Home interest rates at an all time low. Realtors say buy and sell now

PHOTO: Real Estate Sold Sign, Photo Date: 11/11/13
PHOTO: Real Estate Sold Sign, Photo Date: 11/11/13(KMVT)
Published: May. 20, 2020 at 5:11 PM CDT
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Although we’re in the middle of a pandemic realtors say the best time to buy or sell a home is right now.

With more people at home, sellers now have time to fix up properties, and buyers have more time to shop around.

“Buyers have come out and groves,” says Dothan Real Estate Team realtor Priscilla Cutts.

“Interest rates are sweet right now. They are at record lows. We’re seeing two and three-quarters percent fixed for thirty years. It’s just unprecedented interest rates,” says Berkshire Hathaway Home Services broker and co-owner Susan Vierkandt.

Realtors are seeing multiple offers and properties coming on the market and selling right away.

The only problem they’re experiencing is a short inventory list.

“We need sellers to call us and get their houses on the market. If they were hesitant or sitting on the sideline now is the time,” says Cutts.

Buyers can expect adjusted credit score requirements and for lenders to verify employment on the day of closing.

“If somebody had a job when they made an application now, they are furloughed or otherwise unemployed then they’re not going to be able to get their loan,” says Vierkandt.

Shopping around for your forever might be a little different.

Realtors are practicing social distancing when showing homes and some are taking the virtual route.

Realtors predict that the Wiregrass area will benefit for an extended time before rates go back up.

Houses with land, workshops, and pools are in great demand.

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