QUICK ANSWER
If you’re financially ready, buy now. The market isn’t crashing and waiting may not save you much.
Housing analysts agree that 2026 will be a more balanced year for real estate. Mortgage rates are projected to hover in the low- to mid-6% range, and home prices in South Carolina are expected to rise modestly, about 2-3% in Columbia and slightly more in Greenville and coastal markets. Inventory is improving, giving buyers more options and negotiating power. That means timing the market for a drastic rate drop or price collapse is unlikely to pay off. Instead, base your decision on your personal finances, how long you plan to stay put and the availability of homes that fit your needs.
If you have a stable income, a solid emergency fund, manageable debt and plan to own the home for at least five years, buying sooner lets you start building equity immediately. If you need time to pay down debt or save for a stronger down payment, waiting can make sense. Below, we explore market forecasts and personal considerations to help you decide.
What the numbers say for Columbia SC right now:
Take a $250,000 home in the Columbia market at today's rate of around 6.75%. Your monthly principal and interest payment is about $1,622. If you wait 12 months and rates drop to 6.25% but home prices rise 4%, you are now looking at a $260,000 purchase. Your new payment is roughly $1,601, a savings of about $21 a month.
That sounds like waiting wins. But consider what you paid while waiting. The median Columbia apartment rents for approximately $1,300 per month. Over 12 months, that is $15,600 in rent with no equity built. In the same 12 months, a Columbia homeowner at $250,000 would have paid down roughly $2,800 in principal and seen their home appreciate about $10,000 in value at a 4% annual rate. That is about $12,800 in equity position gained, versus zero from renting.
The other factor is this: rates might not drop. Forecasters have been predicting rate decreases for two years now. The market does not owe you a lower rate.
Waiting makes sense if you do not have enough saved yet, if your income situation is uncertain, or if you are not sure where you want to live. Buying makes sense if you are ready financially, plan to stay at least three to five years, and found a home that fits your needs. The Columbia market is not overheated right now, which means you have room to negotiate rather than panic-bid. That is about as good as conditions get for a prepared buyer.