Check out this interview Eric Stewart had with Barbara Britt from WMAL where he revealed two reasons why the housing market is going crazy right now. You can also find a transcription of the interview below!
Eric Stewart's Interview with WMAL
Even with folks out of work and businesses struggling, the housing market around here is going crazy. Eric Stewart, host of the Eric Stewart Real Estate Show here on WMAL, says there are two reasons for this.
One is there's this anticipation of appreciation that prices are going to continue to go higher. And people think, " I don't want to miss the opportunity."
And two, says Stewart, is historically low interest. Stewart says, "Interest rates have dropped to absolute all time lows that any of us have ever seen, including my 92 year old father. The rates are unbelievable at about two and a half percent."
The catch, says Stewart, no one knows how long it'll last.