7 Reasons Why Now is the time to Buy

The decision over whether now is a good time to buy real estate is one that is heavily debated. There is no doubt that the current economic conditions make many fell uneasy and very cautious when investing their hard earned money. But if you’re planning to buy a house in the near future, now is the time! Waiting for both housing prices and interest rates to fall may not be a good strategy for potential homebuyers since analysts don’t expect any significant declines in these two most important home-buying factors.

Why Now?

1. Interest Rates are increasing- Interest rates are near a 50-year low, according to housing analysts. Although mortgage rates vary from day to day, the 30-year rate at this level is an attractive inducement for first-time buyers, or buyers who want to either movie up to larger residence, or those trying to down size.

2. 30 Year Mortgage may disappear- As the economic recovery gains momentum; interest rates are expected to increase, making mortgages more expensive. Even a half-percent increase can add up to hundred dollars onto your monthly mortgage, depending on the amount of your loan.

3. Rent Rates increasing- Over the past year, rental rates have been increasing. Those homeowners that have had to sell their home on a short sale or faced foreclosure have had to turn to renting. An increase in renters a stabilization of supply of rental units has caused vacancy rates to diminish and therefore rental rates to increase.

4. Worst of price declines is likely over- Right now, home prices are in a state of fluctuation. They’re rising in some areas and falling in other. But just because homes prices might fall before they rise again shouldn’t keep you from making an offer on a home as long as you find the right house at the right price on the right terms.

5. Less Competition- There may be plenty of lookers at an open house these days, but with a weak sales pace, its proof that there are fewer serious buyers looking to make a deal. That makes it even less likely that you’ll find yourself in a bidding war, also allowing room for negotiation with eager sellers.

6. Larger Inventory- In many places it is taking months to sell a home, creating loads of inventory—from new homes to existing homes to foreclosures. A large selection gives buyers choices and drives down prices.

7. Motivated Home owners desperate to sell- Sellers of existing homes have also been offering attractive incentives for potential home buyers such as warranties, some even offering cash or have included furnishings as a bonus for potential buyers.

With this, there may not be a better time to buy than right now. It’s a buyer’s market, but like everything else in life, the bargain deals won’t last! Owning a home is a great accomplishment, something you can be proud of! So call SC Beach Real Estate today, and we’ll have you in your new home in no time!