I remembered the day my parents moved out of the home they owned for more than 40 years. I could not imagine living in one house for all those years, but that was not unusual for people who bought in 1949.
Today, according to the National Association of Realtors’ 2016 Home Buyer and Seller Generational Trendsreport, homebuyers between the ages of 61 and 69 expect to stay in their homes the longest when compared to all other age groups, at 20 years. Buyers ages 36-60 and those 70-90 all expect to stay in the homes they purchase for 15 years, while buyers 35 and younger expect to be in their newly bought homes for 10 years.
Locally, we should see a healthy number of sales in most categories for the next few months, yet there is still some lingering worry about low inventory. For the 12-month period spanning May 2015 through April 2016, pending sales in the Hilton Head region were up 18.2 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 34.1 percent.
Market-wide, inventory levels were down 1.5 percent. The property type that gained the most inventory was the single family segment, which increased 1.5 percent. That amounts to a 6.6 -month supply for single-family homes and a 7.1-month supply for condos.
Remember, if you are buying or selling real estate, ask if your agent is a Realtor and a member of the Hilton Head Area Association of Realtors.
Jean Beck is the executive vice president of the Hilton Head Area Association of Realtors.
CHARITY GRANT DETAILS
The Hilton Head Area Association of Realtors and the Mortgage Lenders Association of Greater Hilton Head are now accepting applications for their annual charity grants. Qualified 501(c)(3) organizations that support housing initiatives or the quality of life in Beaufort and Jasper counties are eligible to apply. The deadline is Friday, July 22. Applications are available at www.HHRealtor.com or by calling 843-842-2421.