11/01/2022
Good afternoon! Below is two screen grabs, one from Redfin regarding Greenville's real estate market and the other is from the national median house price since 1960. I've had several people who are interesting in buying tell me they're waiting for the "market to crash" or "I'm going to wait because of the market". Here are my thoughts on the matter;
1: The market cannot crash like it did in 2008-2009. Predatory Lending Laws have been put into place to stop this very thing from happening. I encourage you to go online and research what happened. Or watch this fantastic video on YouTube by Zach McDonald (https://www.youtube.com/watch?v=hRJwMB2KW-U).
2. Buy now, refinance later. Many economists highly recommend not waiting to buy a home. If you're stable enough to buy a home, do it. Sure interest rates are at a high we haven't seen in years, but don't wait. "But if the interest drops, homes will be cheaper". This is both true and false, almost misleading. When interest rates drop, prices go up. We are seeing so many market price drops it's crazy right now. Don't try to wait the market out, if you buy now and interest rates drop, you can refinance for a new rate and build equity faster.
3. Houses prices are never going back to "pre-Covid" amounts. It won't happen. Look at the two graphs below, housing prices have been increasing for decades. Waiting will only delay the inevitable.
In summary, I hope to share awareness on this topic. A lot of people get fed misinformation from Facebook, Tik Tok, and other Social Media platforms. The honest truth? Reach out to me, let's have a discussion and see if home buying is for you. You don't have to buy a home in the next month, but I can help start you on the path to owning your own home. Stop paying other people's mortgages and let's get you into your dream home today! ❤️