We think it’s safe to say that when the clock struck midnight on Jan 1st, 2020, no one could have predicted quite how this year would go. 2020 has been one surprise after another—but all bad? Not if you’re in the market to buy a new house.
Interestingly, conditions for finding and financing your dream home in Charleston may be more possible than ever before. Here are 4 reasons we think you should consider if you’re still daydreaming about your first—or next—home buying adventure.
Don’t even blink or you may miss out on mortgage rates that are shocking the real estate industry. In July, rates fell to 2.98% and have since only slightly increased. Currently, most mortgage rates—specifically those at impact the 30-year loans—are just above 3%. According to BankRate.com, “Fannie Mae foresees a slight rate dip to 2.9 percent in the last three months of 2020 before the rate declines to 2.7 percent by late 2021. And Freddie Mac predicts rates will average around 3.4 percent this year and 3.2 percent in 2021.”
That’s all great news for homebuyers. But act fast!
According to some sources, mortgage applications have decreased in 2020, making the competition for the home you want less of an issue. For the sake of transparency, some sources cite a “low housing supply” as the reason for fewer applications. While this is a national trend, here in Charleston, South Carolina, we’re proud to report a healthy influx of homes to the market daily, particularly in new home communities like Nexton and Kiawah River, where we have dozens of homes finished or under-construction, and even more homesites ready and waiting for the right buyer—and there’s nothing low about that.
Another reason fewer applications may be being processed right now is due to safety concerns. Some people are still too nervous to tour homes, and as a result, have delayed their search. We’re happy to discuss the protocols put in place to ensure the safety of everyone—homeowners, buyers, and agents— in our new home communities. You’ll be pleasantly surprised at just how safe it truly is to tour the homes you’ve fallen in love with online.
Let’s be honest, there’s a little more time on our hands than normal with many of our favorite activities still shut down. Why not use that time to pack, organize and move your belongings from old house to new home? While we hope more businesses, activities, and programs are eventually operating at 100%, it is absolutely a great opportunity to make the most of our downtime that we used to never have enough of.
If this year has taught us anything, it’s that children are incredibly flexible. Their ability to adapt to virtual learning or back to in-person school with new restrictions is evidence enough that where there’s a will, there’s a way. With the right communication, you may find this same flexibility with your children regarding a new house and neighborhood. Additionally, because so many kids are venturing into remote learning still, there’s a unique opportunity to move homes without interruption—or to move into a new school completely without ever skipping a virtual beat.
And speaking of flexible, with innovative spaces in most of our models, families are loving the additional room or nooks that can be utilized for remote and homeschooling. Even Mom and Dad are getting in on the flex spaces for work-from-home productivity success.
If buying a home in 2020 was on your to-do list, don’t put it off. The hyper-competitive mortgage rates alone are reason enough for most people these days. Contact one of our helpful agents to learn about safety best practices, available homes, and the best loans and rates available.