In short, there’s no such thing. It’s pretty safe to say that every person who buys real estate on Hilton Head (now, six months ago, six years ago) has the same feeling. But, as soon as the final document receives the final signature, a nagging voice starts up…what did I just do? It’s not a new feeling or an original feeling. And it’s not a feeling that’s going to go away.
To gain perspective, and help quiet that voice, let’s look at some 7-year averages for real estate in the Lowcountry:
- The Average Sale Price in April of 2014 was about $380,000. Today, it’s almost $530,000.
- The Percent of List Price Received in April of 2014 was 95%. Today, it’s over 98%.
Hilton Head is on-market like any other market. We go up and we go down. The bottom line is this: if you are lucky enough to purchase in the Lowcountry, 9 out of 10 times you are an end-user. This means you’re buying your home or condo for lifestyle; you are looking to create memories and great times in that property.
In conclusion, if you’re thinking about purchasing for that reason today, don’t worry about overpaying. What? Why? At the end of the day, those people who had buyer’s remorse seven years ago are certainly not kicking themselves at today’s closing table. And this will be your experience too.
We will continue having supply problems. We will continue having affordability problems. A call to Novellus Realty will help you navigate whatever market we find ourselves in. So, come on! Prices aren’t going down. Good luck to everyone experiencing the market out there. The mania is dying down a little bit. We look forward to seeing what the future holds.
Information cited as printed in HHAAOR Market Reports 3.30.21
