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WHAT YOU NEED TO KNOW BEFORE BUYING A SECOND HOME ON HILTON HEAD

Posted by Bill True on Thursday, September 19th, 2013 at 2:24pm.

You’ve been coming to Hilton Head Island for years. In fact, you are a “regular.” You know the island’s secret fishing spots, can navigate the Sea Pines Circle without incident and you have your favorite hang-outs. Why, even some of the locals know you by name. You made an impression on the Island; moreover, the Island made its impression on you—for you actually consider Hilton Head to be your second home. Except that you have to rent a place every time you visit. Many of the vacation condos, homes and villas are quite nice, but maybe it’s time to consider purchasing a place of your own.

Your timing couldn’t be better! Hilton Head has long been ranked as one of the world’s most popular vacation destinations, and Parents Magazine recently ranked the Island the #6 Beach Town for families. So maybe you aren’t quite ready to make a permanent move to the Island, but the idea of owning a property here is too appealing to let it pass by (again). Here are five things you need to know before buying a second home on Hilton Head:

  1. Those home prices that plummeted by as much as 50% since the start of the recession are back on the rise. Waiting could prove to be a poor calculation on future prices. The basic tenets of supply and demand apply here. Hilton Head homes are in limited supply, no matter what comparisons are given to other regions and resorts. As supply diminishes, prices rise. It’s time to get serious about what you want.
  2. All real estate is local. We are an island—there is no room to grow beyond our natural boundaries (i.e., the cool blue waters of the Atlantic Ocean). Improving economic conditions bring serious buyers who are willing to up the ante in order to close on the home they like best. Buyers need to be prepared to present competitive offers, as sellers are being presented multiple contracts.
  3. The aforementioned taken into consideration, according to the National Association of Realtors’ housing affordability index, home affordability is the best it has been since the group started the index in 1970. This index measures the relationship between home prices, mortgage interest rates and income. That said, live where you want to live. And where better than on Hilton Head!
  4. The aforementioned taken into consideration, according to the National Association of Realtors’ housing affordability index, home affordability is the best it has been since the group started the index in 1970. This index measures the relationship between home prices, mortgage interest rates and income. That said, live where you want to live. And where better than on Hilton Head!
  5. Retiring baby boomers are setting their sights on the Lowcountry—the climate is warm, the beaches are pristine, it’s not crowded like so many other boomer destinations—and the locals are friendly!

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