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The Waiting Is The Hardest Part.

Thinking of Selling Your Home? The Waiting Is The Hardest Part. | MyKCM

Tom Petty famously penned the words, “the waiting is the hardest part” in his early 80’s hit song The Waiting, and his thought process can surprisingly also be applied to individuals considering selling their homes today. Traditional thinking would suggest it may be best to wait until the spring to sell when there is a flood of buyers in the market, but right now may in fact be an even better time to list your home.

We can see the overall economy is good: wages are rising, there are near record-low unemployment rates, and mortgage interest rates are still very low too. Over the past 10+ years the housing market has stabilized, so what (if anything) is the biggest challenge in the housing market today?

The

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Big Buck

The real estate market on Hilton Head Island is progressing well through the 3rd quarter of 2019. Although the market isn't as brisk as last year's popping performance, signs of strength and stability are still present.

Island-wide, homes sales declined 5.5 percent, year-over-year, while the median sales price increased 2.8 percent to $545,000. However, the number of homes sold through the 3rd quarter of 2019 shows the market having a decent year when compared to the five year average. Within this context, sales are up 10.0 percent for the year. Over the last five years, the median sales price on the island has risen 3.8 percent.

The villa market on Hilton Head Island continues to do remarkably well with persistent growth. Sales of villas around

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HALLOWEEN WAGON RIDE Saturday, October 26; 10 and 11:30am Show off your Halloween costume in the Sea Pines Forest Preserve and hunt for clues to lead you to the pumpkin patch. Reservations required. $16/adult, $13/child (ages 12 and younger)

HALLOWEEN ON THE HARBOUR Sunday, October 27; 3:30-5pm Celebrate Halloween at The Sea Pines Resort with activities and trick-or-treating around Harbour Town. Participants of all ages are welcome to attend and are invited to come in costume. Complimentary

For reservations and additional information, please contact The Sea Pines Resort Recreation Department at (843) 842-1979.

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The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly  REALTORS Confidence Index. Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).

If you are interested in more specific information in the Lowcountry, please contact me!

About Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”How Does the Supply of Homes for Sale Impact Buyer Demand? | MyKCMThe darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S.

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According to CoreLogic’s latest Home Price Index, home values have risen at over 6% a year over the past two years, but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher.

With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing (see the chart below).Is Your House “Priced to Sell Immediately”? | MyKCM

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so demand for the home is maximized. By doing so, the seller will not be negotiating with a buyer over the price, but will instead have multiple

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The South Carolina Department of Transportation (SCDOT) will host a public information meeting on Thursday, September 19, 2019, from 5 to 7 p.m. at the Boys & Girls Club of Hilton Head Island,151 Gumtree Road, to share information about the U.S. 278 Corridor Improvements project.

The U.S. 278 Corridor Improvements project runs along U.S. 278 from Moss Creek Drive in Bluffton to Spanish Wells Road on Hilton Head Island.

The purpose of the meeting is to:

  • Provide an opportunity to discuss the proposed U.S. 278 Corridor Improvements project individually with SCDOT representatives.
  • Provide an update to the community on the project.
  • Share with the public the proposed roadway improvements (reasonable alternatives).
  • Gather input from the
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Seniors Are on the Move in the Real Estate Market | MyKCM

 

Did you know August 21st is National Senior Citizens Day? According to the United States Census, we honor senior citizens today because,

 "Throughout our history, older people have achieved much for our families, our communities, and our country. That remains true today and gives us ample reason…to reserve a special day in honor of the senior citizens who mean so much to our land.”

To give proper recognition, we’re going to look at some senior-related data in the housing industry.

According to the Population Reference Bureau,

“The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16

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The South Carolina Department of Transportation (SCDOT) is proposing to make improvements to the US 278 corridor between Bluffton and Hilton Head Island, from Moss Creek Drive to Spanish Wells Road. The purpose of this project is to address structural deficiencies at the existing eastbound MacKay Creek bridge, to increase capacity, and reduce congestion along US 278 from Moss Creek Drive to Spanish Wells Road.

The eastbound Mackay Creek Bridge will be replaced; it was originally built in 1956 and is scheduled for replacement. Additional studies for potential improvements include:

  • Modifications to the remaining three bridges;

  • Improved access to Pinckney Island National Wildlife Refuge; and

  • Improved access to the C.C. Haigh,

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How is the Real Estate Market doing?

Every Real Estate agent get this question several times a week. And what is our response? "Oh, it´s good, it´s picking up..! And it is! The market in the Lowcountry and in particular Hilton Head is very special but sooner or later the national trend will arrive also here in paradise.

What Experts are Saying About the Current Housing Market | MyKCM

See what some experts have to say about the market:

We’re halfway through the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the experts predict for the second half of 2019.

Danielle Hale, Chief Economist at realtor.com

“Lower mortgage rates, higher wages and more homes for sale have helped counteract rising home prices, and ultimately, made it so

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