DEPEW, N.Y. (WKBW) — The housing market in WNY is booming. With interest rates historically low, local realtors say now is the perfect time to purchase or sell a home.
"The minute we hit Phase 2, the floodgates opened. I haven't seen it this busy in as far as I can remember," said Neil Gerrity, General Manager at WNY Metro Realty.
The home below in Depew received 48 offers in under a week, listing at $199,900 and it oversold.
"This is my first time selling a house, so I didn't know what to expect, but 48 offers was crazy," said Kelly Neth, seller of the home.
It's all because of historically low interest rates across the country, according to Gerrity. So people are able to buy a little bit more home, because the rates are low and the mortgage payment will be lower, per Gerrity.
At around 3.1%, the 30-year-fixed mortgage rate is the lowest since 2012, per Freddie Mac, a federal mortgage company. Rates have fluctuated throughout the years, getting as high as 4.9% in 2018.
The boom could also be a result of rent prices going up.
"A lot of people are paying a lot of rent...people are saying 'If I'm paying $1,400 in rent I might as well buy a house,' and they're right," said Gerrity.
If you're looking to sell, Gerrity says now is the time. If you're looking to buy, the time is right, but he says it will get competitive.
"I would recommend any buyer right now to talk to their mortgage person to see how they can make their offer more attractive," said Gerrity.