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Buying A Home In Mount Pleasant SC with Greater Charleston Properties

5 Signs It's Time to Buy A Home

Mount Pleasant 3/17/2016 6:39:09 PM

Want to know if it's a good time to buy a home in the Mount Pleasant or Charleston area?

We have sprung forward, and the first day of Spring is March 20th. Here's to more daylight, ball games, and those Crepe Myrtles in bloom. It marks real estate’s busy selling season, and while that’s all fine and dandy, when it comes to making one of the most important, personal decisions of your life—whether to buy a home or to sell your own—trying to decide exactly when it's time to pull the trigger is easier said than done.

    It has been said that the upswing from last year's sales will continue, according to national observers. And it's a little unusual. Whether you're thinking about buying (or selling your current home), the reasons behind the flurry of sales activity might be surprising. Here are the top five reasons why so many will decide to buy a home in Mount Pleasant or the Charleston area in 2016:

Rental Rates Continue to Skyrocket

Rental rates are continuing to rise with the ongoing low inventory and high demand of rental units. Did you know in the last 12 months that 88% of property managers have RAISED their rent prices? There's no sign of stopping considering 68% of property managers indicate that rental rates will rise again in 2016. Why keep throwing money down the drain and putting money into your landlord's nest egg? Start building your OWN nest egg!

Interest Rates Are At An All Time Low

Freddie Mac's latest survey of lenders indicate little change in the 30-year fixed rate mortgages. The average just in September 2015 was 3.89%, compared to 4.16% a year ago. Interest rates are historically low, thus making home buying more feasible and affordable, especially for first time home buyers.

It's Easier to Get a Mortgage Loan

The latest TRID announcement has ordered that terms be more clear at the closing table. This will greatly benefit first time home buyers because it will prevent any closing table surprises. These clearer terms will assist home buyers in understanding both their financial commitment and what the expectations are.

Down Payment Protection 

One of the biggest investments a person will make is writing that down payment check on a home. Down Payment Protection is a new option that gives today's home buyers the flexibility they need to more confidently and securely purchase a home. This kind of coverage protects your down payment, especially when you put down less than 20% at closing, just like private mortgage insurance (PMI) protects the bank.

It's understandable that some home buyers today may be hesitant to commit to living in one place for an extended period of time, considering the average employee tenure in the US is 4.6 years overall and 3 years for millenials. But, the current market situation and these huge mortgage changes will help ensure that as life happens, a home buyer won't be totally out of luck when it comes to protecting their nest egg.

NOW is the time to buy! The Greater Charleston Properties Team would LOVE to help you build your nest egg now!  Call (843)631.2463 or email us at today to start your customized search to find your perfect home.

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