Real estate market ‘booms’ with low interest rates, lack of inventory | Business
ENID, Okla. — In his nearly 30 years in the real estate business, Tom Andrew has never seen a housing market like the current one.
Low interest rates, fewer homes on the market and houses selling quickly have made for an unusual time in the business, said Andrew, the broker and owner of Andrew Real Estate.
“We’ve had times when the rate has gotten low, but we’ve never had an interest rate like this,” he said. “When it got down to 200 houses (on the market), it was like, ‘Wow, I can’t believe there’s only 200 houses,’ but now to have less than 100 is really just unprecedented, and when something is for sale, they don’t stay for sale for very long, either.”