What makes the perfect time to buy a home? Is it the weather? The time of year? The market itself? Actually, there are a number of factors that determine whether it’s a good time to buy a home.
Here are five signs that now is the best time for you to buy a home in Charleston.
The Hot Real Estate Season is Cooling Off
Summer is traditionally the busiest time for real estate. Sellers are listing, buyers are out house-hunting, real estate agents are hopping around from client to client… it gets pretty hectic. For buyers, waiting until this time has passed is pretty ideal. Not only is there less competition from other buyers, but your real estate agent will also likely have less going on—and more time to devote to you.
The Weather’s Cooling Off, Too
Let’s face it; the South gets HOT in the summer. Charleston’s got some nice coastal breeze and more moderate temperatures, but it’s still hot. And quite honestly, hot home searching isn’t the most fun. But finally, we’re approaching the end of summer… and falling temps. It’s almost time to say good-bye to cranky summer shopping and hello to that warm fall ambiance.
Interest Rates Are LOW
Interest rates are always in flux. At the end of last year, they were climbing pretty steadily towards 5%. But the beginning of 2019 brought a surprise—falling interest rates! Currently, you can find 30-year fixed-rate loans as low as 3.8%, which is about 1% lower than last year.
That 1% might not seem like much, but it’s actually pretty huge. On a $240,000 house, that amounts to about $50,000 over the duration of the loan. That number alone makes now a pretty fantastic time to buy a home. Want to get a better idea of how interest rates affect your monthly payments? Try playing around with our mortgage calculator.
Your Financial Situation is Comfortable
Beautiful weather, ideal market conditions, super-low interest rates… seems like an ideal time to invest, right? Not if your finances aren’t in shape! One of the most important things you can do as a potential home buyer is to take a careful look at your finances—your income, your savings and assets, your debt, your spending—and think about just how much you really can afford to pay for a home.
Want to get a solid idea of how much home you can afford? Start by calling up some lenders and finding out more about your loan options. Most lenders are happy to review your finances, provide concrete numbers on what specific loans will look like for you, and even get you preapproved for a loan—all with no obligation.
You’re Ready to Make the Move
Market conditions and finances aside, if you need a home, you need a home. Maybe you’re relocating for work or your family just got a little bigger. Maybe you’re tired of signing over paychecks to your landlord or you just really want to start putting down some roots. Whatever your personal reasons for wanting or needing a new home, if you’ve got a reason, then the time is right!
Buying a Home in Charleston?
Are you thinking of buying a home in or relocating to the Charleston area? Then it’s time to contact The Good Friends Team. We’re here to help you explore the area, discover its beautiful neighborhoods, and find the perfect home for your unique needs.