What is Going on with Real Estate in the Lowcountry
Here we are in the middle of January with some very chilly weather headed from our northern friends, including the (11) states that continuously support our second home buyers in the Lowcountry. Keep in mind that approximately 45% of our buyers come from Ohio and Pennsylvania, which both have an improving primary real estate market.
We are hoping that the bad weather and a very optimistic economic forecast will allow those northerners, now capable of selling other properties, to join us this year as we are expecting a large contingent of “sno-birds.” A “sno-bird” is a family looking to buy a second home or a primary residence in the south. We think we have tremendous value here, and typically once they are within our grasp, they don’t look elsewhere. Often those who are on a march to all different kinds of areas just don’t buy in the first place.
Our spring buying season historically begins in Sea Pines with spring break, spring weather, and The Heritage golf tournament. When buyers see the kind of opportunities available on or near the wonderful south end beaches, the checkbooks start flying! It’s interesting to see how the buying frenzy usually spreads from the south end of Hilton Head Island all the way to I-95.
Bluffton is the fastest growing city in South Carolina right now and is growing four times on itself every year. It seems like yesterday that we just built Bluffton High School, and now we have a second high school, May River High School, that is almost 5 years old. Our beaches can fortunately support all of this growth including the ever-growing tourist group.
Most people don’t realize that there is a pattern of buying outside of the normal “sno-bird” purchasers that has been true for many years. It usually starts with a family who comes down and rents for a few years and then buys a villa. A few years later, the villa is too small and the first home is purchased. Normally, on average, there is yet another home purchased within four years. The Chamber of Commerce has indicated that they have statistics that show 30% of our first time home owners are ex-villa owners.
We have a great thing going here with 288 of complete sunshine and all of the other features and benefits that support a culture of paradise!!!!!!!!!!!!!!!
Image by: Diego PH/Unsplash
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