Posted By Alan Donald @ Jul 6th 2015 4:10pm In: Alans Listings

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: 

Cost of Interest Changes

Combine this with the forecast for mortgage interest rates rising into mid-2016, according to Freddie Mac: 

Freddie Mac Interest Rate Forecast

...and the median home price in Charleston SC area (also rising):

Charleston SC Median Home Price

This table estimates the cost of waiting on a $500,000 purchase:

Cost of Waiting on a $500K 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.

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