Home / North Florida / Low housing interest rates in Gainesville creates more sales

Low housing interest rates in Gainesville creates more sales

[jwplayer config=”News-video” file=”wuftnews/20130125HomeOwnership.mp4″ html5_file=”http://fms01.jou.ufl.edu/wuftnews/20130125HomeOwnership.mp4″ image=”http://www.wuft.org/videoupdates/files/2012/10/WUFT-Generic-Logo_final-854×480.png”]

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

Check Also

The Wood home in Evinston has undergone five years of restoration so far, and current owner Ashley Wood said he will continue to work on it for as long as he can. Photo by Alison Eckerle.

Evinston’s Oldest Home Receiving Complete Renovation

Evinston resident Ashley Wood is spending his retirement completely renovating his more than 100-year-old home. The house was built by Evinston’s founder, an ancestor of Wood, and has stayed in the family for generations.