A Westlake real estate agent says the rates are at an all time low and buyers should jump on deals

Posted at 5:43 PM, Mar 06, 2020
and last updated 2020-03-06 18:27:36-05

WESTLAKE, Ohio — It's been affecting everything from schools to hospitals to the stock market, and now the deadly Coronavirus has hit real estate.

"Freddie Mac just posted its lowest interest rate in the 50 year history," said real estate agent Susan Sasseville.

Sasseville works for Keller Williams in Westlake and she says buyers are starting to catch on that now is the time to buy.

"If you're considering making a move, the next 30 days is probably where you want to be," said Sasseville.

She says interest rates are at 3.29% for a 30-year fixed mortgage; when the housing crisis hit in 2012 rates were at 3.31%.

"It affected the stock market first, so once the stock market starts to plummet, the feds tried to find a way to offset that, so they felt like lowering the insert rates would help the economy stay a little bit more stable," said Sasseville.

With all this good news for buyers, there are some drawbacks, like the inventory.

There aren't a ton of places on the market and with the potential influx of new buyer because of the low rates, it could drive prices up.

"What it means for the buyer is they end up in multiple offer situations almost every time you write an offer," said Sasseville.

Folks who want to refinance are also in for a deal.

"If you refinanced in the last year it's probably not going to make sense for you to do it, but if you have purchased in the last three, four, five years, it makes perfect sense to refinance," she said.

Sasseville says if you want to buy, you need to act fast.

"The interest rates could change like on daily basis so it just really depends on what the stock market does, how aggressive the coronavirus continues to grow," she said.