This spring we have seen a record number of visitors to the Lowcountry — good news for both our economy and for our real estate market. After all, many current full-time Hilton Head Islanders once were visitors this island paradise. As we head into the summer season, it always warms my heart to see families enjoying our island. I find myself wondering where they are from, what they do for a living, and if this is their first time visiting Hilton Head.
Many visitors come back year after year to enjoy the Lowcounty, renting vacation homes to use as their home bases during their visits. When people dream of owning their own vacation home, they often banish the thought quickly and reprimand themselves, thinking they would never be able to afford a second home. And while vacation homes are, of course, a big investment, they aren’t out of reach if you factor in the possibility of rental income. Local property management companies can provide rental history or projections based on condition, location, and amenities that might help make owning a second home possible.
Many Lowcountry visitors head home after their vacations refreshed and relaxed. Sometimes, out of curiosity, they’ll do a quick internet search to see what kinds of vacation properties are available for purchase on the island. And while doing your own research is important, a Realtor can help you properly weigh the decision and explore all your options. Only Realtors have access to the latest figures and data for the Hilton Head area, and they can supply the most accurate information to help you make an informed decision.
In the first couple of months of 2018, the condo/villa market on Hilton Head has seen a 14.4 percent increase in closed transactions. Single-family homes on Hilton Head have also seen a 32 percent increase in closed transactions compared to last year. This is a sign that would-be buyers are becoming more confident in the local real estate market and are ready to dive in and purchase a vacation home.
In fact, currently in many of the region’s price points is at a 5.6-month supply for single-family homes and 3.9-month supply for condos.
If you know someone thinking of buying a vacation home in the area, be sure they work with a Realtor who is a member of the Hilton Head Area Association of Realtors.
Jean Beck is chief executive officer of the Hilton Head Area Association of Realtors.