It hasn’t been easy for families looking to buy a house this summer.
At this same time in 2019, there were just as many buyers in the Quad Cities. However, the real estate agency Mel Foster Co says, there’s about 20 percent less homes on the market.
That goes for both the Iowa and Illinois side.
It’s forced buyers to act quickly to get the home they are eyeing.
Pete Voss, a Mel Foster realtor says, it’s important for buyers to act quickly.
“We really saw a lot of people that just kind of tightened up, didn’t try to look at houses,” Voss says. “Sellers weren’t putting houses on the market. Then, when we started to see things open up in the markets, we’ve seen things really take off. “
Meanwhile, NelsonCorp Wealth Management CEO David Nelson tells us, another key factor in the housing boom is that mortgage interest rates are at historic lows.
“The good news is also for the buyer because the buyer is stepping into pieces of property that a year ago, give or take, would have been five percent for a 30-year mortgage,” Nelson says. “Now it’s under three percent. So it’s just astounding. It gives those people an opportunity to pay a lot less in the form of interest.”