The question of when is the best time to buy a home a quite common among home buyers and while certain factors may render one season advantageous, real estate market often very dynamic and fluctuations occur any day. Although most experts recommend spring as the best time, there are various needs that make that season perfect for some people. Others may simply find summer or fall more ideal. What’s more, real estate experts cannot adequately predict the decline of house prices and interest rates, the two most important factors to consider when buying a home. You may think now is the best time only to find out you could have save a couple thousands three weeks later. Nonetheless, there are several pieces that can fall into place to make one time the best to consider a quick purchase just before things take a shift for the worst, and now is the best time for buying a home in Myrtle Beach.
Those intending to buy a home in Myrtle Beach may wonder why we think now is their best chance. If you have kept in touch with the housing market towards the end of last year and into 2017, you will notice that various changes have taken place to make now your ideal time to buy a home in the area. One funny thing about house prices and interest rates is that they can rise or fall in different areas in different times of the year. Houses can be very expensive in one region, while they are at their all-time low in another within the same season. So why is now the perfect timing in Myrtle Beach?
• Interest rates have started to increase
There is always a time when interest rates are dropping to lure in new home buyers into taking mortgages and buying homes even when house prices are high. Housing companies often try to find a perfect balance between house prices and interest rates. A common phenomenon is low interest rates for high house prices and vice versa although this is not a certainty. Currently, the house prices have dropped and interest rates used to attract homebuyers during the festive season are just about to increase. If you want the best housing deal in Myrtle Beach this year, then now is the best time to make that decision to purchase.
• Shorter mortgages are emerging
The new administrative change is bound to bring various dynamics in the housing sector and one of the fast emerging changes is increasingly shorter mortgages. The long 30 year mortgage repayment plans will soon be very limited, which means you will be required to pay bigger installments for your new home. Now is the time to take up these mortgages before they elapse in fear of future uncertainties.
• Increasing fluctuations
One of the main reasons for buying a home in Myrtle Beach now, is increasing fluctuations. The price decline trend that hallmarked 2016 is no more and more fluctuation can be sighted in the market. If you have found that best deal, there is no need to wait for prices to drop further as the next shift might just be a hike. All you should care about is the right home, the right price and the right terms. Someone else may just take this advantage and buy your dream house while you wait for home prices to drop before they rise.
• Increasing rental rates
Maybe you are planning to buy a home in Myrtle Beach for future uses and want to get the best deal out of it. With increasing rental rates, you can purchase the home and rent it out for constant income that will also facilitate your mortgage repayment.
• Competition has dropped
Just a few months back, there was high competition for homes in Myrtle Beach which meant higher prices and interest rates. Right now, the prices have dropped, which is sure indication of less competition. Now is the time to go for the bargain of your life and get the best terms you can out of a home purchase.
There are many other minor indications that suggest buying a home in Myrtle Beach now will be the best decision. From desperate and motivated homeowners ready to sell their property, to larger inventories caused by new constructions and foreclosures, it should be no surprise that house prices and interest rates shoot up in the near future when these conditions begin to diminish. You can get the better side of the deal by considering a purchase now instead of later.
Call me today and I will help you find the home of your dreams.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577