Housing market soars due to historically low interest rates

Housing market soars due to historically low interest rates

CAPE GIRARDEAU, Mo. (KFVS) - “I’ve seen homes go in less than 24 hours,” Terri Penrod said.

Real estate broker Terri Penrod was talking about how quickly buyers are snatching up available properties right now.

“If anybody is looking or even considering or thinking about maybe putting their home on the market, I mean now is the time to get it ready,” Penrod said.

Penrod said the pandemic did not slow down sales.

“We have been super busy the last 30-60 days,” she said.

Rick Goodman sold his house within 10 days of putting it on the market. The trouble for him was finding a new house for his family.

“We tried to buy three other houses and before we could sign the papers, someone else bought them,” Goodman said.

Home loan banker Gunnar Knudtson said he and his coworkers have processed more home loans in the last three months than in the bank’s 18-year history.

“We’re seeing a lot of refinances because the market is so good, because the interest rates are so strong,” Knudtson said.

Knudtson said numbers are always changing, but currently a 15-year fixed mortgage rate is around 2.6 percent and a 30 year rate is around 3 percent.

“We don’t know how long this is gonna last so get on the train while you can,” Knudtson said.

Terri Penrod said people should keep in mind home closings are taking longer than the usual 30 days because it takes those lower interest rates longer to process.

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