Record Low Interest Rates Makes Good Housing Market

By: Britni McDonald
By: Britni McDonald

Posted Friday, April 26--- 5:40 p.m.

Interest rates are the lowest they have ever been, according to some realtors. But they don't expect them to last much longer, making now the time to buy.

Realtors say rates that are normally closer to six or seven percent are now about half that.

They say this combined with good pricing and a shrinking number of homes available makes it a good time to buy.

But these elements makes for some steep competition and high demand, which means while it's a great time to buy, it's a sellers market.

Realtors don't expect this climate to last much longer.

"Each year they keep going down and down a little more," said David Stark with Stark Company Realtors. "I think we're pretty much at the bottom now, and I think the likely direction is going back up."

Stark says buyers are less concerned with the investment aspects of buying a home than if they can afford it, and he says he doesn't foresee another time when things will be more affordable.

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