Mortgage rates are hitting a new record low and the Toledo real estate market is booming.
Local real estate agents say this is the busiest they’ve ever been, despite being in the middle of a pandemic.
The 30-year fixed mortgage rate sank to 2.88 percent on Thursday.
According to Freddie Mac, the federal chartered mortgage investor, it's the lowest rate since they began tracking rates in 1971. The current rate surpasses the previous low of 2.98 percent, set last month.
The historic rates have attracted many young home buyers in particular.
Real Estate Agents say because it's a seller's market, buyers need to be cautious on their purchases.
Many homes around the Toledo area are being sold at a higher price than the original listing price.
This comes as the demand for homes is high but the inventory of houses is low.
Susan Mettler is a real estate agent at Key Reality. She says it’s difficult to find enough properties to show customers.
”It’s so crazy out there for the buyers. I mean, now it’s more affordable than ever to purchase a home, but there’s literally a bidding war on just about every home that hits the market. Unless it’s overpriced or needs a lot of work, they are selling with multiple offers in one day.”
Mettler said a majority of the houses she shows are only on the market for a few days.
“I just had a buyer ask me what was wrong with a house because it’s been for sale so long. So I checked. 8 days! That’s it. Things are crazy right now,” explained Mettler.
Because it’s a seller’s market, agents suggest you should sell your home now, if you want to get the highest price for it.