5 Reasons Why It is a Great Time to Buy a Home in Mount Pleasant

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It’s an excellent time to purchase a home in Mount Pleasant! Many people ask, “If Mount Pleasant is in a seller’s market, why should I consider buying?” Today, I offer five reasons why.

1. Interest rates will never be lower. A simple 1% rate increase creates a 10% decrease in your buying power. For example, if you can afford a $400,000 home in today’s market, you’ll only be able to afford a $360,000 home if interest rates increase just 1%. That’s $40,000 you miss out on if you wait! Take advantage of low interest rates today.
   
   
   


2. Loan programs have been expanded. Ever since the market crash, banks have changed. Now, we see banks introduce new loan programs that can fit any budget. Previously, Conventional loans without private mortgage insurance were only available to buyers that could put down 20%. Now, buyers can avoid PMI interest with only 5% down! FHA loans only require 3.5% down. VA loans, of course, do not require any money down. Lenders often offer closing costs. Look into programs that allow you to buy a home when you weren't able to before.
3. Rental prices are increasing. Why pay rent when that same payment can be used towards owning your own property? When you buy a home for the same price, you gain equity. Additionally, you can deduct interest on a mortgage payment from your taxes. 
4. Now is the slow selling season. There are fewer homes sold during this season compared to the rest of the year. It’s a fantastic time to buy. There are significantly fewer buyers in the market now. In Mount Pleasant, we spent the summer wondering if we’d be in a multiple offer situation. Sellers don’t even like that. If you buy now, you avoid rigorous competition in the spring and summer. 
5. There’s a ton of new construction. Builders are giving incentives! When a neighborhood is in the early phase, often builders offer free upgrades and closing cost incentives. Besides, investing early in a new neighborhood and watching neighboring homes increase in value adds equity to your property.

Let’s discuss your specific needs and get you going! Give me a call today.