Low Interest Rates Make Columbia A Buyer's and Seller's Market
COLUMBIA - A Columbia Realtor said the current market interest rates make it the right time for both buyers and sellers in the market.
Realtor Susan Horak said she sees more buyers in the market due to low mortgage interest rates. Nationally, interest rates are currently around four percent.
"I think a lot of buyers are in the market specifically because of the interest rates which is the whole reason, I think, the Federal Reserve wants to keep the rates low for a while, but they aren't going to last," Horak said.
Mother and Columbia resident Michelle Boatman and her family recently sold their home and bought another. Boatman said selling this year was easier than last year.
"Our house had been on the market last year and it never sold," Boatman said. "Then, we put it back on the market and we had an offer actually like right when it was put on the market. We also had more people looking at the house when we were selling so that was nice."
Horak said the low interest rates are not necessarily healthy for the market. So if you're thinking about selling, Horak said now is the time.
"Banks have to make a margin of profit and it's pretty hard to lend money out at that rate and then also stimulate people to save because they're obviously not going to make much on their savings accounts," Horak said.
Horak believes unlike long-term rates, short-term rates will probably stay low because she said they stimulate the economy.
For more information on current mortgage interest rates, click here.