WHY PROPER PRICING MATTERS

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Sea Breezes in Sea Pines Resort

When a property goes under contract, if there is a lender involved that lender will order an appraisal. Contrary to popular belief, the purpose of an appraisal is not to make sure that the purchaser overpays, but rather to protect the lender’s interest. Bottom line: lenders do not what to own an overpriced property so they order an appraisal prior to granting final approval of the purchaser’s loan.
In today’s market, there can be a difference between what the property is worth (market value) and the cost to buy (market price). Reasons vary. Perhaps there were special considerations such as a relationship between and purchaser and the seller. A price was agreed upon—a price which benefitted either the purchaser or the seller by a certain degree. Or, the property may have been one of multiple properties being sold or traded between the parties. In these cases, the price paid for such property is not market value but rather, simply, the price for which it sold. Other times, a purchaser may pay a premium over the asking price if his subjective valuation of the property (what is it worth to him) was higher than the market value. Maybe the purchaser wants a specific property and is willing to pay whatever it takes. Then again, perhaps the seller wants to move quickly. Depending on his financial position and the mortgage amount, he may price the property to sell, regardless of the comparable properties. However, the most common reason for value differing from price is either the seller or the purchaser is uninformed as the market value of the property. Therefore, it is the obligation of a real property appraiser to estimate the true market value of a property and not its market price.
Strict guidelines and specific formulas are used to form an estimate of worth such as recent sales prices of comparable properties, the size and condition of the home, its proximity to desirable schools and other public facilities, neighborhood amenities, etc. Your Realtor is ever-aware of what is selling and what is not selling in and around your neighborhood. Over-pricing your home is never a good idea. For starters, it might not appraise at the inflated asking price and you risk losing the buyer altogether because the lender is going to grant a loan to the purchaser based on the appraised value. In our ever-changing real estate market, appraisals can come in below the contract price. Proper pricing is the key to a quick contract of purchase.

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WHEN SELLING YOUR HOME, THINK LIKE A BUYER

Five Miles of Pristine Atlantic Ocean Beach

Five Miles of Pristine Atlantic Ocean Beach – Sea Pines

When selling your Island home or villa, it pays to think like a buyer. Ask yourself this question and answer it honestly: Would I want to purchase this property as it is? Before listing with a Realtor, make the time to take a candid look at your home (interior and exterior). Truly, this is one of the wisest actions a seller can perform. It allows you to see what others will be seeing and to be the Best in Show when the property is on the market. Regardless of price point, curb appeal plays a big role in whether or not buyers want to stop and look inside or keep driving to the next property.
Here are some tried-and-true tips for sellers who want to outshine the competition:
1. Price it right. Your Realtor will provide you with comparable sales information. Be sure not to over-price. The goal is to have your home sold in a short period of time for the best price possible.
2. Be ready to show – When the Realtor calls to show the property, tidy up quickly and leave. Do not stay in the home during a showing.
3. Take the home out of the home – Tuck the personal things away. Purchasers need to see themselves living in the home.
4. Not everyone is a pet-lover – If you have a pet, make sure his or her area is spotless and odorless. If at all possible, take your pet with you when you leave for a showing.
5. Dress up the front door – Polish all hardware, ensure the glass is spotless, repaint if necessary.
6. Clean the beaten path – Whether stone, brick, cement, or rock, make sure it is washed and free of pine straw or tree debris.
7. Let the light shine in – Clean all windows inside and out. Open drapes and shutters.
8. Spruce it up – Plant flowers, either in containers or pretty pots. Renew planter beds and have hedges neatly trimmed. Fresh pine straw or mulch is a nice touch.
9. Replace light fixtures and door hardware – This can add style and interest to your home’s exterior.
10. Lighten up – Landscape lighting makes a huge impact on curb appeal. It also provides safety and security.
You don’t have a second chance to make a first impression! By adhering to the simple tips above, you will make your home’s first impression a great one.

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BEACH TREASURES – UNUSUAL AND UNLIKELY FINDS

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Sea Breezes in Sea Pines Resort

“It’s hard to explain…but I’ll know it when I see it. Let’s keep looking.”
I get that a lot. Having been in the real estate business on Hilton Head Island for nearly 30 years, that is an oft-used phrase by my clients. It is not unusual for a client to have firm requirements prior to embarking on a real estate search—we all have our personal likes and dislikes, preferences and visions of what we want in a home or villa—but resort property is unique. It’s as much about the destination as the property itself.

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THE LATEST HAPPENINGS IN SEA PINES RESORT

Sea Pines ResortFor many months now, the construction activity in Sea Pines has been abuzz. Residential construction has picked up substantially for both new homes and remodeling ventures. Completion of these properties serves to boost desirability and pricepoints for existing homes since construction brings not only a new and beautiful structure, but also fresh landscaping and handsome hardscapes. Owning real estate in Sea Pines is a smart choice considering the improvements that have already been made and anticipating the ones currently in progress.
In addition to the residential side of the building activity, major construction projects with recent completions include the Plantation Golf Club, a 23,000-square-foot clubhouse which serves both Heron Point (having recently undergone a series of subtle modifications including softening the green surrounds and enlarging several greens and a transition of the putting surfaces) and Ocean Course. Experience fine and casual sunset dining at Live Oak, inside or outdoors on the elevated porch.

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A FRESH START: LET’S LIVE AT THE BEACH!

Harbour Town Yacht Basin

Harbour Town Yacht Basin

The Island scene is a welcome contrast to the hustle and bustle and goings-on elsewhere. Quite often, clients will ask how long I have lived on Hilton Head and what brought me here. It’s been 30 years—I was in my mid-20s—since I made the move, and it was the water, the way of life, that made me fall in love with the island. I knew I wanted to sell real estate because I wanted the opportunity to sell others on this life; I wanted others to experience the dream. Much has changed about Hilton Head since the 1980s—more people, more development, certainly, but the core of the Island is timeless. It’s a world within a world; the natural beauty will never change and pretty never goes out of style.
Back then, it was the parents of the Boomers that were buying homes for their retirement years. They purchased moderate homes and used them on holidays and maybe a few weeks during the summer. Vacation rentals had not captured the market and the homes were used as a family gathering spot. As Hilton Head grew into its own and as the upscale resort destination became the mantra, young Boomers began to purchase properties. The demand for condos grew as did the square footage and amenity requirements. New plantations sprang up all around and luxury villas dotted the beaches in Palmetto Dunes, Sea Pines and Forest Beach. The young Boomers found that renting their homes and condos on the short-term/vacation rental market was a lucrative venture. Today, many of those young Boomers are retiring or thinking about retiring. The real estate investment for their future paid off. Many are deciding to upgrade from condos to larger homes; others are selling their homes in favor of easier-to-maintain oceanfront villas. Either way, they are making the wise decision: let’s live at the beach.
Your destination is personal. Play the game your way and unwind at your own pace, but don’t let the world slip away. Don’t just dream about owning on Hilton Head Island—do something about it!

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