COVID-19 impacts the economy in various ways, from supply chain issues to supply and demand to inflation. The retail, hospitality, and restaurant industries all suffered, as well as others. However, one industry that exploded was the residential real estate market. Perhaps you’ve been waiting to buy and wondering if the time is right or not. In this post, Step By Step Inspections addresses the topic of whether to buy a home now or wait.
What We’ve Seen
The housing market exploded amid the pandemic despite many other economic areas facing a downturn. Several factors impacted the change. First, many people worked remotely, and some never went back. For some, they wanted their home to be a place of comfort since they spent more time working there. For others, they decided to move to a new neighborhood or new state no longer bound by their work location.
Additionally, the economy was still arguably humming, and rates remained low, which provided plenty of incentive for people to invest. After all, many people argue that homeownership is the best way to accumulate wealth. Since so many people wanted a home, people and corporations offered more than the home value to edge out their competitors. More demand eventually leads to less supply, which increases the cost.
You Can Buy a Home NowWhile rates have slightly increased and are expected to do so in 2022, they still remain low compared to historical records. Moreover, inflation looks to be here to stay for the time being. Thus, many people expect the real estate market to continue to remain a seller’s market with further price increases. Therefore, you may fare better to buy a home now than to continue to wait, especially if you don’t have years to wait and see what happens.
Or, You Can WaitYou know what they say about opinions: everyone has one. People exist who think the real estate market is bound to correct. You may be one of them. Or, you may just have a tough time paying 30-40% more than you believe a home’s actual value is. If you’re right, you could lose money if the market does correct and prices go down.
When You Buy, Get an Inspection
Whether you wait or buy a home now, make sure to get a home inspection. Too many people waive inspections trying to win acceptance only to find out later they must invest more money in repairs and updates. Additionally, some homes require specialty inspections, while insurance companies or local regulations require others, such as a wind mitigation inspection.
South Carolina Home Inspections
If you’re looking to build or buy a home in Charleston, Myrtle Beach, or in that vicinity, contact Step By Step. We provide general home inspections and radon and mold testing, pool and spa inspections, and much more. Call (843) 870-8726 to learn more.