Like all across the country, the Charleston home market heavily favors the buyer, with a much larger inventory of homes compared to the number of available buyers. Supply & demand, foreclosures and short sales have reduced home values and brought many more homes affordable to a broader range of buyers. The glut of homes have put a burden on sellers, forcing those who have to sell to reduce list prices to levels below what they paid just a few years ago. This cycle is depressing values and creating some great buying opportunities.
The downside for buyers is that qualifying for a loan has become more difficult. It is occurring more often that offers my client buyers are making fail, because they are not able to qualify for the financing. For the eventual stability of the housing market, tougher guidelines are a good thing. If these standards had been enforced during the housing boom of the early 2000's, it would be safe to say our country, the real estate industry and millions of home owners would not be facing the collapse of home values, foreclosures and severe instability. The most important thing a buyer can do is to financially plan ahead.
Below are several links providing the buyer with the basic information, all helpful in the home buying process, including how to financially prepare. It's important to understand the process and the better informed shopper always gets the best deal. If you do not have a lender you deal with, I have also included the contact info for lenders I deal with and trust. I think consulting with a mortgage specialists in the early stages can prevent disappointment down the road. |