Real estate industry hoping to rebound this summer with low interest rates

Posted at 5:33 AM, Jul 10, 2020
and last updated 2020-07-10 08:29:46-04

MILWAUKEE — The health crisis has taken a toll on home sales. If you compare the number of home sales in southeast Wisconsin from April of 2019 to April of 2020, closings plummeted by more than 33-percent according to the Greater Milwaukee Association of Realtors.

The real estate market is bouncing back from the pressure, thanks to low interest rates. Home interest rates have gone down from 4.55 percent at the start of 2019 to about 3.1 percent today.

Keller Williams real estate agent Tanya Baker says more potential buyers are realizing this.

"Because the interest rates are so low a lot of people can get more house now," Baker said.

She adds that the closing process with masks and social distancing is not as intense as it was a few months ago.

“They were talking about drive-thru closings, now we can come in the same room and we wear masks and we sit farther apart.”

Here’s your Rebound Rundown:
—Get pre-approved for a loan so you can calculate the price you can afford.
—Interest rates are at historic lows.
—Work hard to improve your credit score to get the best loan interest rate.

Click here to download an app Baker gives to her clients that helps you break down mortgage costs.

Click here to download the Keller Williams app to search for homes.

You can also click here to see more Rebound Milwaukee reports for home sellers.

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