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Ever the optimists, Hilton Head Island/Bluffton area Realtors are singing the praises of the real estate market in these times of economic woe.
A July article in the Wall Street Journal touted the improving state of Hilton Head's vacation home market — something that Charles Sampson of Charles Sampson Real Estate Group said he’s seen as well.
"It's a great time to be a buyer,” Sampson says. “We're seeing lots of second- and investment-home buyers. They rent them out, and when values go back up — which they will — they'll cut them loose. We're seeing great values for people who wanted to buy a couple of years ago but couldn't afford it. Now, they can."
No matter how the market dips and sways, the Lowcountry's amenities will always be here, Sampson says. And sometimes, the best time to buy is when you don't really want to buy, he says. "Many of the properties that are selling are the undervalued ones, though we're still selling oceanfront. And bank rates now are spectacular, if you can get a mortgage."
Those who can take advantage of an undervalued, low-interest-rate and still rather flooded real estate market often turn to the area’s many property management companies, who represent the owner in dealings with renters and agents, collect rent and provide maintenance service.
Ken Oliver of Dunes Marketing Group agreed that buyers are taking advantage of a "very attractive market and interest rates. I think it'll take a while for prices to come back up. For the buyer, I don't see how the market could be any better. And if the investment buyers hold on, they will be rewarded" when the market rebounds.
"Home values in many communities are starting to reach an equilibrium, but there are thousands of dollars in savings a year (in interest rates) to be had," Oliver said. "We're seeing lots of investment buying."
Sampson agrees. “If you buy today and hold on,” he says, “You’re going to do very well.”
