5 Important Reasons to Buy a Home In Charleston This Year

The Charleston housing market is admittedly a bit crazy right now. Homes are going under contract quickly after being listed - some within hours - and some for above-asking price. But, that's certainly no reason to reconsider buying a home this year. Here are 5 important reasons to consider buying a home here in Charleston this year.

1. Inventory

There's been a limited inventory of available homes for sale in the Charleston area for some time. Currently, there's no real indication of when supply will begin to increase, so if you find a home that fits your needs, you might consider making an offer while it's still available. 

2. Interest Rates

Although interest rates have increased some, they remain at an all-time low. If you've been thinking about purchasing a home, the time might be right for you to lock in a low mortgage rate before they begin an upward trend. Lower interest rates can lower the monthly mortgage payment of a home in the price range you're comfortable with, making the cost of homeownership more affordable. In some cases, it could also qualify you for a higher price point.

3. Generational Wealth

It's a great time to invest in real estate. Currently, rental rates have been trending upwards capitalizing on the housing scarcity. In the south, rental rates are averaging higher than most mortgage payments. Of course, there will be ups and downs in the market, but real estate consistently appreciates over time. So, if you're wondering whether you should continue to rent vs. own, the increasing rents in the area might make the decision an easier one.

4. An experienced Realtor® makes buying a home in Charleston, South Carolina a breeze

Buying a home is one of the most important decisions you'll ever make. It’s also an emotional decision that requires careful consideration and planning to ensure success. That’s why it makes sense for you to work with someone who has experience navigating the process. A real estate professional knows what questions to ask when looking at homes, how to negotiate effectively, and which neighborhoods are best suited for your needs. Finding the best real estate agent in the Charleston area doesn't have to be hard, you can ask friends and family or do research on your own by reviewing ratings and speaking to past clients.

5. Charleston is one of the nation's best places to live

Charleston, South Carolina is just a cool town! Charleston is consistently ranked as a great place to live by various publications. Today.com recently named Charleston one of the top 10 best cities to live for post-pandemic life. Here are just a few of the lists that the area has been included in as a top living destination:

100 Best Places To Live 2019 - Money

World's Best Cities - Travel & Leisure

Best Places to Live - US News

There are still some great opportunities to be had as a home buyer in Charleston. You just need to know where to look, who to work with and what you want. If you've been considering a purchase but are unsure of your next steps, Get in touch! I'm always happy to answer questions about the current real estate market or neighborhoods in the Charleston Tri-County area.