To buy or not to buy, that’s the question! If you’ve been thinking of buying a home, you’re probably starting to wonder if the timing is right: Is the market good? How about interest rates? Is it the right time to invest? Well, it’s time to stop wondering and start searching; we’re here to set the record straight. Here’s why now is a great time to buy a home in Charleston.
Interest Rates Are Low
Towards the end of 2018, interest rates were on a definite rise. Early predictions for 2019 foresaw rates climbing as high as 5%—but there was a surprise twist! Interest rates actually fell, and quite a bit. Currently, rates sit at about 3.7%. And there’s more good news for buyers: rates are expected to fall in 2020, with loan giants like Freddie Mac calling for rates as low as 3.5%.
Home Values Are Rising
Home prices have been on the rise nationally, so much so that in some locations, buyers have been priced out of their home buying dreams. While prices haven’t fallen, they have leveled off, and this, coupled with decreased interest rates, means homes are becoming more affordable again. And as a buyer, you do want prices and values to increase—that’s how you build equity and sell your home later on for more money, right?
Competition Is Low
It’s no secret that spring is the “hot season” for real estate. Everybody’s buying and selling in spring—the weather’s nice, homes look great, the holidays have passed… but the problem with buying a home at the same time as everyone else is that you have that much more competition! Buying during the off season means you’re less likely to be pressured into making a quick (or high) offer, and there’s less chance of getting caught in a bidding war.
Sellers Are Eager
When competition is low, sellers are eager. They know there are fewer buyers, and they likely haven’t had much interest in their property. Sellers listing during the off-season are usually doing so for a reason—relocating for work, moving for family reasons, etc.—so they’re pretty motivated to sell quickly, even if it means giving the buyer better terms. For you, that means negotiations are definitely in your favor.
The Time Is Right for You
Are you relocating for work and searching for a new home? Did your household suddenly grow or shrink? Are you just… ready to buy? Whatever your reasons may be, if you’re ready to buy, then the time is right! Don’t ever let the market dictate your housing needs, because the reality of the matter is, no one can predict what real estate is going to do. The time that’s best for you to buy is ultimately the time that’s best to buy.
Ready to Buy a Home in Charleston?
Are you thinking of relocating to or buying a home in the Charleston area? The Good Friends Team is here to help! Contact us today to learn more about how we can help you find the perfect home in just the right location.