There have been some articles recently that are saying we may be making our way out of the housing slump. We think that it is too early to predict that we have hit bottom in OUR market, butat least there seems to be some light at the end of the tunnel.
We have to keep reminding our readers that Hilton Head Island does not follow the national market for many reasons, most important of which is that the national statistics are based on new construction of homes in the $500,000 and below price range which is not a valid price range for Hilton Head Island market and our stastics are not driven by large national home builders. It is also important to note that although the Wall Street Journal reported today that home sales are up from last month, prices are still falling. It is encouraging that even though prices are still falling, the pace of the decline is easing. Until prices stabilize and there is a bottom to the market prices, we are still not out of the woods.
We believe that this is an excellent time to buy real estate on Hilton Head Island. Inventories are still high, prices are down, interest rates are low, and Sellers are making deals. Short sales and foreclosures are driving prices and great buys are available for those who are willing to jump in this market. Buyers who are waitng for the bottom, may find out when the bottom was when they missed it!
