AgentOwned Realty's Two Must-Ask Questions For Would-Be Home Buyers in SC

If you're considering buying a home in Summerville, Goose Creek, or Moncks Corner SC, it's crucial to rely on accurate information. You might be gathering data from various sources like news outlets, social media, conversations with friends, or even overhearing discussions at the local supermarket. Among the key topics likely on your radar are home prices and mortgage rates.

To gain valuable insights, turn to the local real estate experts at AgentOwned Realty. They are well-versed in the South Carolina market and can provide you with reliable information on trends and projections.

1. Home Prices in Summerville, Goose Creek, and Moncks Corner SC: The Home Price Expectation Survey from Pulsenomics, which aggregates insights from a diverse panel of economists, real estate experts, and market strategists, is a reliable resource. According to the latest survey, there's a projection of slight depreciation in the current year. However, it's crucial to understand the context. The most significant declines in home prices have already occurred, and in many markets, prices are on the rise once more. The small 0.37% depreciation projected for 2023 is far from the crash some initially feared.
   
   

   Looking ahead, the forecast indicates a positive turn. Prices are expected to appreciate in 2024 and beyond, as indicated by the green trend in the graph. This suggests that buying now could lead to an increase in your home's value and the accumulation of home equity in the coming years. Waiting might mean a higher cost down the line.

2. Mortgage Rates in Summerville, Goose Creek, and Moncks Corner SC: Over the past year, mortgage rates responded to economic uncertainties and inflation by rising. However, recent reports indicate a moderation in inflation from its peak, which bodes well for the market and mortgage rates.

   Typically, when inflation eases, mortgage rates follow suit and tend to decrease. Some experts suggest that rates may dip slightly over the next few quarters, stabilizing around an average of 5.5 to 6%. Nevertheless, it's important to note that predicting mortgage rates is complex, and many variables come into play.
   
   

   Consider some potential scenarios:

   • Buying now with stable mortgage rates: This is a prudent move, as home prices are anticipated to appreciate over time, positioning you well against rising costs.
   • Buying now with falling mortgage rates (as projected): You're likely making a sound choice, securing the house before prices climb further. If rates drop further, you can explore refinancing options later.
   • Buying now with rising mortgage rates: This would be an excellent decision, as you're locking in both the home price and mortgage rate before they potentially increase.

If you're contemplating a home purchas within Summerville, Goose Creek, or Moncks Corner SC, it's important to consider various factors such as local real estate trends, weather, schools, job opportunities, and the overall climate. Reach out to AgentOwned Realty, a local award-winning brokerage in the area, to get the expertise you need for a successful transition. Their top-rated real estate agents are well-versed in the nuances of these vibrant South Carolina communities. Don't make decisions in the dark; connect with a local expert today.

If you’re looking for your dream home, or if you need to sell your existing home, we can certainly help, our agents are ready and able! Agent Owned is a full service brokerage that can assist you in getting pre-qualified to loan approval. We can help you with title insurance, home insurance and the warranties you need to protect your most valuable asset. At AgentOwned, we have helped thousands of people buy and sell their homes, we have been in business for over 30 years and know what it takes to get the job done right the first time. 

Each agent has access to a team of qualified professionals from attorneys to mortgage specialists and access to a knowledge base of highly experienced Brokers that can handle any situation. Find the right agent now at: https://www.agentowned.com/all-agents 

To learn more about South Carolina including schools, employment and more see: https://www.agentowned.com/moving-to-south-carolina 

If you’re interested specifically in the Greater Charleston area see: https://www.agentowned.com/moving-to-charleston-sc 

If you’re looking for information about Manning, Sumter and the Lakes Area, see: https://www.agentowned.com/moving-to-manning-sumter 

And if you’re interested in the greater Anderson area see: https://www.agentowned.com/moving-to-anderson