If you’re paying attention to the real estate market today, or even in the last few years, you’re probably consuming a lot of information about record-breaking home prices, increasing consumer costs, rapid turnarounds, and more. Between inflation and hot real estate markets, all of this can leave potential buyers feeling stuck between a rock and a hard place. So, should you consider waiting to purchase a home this year with the housing market skyrocketing the way it currently is? Our answer is definitely no! Because the best safeguard against inflation is receiving a fixed-rate mortgage now. If you are ready to buy, housing is commonly looked at as a great investment, especially with interest rates so low right now. Not sure where to begin? If you're on the hunt for a new home this year, here's how today's high inflation rate will impact you now and in the long run.
Renting Will Become a Financial Burden
Home prices have been increasing for quite some time, and they’ll continue to climb as the years go on. Homeownership offers stability and security because if you rent, you won’t be protected from rising housing costs. So, as a potential homebuyer, you should protect yourself, and today’s mortgage interest rates are lower than they have been in decades! While inflation will lessen what you could normally afford, low mortgage rates help counteract it and will also help keep your monthly payments down. The money you save could be spent on items such as food, utilities, entertainment, and other interests!
Make Smart Moves
Yes, it’s a tricky time to buy right now, but buying a home sooner than later is likely the best way to spend less money. The price tag may seem steep today, but if things continue on their current path (which experts predict they will), the sticker shock will likely look like a steal of a deal in the future. So, make sure to do your research (or allow Team Lail-Chambers to do it for you)! Houses are for living in, and purchasing a home will most likely be one of the largest investments that you make in your life.
Turn to Team Lail-Chambers to Help Find the Perfect Charleston Home!
When you're ready to buy your first (or next) home, you want to make sure you have the right team to make the process easy & stress-free. That's why you should make the call to Team Lail-Chambers. Our team of experts, led by Bob Chambers & Pheobe Lail-Chambers, are some of the most professional agents you’ll encounter & will give you the easiest home-buying experience imaginable. We can help you determine your top priorities & find a place that accommodates both your tastes & your budget. Our staff knows the Lowcountry well & is acquainted with all of the facilities, resources, & services available in each community. We’ll make sure to fit you with a home you’ll love!