Homeownership: The Real Story Behind The Headlines

Homeownership-KCM

The big housing news this week is that the homeownership rate has dropped to 63.4% which represents the lowest rate in 48 years. That news definitely is making headlines. Yet, to fully understand what this means we have to look at the story that created these headlines.

There is no doubt the homeownership rate has declined since the housing crisis. Here is a graph showing the homeownership rate over the last twenty years. It skyrocketed during the housing boom and has steadily fallen since the bust:

Homeownership-Rates-KCM

 

The story behind the headline…

The dramatic fall in the rate over the past year must be looked at very closely. The rate is determined by the “number of households” who rent versus those who own. Let’s assume you have nine friends that live on their own (thus forming a household); six of them own and three of them rent. That would mean that 66.6% (6 out of 9) of your friends that live on their own are homeowners.

Now, let’s assume you have another friend who has been living with his parents. He would not be considered a separate household because he lives within his parents’ household. Once that friend moves out of his parents’ home and gets a place of his own, he will become part of the household count. Let’s assume, since he is just starting out, that he moves into a rental.

When he does, you now have ten friends that live on their own. If six still own their home and four of your friends now rent, the homeownership rate of your friends drops to 60% (6 out of 10). The number who own didn’t decrease; but the percentage decreased.

With the economy improving and job numbers looking better, more and more young adults are beginning to move out and get a place of their own. However, most will start in a rental situation thus driving the “percentage” of homeownership down. Auction.comexplained the most recent drop in homeownership rate this way:

“This occurred as household formations popped, implying millennials are riding an improved labor market out of mom and dad’s house. Roughly a third of millennials live at home according to Census data, an elevated figure. Continued gains in the labor market will coax increased numbers out into their own places, a majority of which will be apartments, as this age cohort lacks the financial wherewithal to buy.”

What does this mean to the future of homeownership?

The great news is that study after study has shown that Millennials aspire to homeownership as they still see it as a major part of the American Dream. As they get more comfortable with their financial situation, many of the Millennials who finally made it out of their parents’ homes this year will become homeowners over the next several years. An increase in homeownership rates will follow.

If you are interested in looking at homes in the Hilton Head/Bluffton area, give Jo Anne or Tony Rizza a call at 843-301-5825.

Hilton Head Real Estate Partners
Partnering with you every step of the way.

Hilton Head Island Seafood Fest

HHSFHilton Head Island is lucky to have an abundance of fresh, tasty seafood. Every year, Hilton Head Island celebrates by holding a fabulous seafood festival. The 8th annual Hilton Head Island Seafood Fest hosted by the David M. Carmines Memorial Foundation will take place Sunday, March 1 through Saturday, March 7, 2015. Not only do you get to eat delicious seafood, but proceeds go towards benefiting the Island Recreation Scholarship Fund, MD Anderson Cancer Research Center and the American Cancer Society.

The events are:

March 1, 3-7pm: Hilton Head Island Seafood Fest Kick-off Fish Fry & Oyster Roast

March 2, 6:30pm: Cocktail and Appetizer Reception and Dinner, Lucky Rooster Kitchen + Bar

March 2-6, 10am and 2pm: Lowcountry Seafood Experience on the Water.

March 6, 3:00-4:00pm: A Fisherman’s Guide to Seafood in our Lowcountry Restaurants.

March 7, 6:30pm: 11am -7pm: Hilton Head Island Seafood Fest at Shelter Cove Community Park.

Find out more details here.

Hilton Head Island Gullah Celebration

Screen Shot 2015-01-29 at 11.21.49 amFebruary is a special time for the Lowcountry’s Gullah people. The month marks the start of the Hilton Head Island Gullah Celebration, which runs from February 1st through 28th.

The annual event showcases the rich cultural heritage of the Gullah people and their history on Hilton Head Island. The celebration attracts everyone from local residents to international travelers to Hilton Head Island as it incorporates many aspects of the Gullah culture. Visitors have the opportunity to experience traditional Gullah food and music, and receive firsthand, historical information. They also have the opportunity to take a journey through the culture via the visual arts.

Personally, one of our favorite events is called The Taste of Gullah, which offers classic Gullah food and cultural entertainment. It also has some great demonstrations, including sweet grass baskets sewing, and fishnet weaving.

Click here view the entire Gullah Celebration guide.

We hope you have the chance to attend one the events held within the Gullah Celebration!

New Year, New House?

HNYWe know the headline “New Year, New House” is used pretty regularly (and often poorly), but we have to admit it – for a lot of people this is exactly the plan. We make our New Year resolutions and it often involves a new home. This year, you may be planning on selling your current home, or buying a new one – or both! We want to let you know that Hilton Head Real Estate Partners is here for you! We can provide you with a complimentary market analysis to get you started, and even a free home warranty worth $535 to sellers who list their home with us. We will happily answer all of your questions and provide you with exceptional customer service. Call us on 843-301-5825 or use this simple contact form to get your resolution rolling!

If you’re just wanting to look around at the moment, that’s fine too! Search online for properties in Hilton Head Island, Bluffton, Okatie and Daufuskie Island.

Christmas Time at Hilton Head Island

Christmas is a magical time at Hilton Head Island. While we don’t have all the snow that some of the “snowbirds” may be used to, we think that’s a good thing! Why? Because people can actually comfortably wander around outside and enjoy all of the festivities the Island has to offer. Listed below are a few of the events that us at Hilton Head Real Estate Partners like to enjoy:

Screen Shot 2014-12-11 at 5.19.09 pmThe Dove Street Festival of Lights – held from 6pm – 10pm nightly at Shelter Cove Towne Center, this event has been a holiday tradition for 20 years. Visitors can experience a “cascading and tastefully tacky display” as well as get involved in the different nightly events.

 

Salty Dog Christmas Village – Visitors can enjoy hundreds of thousands of twinkling lights at South Beach Marina Christmas Village. Kids can have their photo taken for free with Santa each Friday and Saturday, 3-7 p.m. through Dec. 22. More details here.

 

Harbour Town Lights – Stroll along the harbour and enjoy the illuminated seasonal figures, with the centerpiece of the display being a towering 30-foot Christmas tree. More details here.

 

 

Staying Connected in Sun City Hilton Head

Screen Shot 2014-11-06 at 2.39.50 pmThere is a new service organization in Sun City Hilton Head called “Staying Connected,” which is all about neighbors helping neighbors. We at Hilton Head Real Estate Partners think the not for profit organization is a fabulous idea as it aims to help the retirement community’s homebound residents by connecting them with their neighbors.

On Monday, Staying Connected opened its resource center in a ribbon-cutting ceremony at Pinckney Hall. And the organization already has two hundred volunteers!

Services offered (currently or in the near future) by Staying Connected include:

  •  The Resource Hub will assist residents to acquire a broad range of information on available resources;
  •  “A Friendly Face” – home visits for both companionship and respite care;
  •  “Helping Hands” – basic home maintenance services and home safety checks;
  •  “Just Checking In” – a daily telephone ‘reassuring calling’ program for homebound residents;
  •  “Going My Way” – transportation to medical appointments or grocery shopping for those without arrangements.

(Source: http://media.wix.com/ugd/145ca2_fd21125589884bf88fdfab605ba4af1b.pdf)

Are you a resident in Sun City? Yes! Well you’re eligible to use the services offered by the organization. Residents can register at the resource center or on Staying Connected’s website.

If you don’t live in Sun City Hilton Head, but are interested in making the move, we would love to show you around the community. Call 843-301-5825 or use this contact form to make an appointment.

The Hilton Head Island Motoring Festival & Concours d’Elegance

HHI event

One of the biggest events held in Hilton Head each year is the The Hilton Head Island Motoring Festival & Concours d’Elegance. The fall of 2014 marks the festival’s thirteenth year which runs from October 24 – November 2.

The Festival begins with the Savannah Speed Classic, which runs October 24 – 26. The Savannah Speed Classic is being held at the Prize of America road course – situated on the property of The Westin Savannah Harbor Golf Resort & Spa.

On November 1 – 2, the festival moves onto Hilton Head’s Port Royal Golf Club where the Concours d’Elegance will be the event highlight.

The festival is known nationwide to be one of the largest and fastest-growing automotive and motorsports enthusiast event weeks. We think the general public will enjoy the event, too! It’s a great event to take the kids and show them what cars used to look like in the “good old days.”

Click here to see the full event schedule and purchase your tickets.

Photo source: http://www.hhiconcours.com

 

Our Picks for Shelter Cove

Shelter Cove, Hilton Head Island is one happening neighborhood at the moment. Shelter Cove Towne Center has recently seen a huge, multi-million dollar redevelopment, with new and exciting businesses continuing to move into the area. In addition, there are new luxury apartments being built, and plans for a $4.5 million 5 acre along the Broad River, behind Shelter Cove Towne Center. Yes, Shelter Cove will soon offer everything one could ask for!

We have picked out our favorite properties currently for sale in Shelter Cove/Palmetto Dunes:

The most impressive:

Man o War

 

 

 

 

 

 

 

 

 

 

10 Man O War, Hilton Head Island

Listing price: $5,300,000

See more…

 

A family favorite:

Iron clad

 

 

 

 

 

 

 

 

 

3 Iron Clad, Hilton Head Island

Listing price: $2,295,000

See more…

 

The most affordable:

Leamington

 

 

 

 

 

 

 

 

 

 

77 Leamington Ln, Hilton Head Island

Listing price: $949,000

See more…

Browse all properties currently for sale in Shelter Cove/Palmetto Dunes here.

If you are interest in buying or selling your property in Shelter Cove/Palmetto Dune, Hilton Head Real Estate Partners are happy to help! Feel free to call us on 843-301-5825, or use this simple contact form.

Hilton Head by the Numbers

Hilton Head Luxury photo resizedThere’s nothing like a few numbers thrown out there to help you to get to know an area better. The Town of Hilton Head Island has just released loads of fascinating statistics for us to read and divulge. Below are a few numbers that stand out to us, but you can read the entire document for yourself by clicking here.

1. $1,073,366 in grants awarded was collected in 2013/2014 for the engineering division, fire rescue, facilities management, code enforcement, and police services.

2. 144 parcels of land were purchased by the town.

3. 3,538 building permits were reviewed in 2013

4. 6,434 business license renewals were processed

5. 1,015 new business licenses were processed over the 2013/14 FY.

6. 13.5 miles of beach was patrolled to render assistance to beachgoers

7. 61 miles of public pathways were maintained

8. The powerline burial island-wide project is 68% complete

9. Communications (911 dispatch) fielded 59,438 total telephone calls

10. A $4.5 million 5 acre park is planned along the Broad River, behind Shelter Cove Towne Center.

 

5 Reasons Why I Love Hilton Head Plantation

dolphinMy husband Tony and I have lived in Hilton Head Plantation for over 12 years, and it’s no secret that we absolutely love it here. Instead of just telling you “I love it,” below I have listed out five reasons why it is an amazing place to live.

1. Beautiful scenery – stroll along Pine Island beach at Dolphin Head and you’ll know.

2. World-class amenities and recreation – I love participating in the water aerobic classes several times a week!

3. Fantastic dining options – my favorite place to eat is Old Fort Pub.

4. A beautiful golf course – my husband loves to play here with his friends regularly.

5. Our neighbors – they are everybody from young families just starting out to seasoned retirees enjoying the good life…and everyone in between.

We know the community as well as anybody, and with 35 years of real estate experience, we know a great opportunity when we see one. If you are interested in buying in Hilton Head Plantation we are happy to answer any questions you may have about the area, simply call us on 843-301-5825. Alternatively, click here to search properties currently for sale in the neighborhood!

— Jo Anne Rizza