There is a lot to be said about today's real estate market. Home prices have fallen and there's more inventory, but mortgage rates remain high. So as a buyer, how do you determine your buying power here in Columbia, South Carolina?

Hi, I'm Beth Tamminga with eXp Realty. Home shoppers often ask me,

• What should I do in today's market?
• Should I wait to buy or take advantage of the lower prices and more inventory despite higher mortgage rates?

My answer is: If you can financially take advantage of this market, then yes, you should buy now, and here's why. 

In today's market, buyers have all the leverage to negotiate with sellers. Most homes on the market today are sellers who need to sell, not just looking to see what price they can get on their homes. This means they may be more willing to offer more concessions like:

• Closing cost credits
• Rate buy-downs
• Repair Costs

More importantly, sellers are no longer asking buyers to remove all their contingencies with an offer like we have seen the last couple of years. Combining all of this together gives a buyer more power and leverage to purchase a home and can outweigh the costs of high mortgage rates.

In fact, right now with creative financing options, it can actually be more affordable to purchase a home than it has been in the past few years. Also, buyers can always look into refinancing after purchasing when rates eventually come down. Of course, it is best to consult your trusted real estate agent here in Columbia, SC to discuss what is happening in your local real estate market area. 

Please feel free to reach out to me with any questions so I can help you make an informative decision in today's market.

-Beth

and remember, I'll lead you the way home!

Beth Tamminga

Realtor | eXp Realty

📲 Call/Text at (803)298-9381

💻 Email: tammingabeth@gmail.com

🌐 Website: http://elizabethtamminga.exprealty.com/