The Top 3 Reasons to Buy a Home Now

By The Living Well Group

Charlsi Kelley and Sarah Kozlik are the dynamic leadership duo behind The Living Well Group Charleston, a top-performing real estate team known for its personalized service and deep commitment to client success.

Deciding to buy a home can feel like a huge leap, but let me tell you, it can also be one of the best decisions you ever make. While the market may seem unpredictable, there are some solid reasons why now might be the perfect time for you to dive into homeownership.

We’ll explore the top three reasons why buying a home now instead of waiting could prove to be a wise investment:

1. Home values will always rise over time. One of the most compelling arguments in favor of buying a home now is the historical trend of home values consistently rising over time. Real estate has proven to be a solid long-term investment, with property values generally appreciating despite short-term market fluctuations.

By entering the market sooner rather than later, you position yourself to benefit from this upward trajectory.

2. Interest rates are unpredictable. Rates always fluctuate, and nobody knows which way they’re going. However, with more inventory and motivated sellers, we’ve been able to negotiate seller credits for many of our clients.

These credits can help buy down the interest rates, making monthly payments significantly lower. For example, there’s something called a 2-1 buy down, where the first year is 2% less than the market rate, the next year is 1% less, and then it goes to the market rate. This strategy can help ease the financial burden as interest rates may eventually come down.

3. Start building equity sooner. One of the most significant advantages of homeownership is that your monthly payments contribute to your financial future. By purchasing a home now, you start building that wealth immediately.

For instance, if you buy a home for $585,000, homes generally appreciate about 3% a year. Your net worth could rise to around $622,000, giving you $37,000 in equity.

Now, let’s look at the scenario of a renter. On average, renters in Charleston pay over $2,000 per month, totaling $48,000 over two years, with nothing to show for it in terms of homeownership or equity. Essentially, this scenario does not build net worth over time.

While waiting for the “perfect” time to buy a home may seem tempting, the current market conditions present compelling reasons to act now. There’s a strong case for entering the real estate market sooner rather than later.

If you have any questions, don’t hesitate to reach out at (843) 822-7323 or info@livingwellcharleston.com. Every situation is different, but if you’re ready and able to buy a home, don’t wait. We’re here to guide you.