OCTOBER HAS ARRIVED...
Fall is officially here! We love this time of year in the Low Country as there are festivals to attend every weekend, football games to watch, oyster roasts, and our weather is incredible! Let’s take a look at the current real estate market.
The number of available homes for purchase continues to be low, in part because of push back from potential sellers who would move but cannot find a replacement property and/or are reluctant to trade their 3% interest rate for twice that in a new home. It will be interesting to see what the Feds will do with interest rates as some predict they are expected to rise again before the end of the year and then adjust downward slightly in 2024. While prices are going down in many areas of the country, we are not yet seeing much of it in the Hilton Head market. It is still a Seller’s market, although buyers are now more price-sensitive. All things equal, they are choosing renovated properties that need no repairs or updating. The properties that are generating quicker sales are typically renovated, modern, staged, show beautifully, are priced competitively, and have exceptional locations.
There are signs that the market is adjusting. For example, days on market has increased from last year, and offers over the asking price for the most part have also disappeared. Today’s buyers are expecting to negotiate a little bit and have reasonable contingencies, such as inspections and financing.
The good news is that there is no shortage of demand for Hilton Head. Our job, as always, is to keep you informed of the Hilton Head market conditions. We are always here to consult with you about your real estate decisions. Put the power of Herman & Davis Properties with the Charter One edge on your side!