Posted on

HOUSING SUPPLY & DEMAND

Supply & Demand Report for Wilmington Island Area

April 2018

 

Report is based on single-family resale properties, that are detached homes (condos and townhomes not included in report).  With a minimum price of $100,000 up to a maximum price of $500,000.

GARAGES

15.7% of the homes sold had 1 car garages, 57.5% had 2 car garages, 2.8% had 3 car garages, less than 1% had 4 car garages and 21% did not have a garage.

BEDROOMS

2.5% had two bedrooms, 57.7% with three bedrooms, 34.5% with four bedrooms and 3.6% had more than 4 bedrooms

The highest percentage of homes sold were in the $200,000 to $249,000 pricepoint at 83% and the second highest pricepoint $250,000 – $299,000.

“IS THIS THE RIGHT TIME TO SELL”

The question would be “is this the right time to sell” and based on market conditions yes!  There is a deficit for the surplus of resale homes in the 31410 area.

For a complimentary market study on your property, contact one of our experts today!  912-897-6320 or visit Parker Scott Experts

Posted on

Early Forecast Sees Housing Gains Next Year

This year’s real-estate market has been a mixed bag. On the one hand, demand from home buyers has been strong and an increasing number of renters say they hope to one day own a home. But though there has been strong demand from buyers, there has been a lack of homes available for sale in many markets. Low inventory has caused home prices to continuing rising and sales – though higher than the year before – to fall below expectations considering the level of demand from potential buyers. So what’s in store for next year? Well, Lawrence Yun, the National Association of Realtors’ chief economist, sees improvement. According to Yun, continued economic gains should lead to more home sales and more new home construction. However, because for-sale inventory will remain a concern, Yun is cautiously optimistic. “An overwhelming majority of renters want to own a home in the future and believe it is part of their American Dream,” Yun said. “Assuming there are no changes to the tax code that hurt homeownership, the gradually expanding economy and continued job creation should set the stage for a more meaningful increase in home sales in 2018.” More here.

Posted on

What Do Americans Say Is Their Ideal Down Payment?

The results of a new survey show Americans prefer a 10 percent down payment when buying a house. The 2017 Mortgages In America Survey found it was the most popular option among young, middle aged, and older home buyers when asked to choose among down payments up to 30 percent. And it lines up pretty well with actual data. In fact, the average down payment in 2016 was 11 percent, with borrowers under the age of 35 putting down something closer to 8 percent. But, though Americans clearly prefer it, lower down payments come with tradeoffs. For one, if you put less money down upfront, you may have to pay private mortgage insurance, which can add to your monthly mortgage payment. Which means, though home buyers have options and won’t necessarily have to put 20 percent down on the house they’re buying, it is always a good idea to save up as much as possible, so you have a substantial amount to invest in your home. It’ll make you a more attractive buyer to home sellers, in addition to helping keep your mortgage payment more affordable. More here.

Posted on

Vast Majority Of Renters Say They Want To Buy

Recent data from Fannie Mae shows a large majority of current renters intend to one day buy a house. In fact, just 18 percent of surveyed renters said they plan to remain renters forever. So what are some of the obstacles renters face when thinking about whether or not they should begin taking steps toward homeownership? Well, the upfront costs of buying a home were the top answer, with 45 percent of respondents citing coming up with money for a down payment and closing costs as the obstacle that keeps them from buying. However, an almost equal amount said they were most concerned about their credit. Other answers included insufficient income, too much debt, confusion about the buying process, and job security. In short, current renters want to buy but are worried they aren’t financially secure enough to become homeowners. And, though that is a legitimate concern, Fannie Mae also points out that their pervious research has shown many potential home buyers overestimate the size of the down payment they’ll need and are unaware of many of the programs available to help first-time home buyers reach their goal of becoming homeowners. More here.