FTHB Charleston SC: Some Reasons To Buy You Probably Haven’t Thought Of
Here is some helpful information for FTHB Charleston SC–First Time Home Buyers. Here is a quick rundown on why owning a home is better than renting, and why now is a good time to buy a home in Charleston SC.
1) Your Mortgage Will (Likely) Be Cheaper Than Rent
You have probably heard this before, but in the current market it is especially true. Interest rates are very low–near their historical lows. Although interest rates are slightly higher than last year, and they appear to be heading upward, they are still very low when looking at them historically.
The graph below illustrates this. It shows what the average interest rate was for each decade since the 70’s, and what the payment would be for each rate. As you can see, we are at the best point for interest rates in 40+ years.
2) Home Ownership Builds Wealth
By owning a home, you create wealth. Your home will appreciate in value over time.
Many would be FTHB Charleston SC might be wary about home values since we just recently had a big market crash.
However, that is behind us and historically home values increase over time. There will be ups and downs, but over time you will gain appreciation.
Home ownership offers the opportunity to build wealth, renting does not. The graph below shows the average family wealth for owners vs. renters.
3) Either Way, You Are Paying Someones Mortgage
Whether you rent or own, you are paying a mortgage. If you own your home, that money is going towards your mortgage and building equity for you.
4) With A Mortgage, Your Housing Payment Never Increases
You usually take out a mortgage for 30 years. Over that 30 years, that payment remains the same.
That means by taking advantage of the historically low current interest rates, you not only will pay less for a mortgage (compares to rent) today, but you will pay less for the next 30 years.
Rents go up over time. The graph below shows the average rent payment for the last 30 years. Imagine if you took out a mortgage at the beginning of that graph, and your payment stayed the same over time.
Notice how much of a difference there is between that payment and the payment at the end of the graph?
FTHB Charleston SC: Why Now Is A Good Time To Buy
That last point should really settle the debate for FTHB Charleston SC. The Charleston SC real estate market is hot.
Home values are on the rise, which is a good thing for buyers–you have a great opportunity to gain equity in the coming years.
However, the longer you wait, the more you will pay. And you will get less house.
While prices will continue to rise, so will interest rates. So, a $200,000 house today will cost more next year just as a result of rising values. Plus, higher interest rates will cause the mortgage payment to be higher.
FTHB Charleston SC: Waiting To Buy Will Cost More
By waiting, the cost of the same house will increase because of both rising interest rates and prices–which means you will afford less house. The graph below illustrates this–it shows the affects of both higher interest rates and higher prices.
FTHB Charleston SC: Choosing The Right Agent
I specialize in working with FTHB Charleston SC. Not all agents will take the time to explain the home buying process and answer questions.
However, I work hard to make sure you understand the process and know what to expect. Buying your first home doesn’t need to be a stressful experience.
FTHB Charleston SC: Free Resources
I have many resources to help FTHB Charleston SC. First, you can check out my buyers page. You can get a free list of homes that matches your exact criteria sent to your mailbox every day.
You will also receive updates, as well as the newest, hottest listings so you will know about them before other FTHB Charleston SC.
I also have some helpful homebuying videos. You can also download my “Home Buyer’s Survival Guide”.
Simply fill out the form below and you can download a free copy of my “Fall 2014 Home Buyer’s Guide”. This provides helpful tips and a look into the current real estate market.
This will show you exactly why now is a good time to buy, and will alleviate any market fears you may have.
If you are a FTHB Charleston SC, then contact me today and get the process started!
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