to see pressue on pricing for the foreseeable future.

If you needed to wait until after the election to come down for a getaway, then stop by or give us a call. If your unable to get away and still dream of palmettos and sunsets along the beach, go to our website and search to your hearts content. It's free! We won't ask you to sign anything and we promise not to harrass you, but we are always here to offer you assistance and insight should you need it.

We promise to listen to and focus on your wants and needs.

We serve the Hilton Head-Bluffton-Sun City areas and want to be your Realtor!

Click to search the MLS:

http://www.willyfanning.remax.com

What's happening on Hilton Head? Click Here:

http://www.hiltonhead.com/calendar_index.cfm?subcategoryID=31

Need a lender or have Real Estate questions?

Call me toll free at: 800-964-3928

or

Email me at : Willy@TeamFanning.com

Ask about our Holiday Buyer Incentive!

We're getting in the Holiday Spirit early and offering a super Buyer incentive- ask and yee shall receive.