This is the time of year that has home buyers and home sellers alike excited: The Spring Home Buying Season! For buyers, it’s a great time to purchase a home because the school year is coming to an end and residents have all summer to move before it’s back in session. For sellers, it’s a great chance to reach a lot of home buyers as they navigate the market searching for their dream home.
Charleston Buying Tips for the Spring Market
Don’t just rely on the Internet for your home searches. While you can certainly find a treasure trove of information on the Internet and through our website, it’s not the only way to find your dream home. In addition to searching real estate websites, you might consider also getting out and canvassing homes for sale the old fashioned way. After all, Internet pictures and listing information only tell part of the story and aren’t always up to date. As real estate professionals, we also have access to a information that isn’t widely available to the public. And don’t hesitate, either! This year’s spring home buying market is expected to be particularly competitive and so you want to make sure you get to that home before other buyers do.
Learn about current market values. Obviously, every market is going to be slightly different and so it behooves you to learn about your local housing markets specific trends. In Charleston this March, new listings were up 7.6%, pending sales increased 46.3% and inventory shrank 17.6%. The median sales price also inched slightly higher to $221k. With a promising jobs picture and steady mortgage rates, people can and are buying homes. As qualified and experienced agents, we can talk with you about current trends and how they impact you.
Lock in low mortgage rates now. Those near-historic lows won’t be around forever. Thus, make sure you get a good mortgage rate now. By doing so, you ensure that your monthly mortgage will be reasonable for you. And in some cases, you may qualify for a larger or more expensive home thanks to low mortgage rates. Here’s another reason to get a mortgage now: In January, the Federal Housing Authority (which backs loans for borrowers who make low down payments), lowered the annual insurance premium it requires from 1.35 percent of a home loan to just 0.85 percent. All told, the Housing Department estimates that will save FHA homeowners roughly $900 a year.
We Are Your #1 Resource for Home Buying Tips
We hope you found the above information helpful as a prospective home buyer. We thought we should pass along these tips for those of you who have been on the fence about buying or for those of you who plan on moving sometime down the road. I would hate for you to hesitate, and miss out on once-in-a-lifetime conditions as a result.
If you would like to talk it over, we are always available by email or phone. You don’t have to worry about contracts or obligations of any sort. We would love to advise you on the subject, so you can make the decision that’s right for you and your family.
Have a great day!