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Boom in Joplin area housing market - KOAM TV 7

Boom in Joplin area housing market

Updated:

Interest rates are low and a local realtor says now is the time to buy a house in the Joplin area.

If you're looking to buy you may have noticed all the houses that have been built throughout the path of destruction from the May 22 tornado.  Lots of for sale signs and also lots of sold ones.

Seth Dermott, a realtor with Keller Williams, says about 30 years ago rates were around 15% to 20%.  About 15 years ago they were 7% to 8%.  Now, they're at about 3%, which Dermott says is an all time low.

"There is more on the market," says Dermott. "There is more inventory and so people come and if there are houses that they like that time homes typically show a little bit better.  What people think anyway, with rates low, they're nervous rates might sneak up a little bit, or at least that has kind of been what has been heard, not a lot, but a little bit.  A little bit affects your mortgage."

The federal government sets the rates and then depending on your credit your interest rate will be determined, but Dermott says most rates are sticking around 3.5%.

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