Home buyers who are in the market for South Carolina real estate might feel a little panicked right now. It appears that housing prices are going up as inventory diminishes. Pending sales were up nearly seven percent in August, days on the market were down to 111 days, and the prices of the average home in South Carolina rose to 6.5 percent to $165,000. While this is great news for sellers, home buyers may feel the need to snag a home before it's too late.
We're here to tell you to take a deep breath and sit back for a moment. There's no reason to get all panicky for something that isn't an issue if you put in a little bit of effort and preparation. There are still plenty of homes in the South Carolina real estate market, and you can find MLS listings for homes in Goose Creek, Isle of Palms, Mount Pleasant and more here, but here are a few ideas to help you find the South Carolina home you want at a price you can afford.
Have a large down payment: While a growing number of people are paying cash for their homes, this isn't a viable option for most people. However, by having a down payment of at least twenty percent, you may be able to get a better price for the home you want.
Sure up your credit: Speaking to that point, another must you should certainly do before you begin looking at homes is fixing your credit. Get a free credit report and see if there are mistakes anywhere. If there are, write to get them fixed. If you think your score is a little low, aim to balance your debt to credit ratio, which has a major impact on your score. A higher score will get you a better interest rate and allow you to afford more homes.
Research home values around the area: If you're looking at a particular area in South Carolina, it's a good idea to look at what prices other homes are selling at to come up with a good offer. And do make sure to give a fair offer to the owner to show that you're serious.
Get the home inspected: A home inspection will tell you a lot about a prospective house and will let you know if whether you're getting a good deal on that below market priced home or not.