If you are considering purchasing a home, it seems hardly imaginable to most who know this business that there could be a better time to do so. Interest rates are low. Prices are low (at historically affordable levels we will probably never see again). The supply of housing is abundant. Builders are offering great deals - AND builders are finally optimistically building spec/inventory homes for projected near term demand (we haven't seen that in 3 years).
FACT: The current highly favorable situation for buyers will change resulting from:
1. heightened market stability
2. rising interest rates
3. rising cost of building materials (inflation)
4. lowering of "fear" factor among buyers
5. inventory draw downs
6. broad national economic recovery
7. return to more normal lending patterns
8. population growth
FACT: The shift in the Charleston area home market from a buyers' market to a balanced market is expected to be well ahead of national trends.
1. the Charleston market remained relatively robust during the 3 year market down-turn due to a stable local economy
2. many new job opportunities are happening in this area (Boeing, Google, Daimler, Bosch, Spawar and others).
3. demographic studies project significant population growth in and around Charleston over the next 5, 10, and 20 years (Charleston seems particularly attractive to retiring baby boomers)
Many people have been waiting, and waiting, for the "right time" to buy. Is the market at the bottom? Will interest rates remain low? How do I know buying a home is still a good investment? Here is some great guidance from recent articles:
Smart Money