1/7/08
HHI MLS - Real Estate Year in Review
 | By Stacey Macioszek Read more of Stacey's posts |
2007 may well be remembered as one of the worst years in real estate for the Bluffton and HHI area, statistically, but statistics are rarely the full story. A great many of the buyers who purchased a home may one day look back on this year as the year they found a great bargain.
The Market Conditions Page of this site offers a brief look at the numbers and the real estate trends of 2007, in comparison to 2006. Most of the information may not be much of a shock to home seekers who have been keeping up with the continued media portrayal of doom and gloom. But one surprising fact about the HHI and Bluffton real estate market shows that the closing prices in a number of areas are still increasing. While this does not suggest home prices, in general, are moving higher but rather that buyers are finding that buying larger or lavishly upgraded homes offer a better value. Educated home buyers are taking advantage of the growing inventory and their agents are negotiating great deals.
I’m excited to see just how the HHi and Bluffton market changes in 2008, if at all. There is enough inventory in the Southern Beaufort County area to last through to mid 2009, when I would expect the HHI & Bluffton market to level. This means 2008 may offer even better deals than 2007. Oh, time will tell.
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A possible limitation of this approach is that you have to be aware of MLS rules about advertising other peoples’ listings if you use this formula, so you may want to talk it over with your broker first. On the other hand, most listing agents would undoubtedly give you permission if you call them.
Hi Stacey,
I love your blog. The one thing to always keep in mind is that Hilton Head Island and the Low Country are highly sought after destinations that are well known throughout the country. People are going to want to continue to move here and will continue to move here over the years. It is impossible to predict anything for sure, but I am confidant that this next year the real estate market will correct itself.
Daniel,
Thank you. I agree, Hilton Head and the Low Country/Treasured Coast will forever remain attractive to those who seek a great place to make it a permanent, or part-time, home.
I'd be interested to see if your predictions are correct. For me, with the current inventory, being an election year and the struggles in the financial sector, I'm looking to mid to late 2009 for real estate to even out, over all. With that said, there are great deals for buyers who are in position to take advantage of the current inventory. Interest rates are still dropping and lenders have claimed to have the money needed for the appropriate buyers.
So it’s a great time to buy a second vacation home! This is something to consider in this housing market right now with inventory so high and you may find your perfect shangrala!