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There are many reasons to consider buying over renting in South Carolina, and if the new year has you thinking of making a change, you are not alone. However, you may wonder if the dollars and cents add up in your favor as home prices continue to rise.<\/p>\n
According to the ATTOM Data US Home affordability report, \u201cProspective homebuyers \u2013 especially first-time homebuyers do face some challenges entering the market. For the past two years, home prices have appreciated, and mortgage rates have doubled, making home purchase less affordable.\u201d<\/p><\/blockquote>\n
However, homeownership is still the American Dream in South Carolina, and the mortgage industry has rallied to create programs to help make homes more affordable. Programs such as 2\/1 buydown loans, transparent adjustable-rate loans<\/a>, and Non-QM programs<\/a> ease the pain for today\u2019s buyers.<\/p>\n
Now more than ever, it is crucial to work with your realtor and mortgage professional to prepare for market changes and to be ready when you find the right property.<\/p>\n
Bottom line:<\/h3>\n
\u201cThere is a scenario where affordability improves as we move through 2023. Wage growth continues to be strong; home prices appear to have stabilized and are even going down slightly; and mortgage rates may have peaked for this cycle and could gradually go down next year. If those conditions remain in place, the affordability picture is much brighter for a lot of potential buyers.\u201d- said Rick Sharga, executive vice president of market intelligence at ATTOM.<\/p><\/blockquote>\n