SIOUX CITY, Iowa (KCAU)- For the 10th time this year, mortgage rates hit a record low. The housing market presents a bright spot in the U.S. economy.
When looking at the Siouxland housing market, you would never know we’re in the middle of a pandemic.
“We’re looking at a 2.675 for a 30-year fixed and you can probably get rates as low as 2.15 for a 15-year fixed record lows,” said Lissa Sissel, a realtor with Century 21 ProLink.
Sissel has been a realtor for 16 years. She said the record low interest rates are driving the market.
“If their house is priced correctly competitively a couple of my last listing within 24 hours. I’ve had four to six offers,” said Sissel.
“With demand being as high as it is now is the time if you are seriously thinking about buying a house and you go view it to be ready to make an offer,” said Chris Delfs, a realtor for Keller Williams Siouxland.
It’s a similar trend for Delfs. He said 70 percent of all homes are selling within 60 days.
“We’ve seen an increase in sales, we’ve seen an increase in listings close, and our agent count is up about 20 percent from 2019,” said Delfs.
Those looking to buy a home need to be on their toes, as the number of homes for sale in Sioux City is also at an all-time low.
“I think in the Sioux City area, we are looking at 250 properties for sale compared to previous years where we have had inventory at closer to 400,” said Sissel.
Both Sissel and Delf say they expect the housing market to remain strong heading into next year.
“We are anticipating the interest rates to stay around where they are at now,” said Delf.
“I expect our economy to be very strong heading into the new year,” said Sissel.