LaGRANGE, Ga. (WRBL) – Gwendolyn Milton is a Realtor with ERA Ivy League Realty and she spoke with News 3 about the trends she has been seeing in the housing market for the past year.
“It’s a seller’s market. The seller’s have the advantage of increasing the sale price of their home a little bit as well as not paying closing costs because the supply and demand is very thin,” said Milton.
Milton said the high home rates are due to the lack of homes on the market and the high number of buyers wanting to buy homes. She said she has seen a home go under contract within 24 hours of being posted because of the lack of homes available.
However, she says that is projected to change by the end of the year. According to Milton, home interest rates are currently between 4%-5.7% but they are predicted to fall to anywhere from 3.5%-4% by the end of the year into next year.
The projected decrease is still an increase from last year’s interest rates, according to Milton. She said this time last year homes had an interest rate of only 2%-2.7%.
“It’s a big difference, it’s a huge difference especially in this market where the sale prices of homes have increased,” said Milton.
The high interest rates have also prevented potential home owners from buying homes because it takes away from the price of the home that they can afford.
Milton said the most important thing she emphasizes with buyers is the importance of communication. She said the changing interest rates and home prices often determine how long a buyer will be looking before purchasing a home.