RE/MAX AT THE CROSSING: Low Interest Rates Continue to Set Up a Seller’s Market

by Matt Keating

Phil Hotle says that home buyers looking to purchase a new house have to be ready to move quickly, especially when the home of their dreams comes on the market. Buyers need to be pre-approved and well prepared.

“While interest rates and a low inventory of homes are still continuing to be at historic all-time lows, it’s really a seller’s market,” Hotle says. “Houses that are priced right and in great shape can sell within a day or two.”

Freddie Mac reported that “the 30-year fixed rate mortgage average was 2.87 percent for the week ending Sept. 17, up one point for the record low set the week before.” Market Watch reported that “low mortgage rates have stoked the housing market, as they compelled would-be buyers to speed up their timelines in order to lock in the cheap financing.”

Hotle noted that new home construction is also hot right now.

Realtors.com reported that builders were scrambling to fill a severe housing shortage when COVID-19 hit. After a brief slow down, increased demand has really been heating up.

The National Association of Realtors reported that “single family starts recently increased 4.1 percent to an annual rate of 1.02 million. Low interest rates and solid demand are spurring single-family construction growth. Single-family permits are also continuing to rise as well, and single-family starts showed continued growth in August.

Your home is your sanctuary, and when you are ready to move you want to find the right house. To get the home you want, don’t wait and be prepared. Contact Phil Hotle of RE/MAX At The Crossing at (317) 919-8504 for guidance with your next real estate transaction.