What Makes Now a Great Time to Be a Homebuyer?

Right now is a great time to be a homebuyer or homeowner in our Greenville market—here’s why.

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As we make our way through August, now’s a great time to be a buyer in our market, and there are two big reasons why.

First of all, interest rates are absolutely unbelievable right now. Last November, they were just under 5%, but now they’re at 3.5%. This is also great news for new homeowners, because if you bought your home back then, you can refinance and save a ton of money

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If you shop for homes now, you might come across a seller who’s had their home on the market all summer long and is all the more eager to get a deal done. 

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For example, if your home cost $200,000 and you used a 30-year loan at 4.94% to purchase it while putting $10,000 down, your monthly loan payment would be $1,013.01. If you refinanced at 3.6%, that would drop your loan payment down to $863.83 per month. Over the life of your loan, that’s a savings of over $30,000.

There’s also less demand and less competition from other would-be homebuyers. With the school year starting up again, a lot of people are too busy doing other things to shop for homes. Additionally, if you shop for homes now, you might come across a seller who’s had their home on the market all summer long and is all the more eager to get a deal done.

If you have any more questions about our market or you’re ready to buy your next home, don’t hesitate to reach out to me. I’d love to help you.