So, you’re thinking about buying a home in Greenville or Spartanburg, SC but waiting for mortgage rates to drop? Trust us, you’re not alone! We hear it all the time: “I’m holding off until rates go down.” But will that actually happen? And even if it does, will it be worth the wait? Let’s break it down so you can make the best move for you (literally).

🔍 What’s Really Going on with Mortgage Rates? 

A few months ago, experts were saying mortgage rates could dip below 6% by the end of the year. Sounds nice, right? Well… new forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), and Wells Fargo suggest rates are more likely to settle around 6.5% instead.

So, if you’re waiting for a major drop, you might be holding out longer than you need to. And in the meantime, home prices in Greenville and Spartanburg are still on the rise. This means the longer you wait, the more you could end up paying, not just in interest, but for the home. 😬

Don’t worry, there are still smart ways to make homeownership affordable right now. Let’s talk options.

💡 3 Smart Ways to Buy a Home Now (Without Waiting for Lower Rates)

1. Mortgage Buydowns

A mortgage buydown lets you pay a fee at closing to temporarily lower your mortgage rate. This can mean lower payments in the first few years while you get settled into your new home.

The best part is that many sellers in Greenville and Spartanburg are offering buydowns to attract buyers, so you might not even have to cover the cost yourself!

2. Adjustable-Rate Mortgages (ARMs)

An adjustable-rate mortgage (ARM) typically starts with a lower interest rate than a 30-year fixed loan. This can be a great option if you plan to refinance when rates drop in the future (which, let’s be real, they probably will at some point).

Worried about the horror stories from the 2000s? Don’t be. Today’s ARMs are much safer, lenders now verify that buyers can afford the future payments, not just the initial lower rate.

3. Assumable Mortgages 

An assumable mortgage lets you take over a seller’s existing loan, and their interest rate. And with over 11 million homes qualifying for assumable mortgages, this is an opportunity worth exploring if you want to lock in a better rate.

Why Buy in Greenville & Spartanburg Right Now?

Besides the fact that Upstate SC is an amazing place to live (seriously, have you seen Downtown Greenville?!), here’s why now is still a great time to buy:

✅ Home prices are still more affordable compared to national averages.

✅ Down payment assistance programs make it easier for first-time buyers.

✅ A variety of homes! Whether you want a downtown condo, a historic bungalow, or a big backyard in the suburbs.

✅ Neighborhoods like Greer, Duncan, and Boiling Springs offer something for everyone.

Should You Keep Waiting or Buy Now?

If you’re waiting for mortgage rates to drop a lot, you might be waiting a while. But that doesn’t mean you’re stuck! Exploring options like buydowns, ARMs, or assumable mortgages could help make homeownership way more affordable right now.

The best next step? Talk to a local lender to see what’s possible. Not sure where to start? We’ve got a few trusted lenders we can connect you with!

If we haven’t met yet, we’re Team Matsuda Realtors, your favorite mother-daughter real estate experts in Greenville & Spartanburg, SC. We love this area, and we love helping buyers like you make the Upstate feel like home. Follow along for all things home and local, and let’s get you into a house you love!

📩 Contact us today to chat about your home-buying game plan!

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