The meeting was called to order by Club President Kristin Keller
Kevin Courtney offered the prayer and led the pledge to the flag
Announcements:
It was announced that the balance left on our pledge to the Island Rec Center is $34,500
This is the third posting for proposed new member, Barry Lefkowitz. Orientation will be held Monday August 22 at Frankie Bones. Any planning to attend, let Kristin know.
John Farrenkopf filled in for Sergeant at Arms, Suzi Oliver and collected Happy $$. Music trivia, commemorating that 45 years ago Elvis died. Also on December 1 1969 was the first draft based on birthday.
Speaker:
The speaker was Jean Beck, CEO of the Hilton Head area Association of Realtors. She brought us up to date with what is happening in the real estate market locally.
There are 1700 members in the organization. She addressed the inventory problem and people moving out of areas. 83 Million people own property and 65.5% of Americans own a home.
2019 saw a pretty normal steady market
Nationally, the market has 3 months of inventory - 6 months is considered to be good. South Carolina has 1.9 months of inventory, below the national average.
Residential sales by municipality shows what is happening locally. There are a lot of sales in Margaritaville - but it is taking up to 18 months to get in the home. Locally about 50% of the sales are cash. Interest rates are currently around 5% - if financed now, if they drop to 3% can refinance, if they go up to 7% - you missed it. Emerging trends: metaverse - virtually live in the house before you buy; Blockchains; $31 billion invested in real estate technology; crypto conversions. Important to remember: supply and demand sets the price.