Why Today’s Mortgage Rate Trend Is Good for Charleston Sellers

If you've been hesitating to sell your house in South Carolina, the recent downward trend in mortgage rates brings exciting news. As your local real estate expert, AgentOwned Realty, the best brokerage in Charleston, SC, with top-rated real estate agents, highlights two compelling reasons why this mortgage rate trend benefits sellers.

1. Liberation from High Mortgage Rates: Mortgage rates have seen a significant decline since last October, dropping below 7% for over a month. Although they may not return to the unprecedented 3% of the past, experts predict a continued decrease. This trend, explained by Dean Baker, Senior Economist at the Center for Economic Research, suggests rates could go under 6.0%, providing an advantage by historical standards.

With the current rates substantially lower than a few months ago, you may not feel as tied to your existing mortgage rate. Moving to a new home now could be more affordable, considering the diminishing difference between your current rate and potential new rates. Lance Lambert, Founder of ResiClub, suggests we might be at the peak of the "lock-in effect," where sellers can reconcile with the reality that the exceptionally low rates of 3% and 4% might not return soon.

2. Increased Buyer Demand: Bright MLS data indicates that high mortgage rates have been a significant deterrent for potential buyers. The recent drop in rates makes homeownership more attractive and affordable, potentially driving more buyers back into the market. Lower rates encourage buyers to take the plunge, contributing to increased demand for homes in South Carolina.

Bottom Line: If you've been delaying your home sale due to concerns about mortgage rates, now may be the ideal time to make your move. With the ongoing decline in rates, the opportunity to sell your house has become more favorable. When you're ready to capitalize on this trend, connect with AgentOwned Realty for expert guidance and seamless assistance in selling your home in the vibrant real estate market of South Carolina.

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