We are witnessing a major revival in the real estate industry this year, and many are wondering if they should strike while the iron is hot. The combination of record low interest rates on mortgages and an abundance of homes on the market indicate there has never been a better time to buy!
Hilton Head Island is no exception to this boom in the real estate business. In the first seven months of 2016 alone, we have seen 1,874 homes sold (about 300 home sales higher than 2006-2008, before the housing collapse of 2008). You can view the most recent market report from the Hilton Head Area Association of Realtors here.
As mentioned above, we are seeing record low mortgage rates. The chief economist for Realtor.com, Jonathan Smoke, said “You are likely to get the best rate you will possibly see, perhaps in your lifetimes through the majority of this year, but certainly, the earlier the better.” The Federal Reserve is expected to increase interest rates on mortgages sometime in the near future, so you won’t want to miss out on the opportunity to have the lowest payments possible.
In addition to record low rates, we are also finding that the rental market is looking dismal. With fewer homes on the rental market, it is actually more affordable in the long run to buy a home versus rent a home. You can read more about that on our previous blog post here.
If you are thinking of buying a home, contact our office to discuss any questions or concerns you might have with homes in our area. If you are thinking about selling your home, we can provide you with a comprehensive market analysis of how much your home may be worth today.