April 28, 2021
Is now a good time for first-time homebuyers?
When you rent an apartment or a house, there are questions. How long do we plan on living here? Would a mortgage payment be less expensive? Are we ready to be homeowners?Of course, the answers will differ for each person, but common factors like current interest rates and availability can help make the decision easier.
Pro: Interest rates are low
One of the biggest advantages of today’s housing market is low interest rates. Freddie Mac recorded the March average for a 30-year fixed-rate mortgage at 3.08 which is .37 points lower than 2020 and 1.19 lower than the same timeframe in 2019. Buying at a lower rate can save buyers thousands of dollars over the life of the loan either freeing them up to buy beyond their original estimate or keep more money in their pockets.
Con: Supply is also low
The downside of a hot market is that supply is low and prospective buyers are facing fierce competition with a 64 percent bidding war rate according to Redfin. One way around this is to buy new with a builder like Hunter Quinn Homes where you can purchase a quick move-in home or plan to build one of your own in an established community. The HQ HomeSights program also allows buyers to build on their own lot if you need a specific location outside one of the active communities.
Pro: South Carolina is popular choice for first-time buyers
According to a 2020 report from North American Moving Services, South Carolina is the third-most popular state for inbound moves and this is the sixth consecutive year in the top five. The state also earned two of the top 10 positions on Move.org’s list of Top 10 Metros for First-Time Homebuyers.
Why is South Carolina so desirable? Well, as long-time residents, we believe that the popularity comes from the state’s scenic views and affordable cost of living that is almost 13 percent lower than the national average. There are 47 state parks that cover more than 80,000 acres of land and miles of seashore too if a day on the beach is more your speed.
Hunter Quinn Homes builds in two main regions -- Charleston and Greenville. Each has a unique personality, but both offer the same southern hospitality that make the state warm and welcoming for new homeowners.
Buying with Hunter Quinn Homes
When you are ready to begin your search, contact us. The experienced Hunter Quinn Homes team will find the right community and home for you in Charleston or Greenville and guide you through the hassle-free homebuilding process.