Welcome to first edition of Hilton Head & Bluggton real estate round up for the months of August-Sept, 2013. Find up to date news stories, market trends, and more. Be sure to check back every month for the latest Hilton Head & Bluffton real estate news. Brought to you by the real estate experts at Charter One Realty.
Recent Law Changes Surrounding Real Estate, Bluffton Today
2013 brought about a few important new real estate laws. Below are the most notable :
Energy Efficiency Tax Credit
Homeowners will have a good incentive to invest in green upgrades to their home. Any out of pocket expenses such as buying and installing energy efficient appliances, windows, doors, insulation and solar panels can result in a 10 percent tax credit, up to $500 per person.
Private Mortgage Interest Tax Reimbursement
Homebuyers who purchased a house in 2013, and are paying a private mortgage interest (charged when the buyers puts less than 20 percent down) on their mortgage will be eligible to deduct 100 percent of this amount from their taxes. High income earners ($110,000 or more) unfortunately to not qualify for the reimbursement.
Mortgage rates rise, Freddie Mac says, but jumbo loans are cheap, The Island PacketInterest rates are on the rise, making it harder to find a great deal on real estate, unless you can afford a jumbo mortgage (outsize loans in an amounts higher than the average limit). Mortgage rates rose in the first week of September with lenders offering 30-year fixed home loan at an average of 4.57 percent. Increased competition among lenders for jumbo loans, mean that rates for those loans are now lower than those for conforming loans. The difference in rates between jumbo loans and conforming loans are even greater for those seven or 10 year fixed loans.
Time to renew your rental property strategy, The Island Packet
The offseason is the best time to rethink your rental property strategy. There are many things a rental property owner should consider including a property assessment, pricing review, and re-evaluate the property's condition, and make any necessary fixes and improvements. To stay competitive, upgrade your property to include sought after amenities like flat screen TV's, high-speed Wi-Fi, bicycles, access to recreational facilities, and updated decor that's in style.
If your vacation rentals are managed by a property management company, evaluate their performance and see where improvements can be made. If it's time for a change, look for companies that focus on 24hr, full service marketing, booking and guest services.
Port of Port Royal hopes to secure buyer, WTOC
After three unsuccessful attempts, the Port of Port Royal hopes to secure a buyer so that they can reopen for business since being shut down in 2003. The Port is currently owned by the South Carolina State Port Authority, and sits unoccupied. NAI Avant is the real estate company overseeing the sale.
The 317 acre property, whose redevelopment plans include a 225-foot marina, hotel, a 10-acre park, and a large residential area, is priced at $22.5 million. A recent interest in the residential piece have town officials optimistic about the possible sale and the endless economic opportunities that it could bring to the Port Royal region.