FARGO, N.D. (Valley News Live) – The housing market has had many twists and turns since the start of the COVID-19 pandemic. From lumber prices skyrocketing to interest rates on loans dropping to new lows, it has been a roller coaster.
“It’s inevitable that we have to pay the prices that are being asked of us, so it is intimidating that then having to increase the prices of our homes in response to that.” said Jessica Janu, a new home sales consultant with Verity Homes.
Janu pointed out that despite those challenges, people still came out to either build a new home or purchase one. However, they do forecast that those interest rates could increase in the near future. According to Bankrate.com, the recent national average for a 30-year mortgage rate is at 3.88%.
Some in the nation are on the fence when it comes to buying a home, especially with inflation hikes. The question becomes, should you wait to buy a home or should you go for it?
“That’s a huge topic of conversation that I get asked that all the time, you know should I wait? Should I wait to see what the market does?,” said Janu. “At this point, we know at this point that we’re going to expect those interest rate increases, and like I said, I don’t expect the prices of homes to go down anytime soon, so if somebody is really interested in purchasing a home. I highly recommend consulting with a lender at this point.”
With worries about the market potentially following the crash in 2008, some are concerned about getting a home. Janu doesn’t foresee that happening.
“Think that people are a little concerned that history tends to repeat itself, but at this point, at least in our market, we don’t foresee that happening at this point.” said Janu.
Copyright 2022 KVLY. All rights reserved.