One of the most common things I hear from buyers right now is: "We're waiting for rates to come down before we buy." I understand the instinct. But I want to offer a little perspective.
What History Tells Us
Mortgage rates in the 1980s were above 16%. In the 1990s, when I first moved to Charleston, rates were regularly in the 8–9% range. The sub-3% rates of 2020–2021 were a historic anomaly — not a new normal.
Today's rates, in the 6–7% range, are entirely consistent with long-term historical averages. Buyers who purchased homes in the Old Village in the '90s at 8% rates did extraordinarily well over time — because the neighborhood appreciates, and because the Lowcountry lifestyle holds its value in ways that don't show up in a rate calculation.
The Real Risk of Waiting
In a neighborhood with limited inventory like Old Village and Old Mount Pleasant, waiting for rates to drop means competing with every other buyer who also waited. The homes you want today may not be available when rates eventually come down. And in this market, when the right home comes along, it moves.
If you've been on the fence, I'm happy to talk through the numbers with you. 843-991-9111.