Real Estate Blog

December 2019: The Buyer Stakes Are High Because Inventory Is Low

December 2019: The Buyer Stakes Are High Because Inventory Is Low | MyKCM

The reality of what we’re seeing this month is that homes are selling fast. In today’s strong seller’s market, bidding wars are common and expected with starter or entry-level homes.

In most areas of the country, first-time buyers have been met with fierce competition throughout their homebuying experience. Some have been out-bid multiple times before finally going into contract on a home to call their own.

Right now, inventory is the big challenge. Here’s what we know today:

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.9-month supply of homes for sale, which can drive this kind of hefty buyer

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FOR ADDITIONAL INFORMATION CALL 843-842-1979 or visit Facebook.com/harbourtown .

November 29th-January 1-Harbourtown Lights

December 14 1pm Little Elf Workshop

December 20-21 & 27-28 Christimas Stocking Deliveries

December 23 7:30-9:00 Gregg Russell Christmas Concert

December 25-27 5:30-7:30 Holiday Fun in Harbourtown

December 31 10am 19th Annual Polar Bear Swim

December 31 6pm-1am New Year's Eve Celebration

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I do!

 

In fact, right now, I am sitting in one of my listed homes, waiting for the visitors.

I love getting in touch with people who are looking not only for a new home but changing their lifestyle because anything else has changed in their life. I like to listen to their stories and getting a chance of being a part of their new chapter of life. This beautiful new construction, 282 Club Gate, can be an upgrade or downsize, depending on where you are in your life. 3 bedroom, 2 baths, and a newly finished bonus room gives you a lot of opportunities. It is located in Rose Hill, one of the most desired Plantations. Close to Old Town Bluffton, Savannah and Hilton Head Island. Residents can choose between 3 pools,  2 Tennis courts, Pickleball, leisure

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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?”The 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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