Great new article from Realtor.org

This is a great article I just read in Realtor Magazine which briefly summarizes why we are in this market and what it will take to get out of it:
http://www.realtor.org/rmosales_and_marketing/articles/2009/0904_selling_customerquestions

In summary, here are some key notes:

• Home values appreciated an average of 26.5% from 1980 to 2000. From 2000 to 2006 prices appreciated an average of 89%! So the point is we in a time of "correction" adjusting towards a more stable market for a healthier future.
• A normal market has 5 to 6 months of inventory. You can determine the inventory supply in your neighborhood by dividing the number of homes for sale in your price point by the number of homes sold per month. I would use the last six months as a fair guideline.
• I also love the point about when to buy in the business cycle. The market was crazy during the "Euphoria "cycle. The idea then was buy it before someone else did. I fell victim to that fear myself. The lowest risk time to buy is between the cycle of "Despondency" and Despair" and I think it is fair to say we're there :).

I don't think anyone anymore questions whether or not this is a good time to buy. My clients today realize they are looking at really cheap money, great pricing, and fantastic selection. They may still be "waiting for the bottom" but none of us know when the bottom will hit until it passes us by.

We just received new aerial photos of the development progress on Daniel Island, and you can really see the changes in Daniel Island Park since the last pictures in February. With the streets ready for paving, it is much easier to see the layout of where homes will be built along the Ralston Creek golf course.

To the left is the latest photo of the new areas being developed in Smythe Park. You can see "Beekman Point" in the upper left corner near the Pierce Park pool. Many of these future homesites will back up to the marsh and Wando River and have spectacular views.

Also, you can see that several of the homesites in the Old Landing (on the upper right side of the photo) already have homes being built. Most of these homesites were sold just last year, which shows how fast the building process can go! We just released several John Wieland Homes as presales along Wando View Street. You can see by the construction activity they are already starting to prepare the lots for building these homes which should be complete by November 2009.

It really is amazing to see the changes. Just 2 years ago this was almost entirely vacant land and now every time I walk around Smythe Lake, it seems like another home is nearing completion!

The Fed's Move

Yesterday the Fed made an aggressive move to invest money in buying mortgage backed securities. So what does this mean for the housing market? In short, we should expect to see interest rates, which are still at historic lows, stay where they are through 2009. Here is a link to a good article that goes a little more in depth:
http://www.cnbc.com/id/29760360/
So with prices and interest rates where they are, this continues to be an excellent and unprecedented buyer's market.

Daniel Island Farmer's Market

Daniel Island will be hosting a Farmer's Market on Thursday afternoons at Family Circle Tennis Center beginning April 30th. The market will run weekly through September. There will be different vendors including farmers with fresh produce, food and drinks, and children's activites. The market will be open from 4p.m. to 7p.m. so it will be perfect to stop by on your way home from work and pick up a few things! For more information please visit www.danielislandfarmersmarket.com.

Family Circle Cup - April 11-19, 2009

Now is the time to get tickets for Family Circle Cup here on Daniel Island! Venus and Serena have both committed to play along with many of the world's top players. Visit the website at www.familycirclecup.com to learn more. I have attended every year since I moved here and it is such a fun event!

Daniel Island Launches New E-zine

Daniel Island now has a new online lifestyle magazine at www.myislandtown.com. It is a great way for people to learn about all that the Island has to offer from shopping and dining to Island events and amenities. It is great for residents and people who are considering moving to the Island. Check it out!