SHORT on Short Sales on Hilton Head SC January Market Report
We are definitely in a SHORTAGE of SHORT SALES on Hilton Head. Of the 617 properties for sale at this moment SIXTEEN (16) are short sales. The ship has pretty much sailed.
Lawrence Yun, Chief Economist for the National Association of Realtors, made several statements during the Annual Meeting in November in Orlando. ""Real estate will be a hedge against inflation, with values rising 15 percent cumulatively over the next three years, also meaning there will be fewer upside-down home owners," Yun said. "Today is a perfect opportunity for moderate-income renters to become successful home owners, but stringent mortgage credit conditions are holding them back."
This speaks directly to homeowners who have previously been unable to sell and were forced to accomplish a short sale. This will remove this ability for buyers to try and pick up homes for below market values.
In our market, the average ORIGINAL list price to final sale price ratio has been steadily increasing.
The other interesting market data is that the average days on the market for a short sale has INCREASED not decreased. In 2009, the average days on the market was 208; in 2013 that number rose to 363. This despite the best efforts of government to attempt to put laws in place to force banks to negotiate. The other interesting statistic, is that prices for short sale properties are rising.
This market report should be a wake-up call; if you need to find a home the time for bargains and deals and short sales and REO properties is rapidly diminishing. Better to redefine the reason you want to buy and enjoy the memories that you'll be creating!