SPRINGFIELD, Mo. — Despite the economic uncertainty that we’ve seen in 2020, real estate professionals say the housing market is as active as ever in Ozarks.
We’ve seen so many aspects of the economy rise and fall since March but a long term investment on a home may never come at a better time, thanks to extremely low interest rates, and it’s just as good for sellers too. Murney Home Associates Real Estate Coach Chris Bryant said he’s never seen a market like this in his entire career.
“Prices are up, so sellers are able to get a lot for their house, but mortgage payments are down,” Bryant said. “Right now rates are at all time lows, so it’s kind of a motivation for both buyers and sellers to enter into the market.”
But just how low are mortgage rates?
“For a new purchase, it’s at 2.625%. I just had that quoted today for a conventional (30-year) loan,” Bryant said. “A 15-year is at 2.25%. I’ve been in real estate for 20 years, and I’ve never seen that. That’s crazy,” says Bryant.
Springfield Resident Judy Dasovich can attest to the strength of the market. She tells KOLR10 that her home sold in just three days earlier this month.
“If you would have told me on June 1st that I ws going to be buying a house, and selling a house and have it all done by July 20th, I would’ve thought you were nuts but that’s what happened. I think I had 5-6 individuals or families come through, and by the 3rd day I had a committed buyer.”
To give you another idea of just how the local market is doing during the pandemic, Bryant says according to the Multi-List, through June 30 of last year 3,611 homes were sold.
As of July 10, 3,555 have sold in 2020, which puts us down just 57 homes from about this time last year.