The Potential Cost of Waiting
...Should I buy now, or wait until I save some more for the downpayment..?
This is a question that we get asked very often. Our opinion is that there is no time like the present time to buy.
The combination of lower home prices (they are rising!) and lower interest rates (rising as well) makes for great home affordability. To give it some historical perspective, consider the following graphic, showing how much home affordability has changed in the last 30 years:
Combine this with the forecast for mortgage interest rates rising into mid-2016, according to Freddie Mac:
...and the median home price in Charleston SC area (also rising):
This table estimates the cost of waiting on a $500,000 purchase:
Bottom line: If you are thinking of buying a home, don't hesitate, as time is not on your side! Call us today at 843-900-0155.
Please contact us if you have any questions or comments.