WUFT News

Low housing interest rates in Gainesville creates more sales

By on January 28th, 2013

Arlina Phillips-Han, a retired Gainesville resident, had waited for a more opportune housing market to purchase a new home. She decided now was the time to buy.

“We keep up with what’s going on in the real estate market because we’re just curious,” said Phillips-Han.

The Wall Street Journal wrote housing prices are stabilizing, but mortgage rates are remaining low.

A number of components in the housing market have created “a slight up take in sales,” said Henry Rabell, a local realtor. Some of these factors include more homes on the market, pent-up demand by consumers, and the lowest interest rates since the 1960s. However, Rabell said he would not call this occurrence a housing boom, and he does not expect an explosion in home sales.

“It’s definitely always a painful situation when you see somebody losing money on a real estate transaction or any investment,” said Rabell.

Rabell believes the city’s growing economy should keep the Gainesville housing market stable.

Phillips-Han is excited about finally being able to choose where she really wants to live. “It’s a tremendous feeling,” she said.

Dana Edwards edited this story online


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