The housing market has already seen a lot of movement this year.
Some worried that if preventative steps weren’t taken, the pandemic would lead us into a market crash similar to 2009.
As a response, the federal government chose to lower interest rates for home buyers.
Financial officials tell us that, while overall, most people are being conservative with their money, many have chosen to seize the opportunity.
“The lower interest rate just means that the same house is more affordable now than it was a year ago probably. That’s a big deal when people are budget conscious and they’re looking at making the transition from renting to buying or maybe upgrading, things like that. The simple fact that financial institutions are collecting less interest right now, that just gives more buying power back to the members,” said Zachary Dosch, Vice President of First Community Credit Union.
Right now, houses under $300,000 are on the market for just about 30 days or less.
Plus, homes priced above that only sit for about 65 days.
Realtor Patrick Koski says this winter season is unlike anything he’s seen before.
“You hear the national economy news or local economy news of job loss and layoffs. So, we were expecting maybe a slow down in the real estate market for the next six months, but it’s just done the exact opposite. They’re just lining up to buy houses. We’re in a situation where if a house is at, let’s say $250,000 in the market, there’s probably five or six buyers willing to buy that house right now, today,” said Koski.
He says most people are getting their asking prices, if not more than what they originally listed for.
However, whether or not this surge in buying and selling will continue throughout the spring is uncertain.