Real Estate Information and Resources

Learn about the local Real Estate Market and Real Estate information for the Hilton Head Island area.
The Rick Murray Team offers Tips for Buyers, Tips for Sellers and more!

Important things to Consider when Purchasing a Home

• Research the area thoroughly with the help of your real estate professional to make sure that the community is a good fit for you. The greater Hilton Head Island/Bluffton Area has a wide variety of communities/neighborhoods that each have their own unique personalities.
   

• Consider affordability. While there are many variables that can affect this equation, the general rule is that you can comfortably purchase a home that is 2 1/2 times your annual household income. (Refer to our mortgage calculator for a more precise evaluation.)
   

• Don’t be concerned if you don’t have much to use as a down payment. In the best and worst economic times, banks and private lending institutions have many creative options to help you obtain financing with little down payment.
   

• Always use a real estate professional (Preferable a Realtor.®) Even in a market that offers unprecedented amounts of internet information, there is no replacement for the help of a knowledgeable professional. They can help save you time and money. And most importantly, they can help prevent you from making a purchase that you might regret in the future.
   

• Consider getting pre-approved before looking at homes. This is in no way mandatory, and many experienced buyers already know what they can comfortably afford. But, if you are uncertain, a pre-approval will afford you great peace of mind while looking for a property. Your real estate professionals (The Rick Murray Team) will be happy to help you through the pre-approval process. It’s painless, we promise.
   

• Select the right real estate agent for you. It is important to select an agent that listens to your needs and helps match your desires with a property that fits. We would like to think that this is The Rick Murray Team’s specialty. We enjoy taking the journey along side you.
   

• Consider how you will use the property. Will it be a year round residence or second home? Is it solely an investment or a stepping-stone to a future purchase? Will you be putting the property on a rental market? How long would you like to own the property? All of these factors along with the assistance of The Rick Murray Team will help guide you to the perfect purchase.
   

• Have fun property hunting. It’s one of the largest investments you’ll ever make, so take a little time along the way to enjoy the process.
  
  Please contact us if you would like to discuss your options and learn more about Real Estate in our area.
   

Tips for Sellers about Proper Pricing

In marketing real estate the most crucial factor is proper pricing. A property priced too much above the market has almost no chance of selling. If it’s priced too low, the seller could end up “leaving money on the table”. Proper pricing is crucial and it has never been easy to do—recently, it has become even more difficult. Property pricing requires “art” and “science”.

Essentially, there are three methods of real estate appraisal: the Cost Approach, the Market Data Approach, and the Income Approach.

The Income Approach is the primary method used to appraise income producing property. It is rarely used for residential real estate. To determine fair market value of residential real estate both the Cost Approach and the Market Data Approach are utilized. Together they help determine proper pricing.

Using the Cost Approach, the current replacement costs of the improvements (the home or building) is estimated, accrued depreciation is then subtracted from that amount and the value of the land and site improvements are added back in. The Cost Approach tends to set the upper limits of value.

The Market Data Approach uses a comparison of the subject property with other properties in the area which have recently sold or are offered for sale. When you see a bank appraisal, this is the method of appraisal generally used. It is the approach given the most weight in appraising single family homes, condos and homesites.

These methods of appraisal are the “science” part of proper pricing—and that’s not too difficult. It is the “art” part that has become so much more difficult to do recently. In fact, the market here has been so good, proper pricing has become much more “art” than “science”.

The “art” part of proper pricing involves a keen understanding of the overall market. Not only what has happened, what is happening, but also what will happen must be considered when pricing properties properly. How is consumer confidence? Will the market get better or slow down? Is this a scarce property or does it have a lot of competition? What is the demand for the particular property today? Will that change tomorrow? These and many other factors must be considered in proper pricing today.

Proper pricing is harder today, but it has never been more crucial. If you are considering putting a Hilton Head area property on the market, I would love to talk with you. This day and time, proper pricing requires more knowledge, experience and “know how” than ever before.

Tips for Selling and Marketing your home

There is a difference between selling and marketing. Selling involves pointing out the benefits of ownership and answering objections, and is usually a one-on-one matter. Selling is a skill which can be learned--just as you can learn to play the piano. But you will not be a great piano player without some talent to go along with the skills. A great pianist has the talent and works to develop the skills. You can learn the skills of selling but to be a great salesperson you also need some talent. Really caring about people's needs is important. So is the ability to listen to their needs and to help them arrive at solutions. A great sales person is focused upon helping the customer--not upon their own agenda.


Marketing is another form of selling--but it is not selling in the strictest sense of the word. But like selling, both skills and talents are needed to be a great marketer. Marketing involves advertising. It is important to be able to write an ad which will make people interested enough to respond. Recently an owner of a property I had listed called about an ad I had written to let me know I had left out some facts he thought were important. I explained, successfully I think, that the purpose of the ad was to get the phone to ring. And, if you tell all in an ad, there would be no reason to call. People reading ads are trying to cull them down to the one or two in which they may have an interest. The more information they have, the easier it is to eliminate it. I would rather they call me for more information!

Advertising is important in marketing, but it is not the only thing. In fact, I did a study once and determined that less than 3% of my business came as a direct result of advertising. The rest came from referrals from friends and clients and other marketing efforts. In real estate, marketing also involves promoting the property to all the other agents--making sure they know the property and are comfortable with showing it; it is advising the owners how to create the best impression of the property for showings; it is preparing brochures for agents and potential purchasers; it is attention to detail. Marketing involves many tasks, lots of thought, and reacting to the market--which constantly changes. Marketing is a lot more difficult than selling!

I consider myself a professional in the real estate business and I take it seriously. I have the talents and, with years of experience, have developed the skills to help people buy. (To me that's different from selling.) And, I am learning new marketing ideas every day. If you, your friends, or acquaintances are thinking of buying or selling property in the Hilton Head area, I would very much appreciate the opportunity of helping.