Experts Say Low Interest Rates Make Housing Market Optimal For Buying, Selling

According to housing market experts, it's a great time to buy or sell a house because interest rates remain low, so homes are selling fast.

"The market just continues to roll right through COVID-19,” Jeffrey Smith said.

According to the CEO of the Home Builders Association of Greater Tulsa, Jeffrey Smith, the housing market has never looked better despite the pandemic.

Demand was up 23 percent at the end of 2020, compared to the year before.

"January and February of 2021 have already started with an additional 10 percent increase of what we were doing last year,” Smith said.

With homes flying off the market, it can make it harder to find the one you want. Smith said if you do, you may want to put in an offer right away or be willing to pay a little more than in the past.

With interest rates around the two to three percent range, and folks looking to spend their stimulus money, Smith said demand has skyrocketed.

Brian D. Wiggs Homes specializes in building and selling homes. The owner. Brian Wiggs said the low interest rates have stirred up a lot of new customers.

"Getting a lot more phone calls in our office, a lot of people wanting to meet with us,” Wiggs said.

They have projects in East Broken Arrow, West Tulsa, and Jenks. The homes they build are typically a higher in square footage and price. However, Wiggs said they’ve seen an increase in business compared to this time last year.

Smith expects rates to remain low through this year and into 2022.