Joint Base Charleston Real Estate

Charleston AFB– Knowing if NOW is the TIME to BUY a HOME

We’ve all heard the saying “Sell High, Buy Low” – and this is obviously great advice.  The hard part is – knowing when the price has hit bottom……

Today we are seeing more evidence that the COST of a home in the Charleston AFB area, has in fact hit bottom.  Unless you are an all cash buyer, you must take into consideration the expense of financing a property to determine the true cost of purchasing the home. Interest rates have increased over the last quarter; and the rise in rates has counteracted any fall in prices.

For example:

In November 2010, the interest rate was 4.17%.  So a $200,000 Charleston AFB home would have cost you $974.54 per month (principle and interest).

According to a recent report from Case Shiller, house prices fell 3.9% in the 4th quarter of 2010. A recent report from the Federal Housing Finance Agency showed a 0.8% fall in prices. Let’s use the larger percentage decrease: 3.9%.

Today, let’s say the same Charleston AFB area house as above is now priced at $192,000 – but the interest rate is now 4.95%.  – SO your monthly payment will now be $1,067.54 (principle and interest).

By waiting to pay less for the PRICE of the house, the COST increased $93 a month. That adds up to $1,116 a year and over $33,000 over the life of the loan.

Bottom Line

If you want to buy low, buy now. It appears COST may have hit its lowest point.

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About Military Homes of Charleston
Military Homes of Charleston is part of Coastalina Realty of Charleston and is a full-service real estate team based in Charleston, SC.  We understand the appeal of living in Charleston and the challenges that come with moving to a new neighborhood or state. So whether you’re looking to buy a dream property or sell one, we can help.

Jodie Ford, Military Homes of Charleston
I specialize in helping military families enjoy a smooth PCS in and out of Charleston. I have a passion for helping people, and I love what I do. Call me and let me make this the easiest PCS yet!  Email Jodie 

Torri Jacobsen, Military Homes of Charleston
Buying or selling a home doesn’t have to be hard, but choosing the right Realtor DOES make a difference. I specialize in making first-time home buying a great experience for military families moving to the Charleston, SC area. Call (843-475-9313) or email today, and let’s make this your best move yet! You’ll feel right at home with me.   Email Torri 

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**Information provided by the KCM Crew via www.KCMblog.com**