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Are you waiting for the perfect time to buy a house, hoping that prices will drop to a more affordable level? Well, let me share a story about some friends of mine who found themselves in a similar situation about five years ago.
Back then, they were eyeing the housing market in Charleston, convinced that prices were bound to plummet. “I just think this market’s going to crash here in Charleston,” they said. I, on the other hand, had a different perspective. I believed prices were likely to double.
Fast forward to today, my friends are still renting. While they have a great rental property, the monthly rent has skyrocketed from $1,800 to nearly $2,600. Meanwhile, house prices did indeed double.
Now, they’re left wondering what to do. Will prices finally come down? Will there be a crash? My response remains the same: I think house prices will likely double again in the next decade in Charleston.
Looking at the data stretching back to 1990, it’s evident that the trend has been consistently upward, with only a minor blip in 2007. So, waiting for a significant price drop might not be a realistic strategy.
But what options are available for those struggling with unaffordable housing prices? Despite the challenges, there are avenues to explore. For instance, with current interest rates, owning real estate might be more attainable than you think. Through a partnership with a reliable lender, it’s possible to secure rates as low as 5%, resulting in a significant reduction in monthly payments, potentially by up to 20%.
So, if you’ve been contemplating homeownership but hesitating due to financial concerns, don’t let the current market conditions deter you. Reach out to us and explore your options. We will be happy to answer your calls and email. Affordable housing might be within closer reach than you realize.
