Now may be a great time to purchase a house - KSWO 7News | Breaking News, Weather and Sports

Now may be a great time to purchase a house

More people in the panhandle are purchasing homes, and it's largely due to record low interest rates.

Loan interest rates are at about 3% so this is motivating more people to buy a house. Chris Lyons is a local realtor, and he says in our region, 54 more homes were sold than this time last year.

Usually the increase in sales are not seen this early in the year. Realtors are typically busier during the middle of the summer.

Lyons says, "The rates have remained low. That's one thing a lot of people are watching is to see if those rates remain low. Because it is bringing buyers out. And so far they've kept them down, and I expect they'll be down for the rest of the year at least."

Down payments for a home are about 3.5% of the price value. Lyons says the housing market is also great right now because inventory is right were it needs to be. There aren't too many or too few homes for sale.

Jessica Abuchaibe, NewsChannel 10.


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