Interest rates have been on the climb since the beginning of 2023, raising nearly 4%
WEST LAFAYETTE (Ind.) — Tippecanoe County has been one of the hottest housing markets in the state and now interest rates are nearing eight percent. Interest rates have been on the climb since the beginning of 2023, raising nearly four percent.
Buyers and sellers alike have been experiencing frustrations in payment plan differences nearing hundreds of dollars.
“To think at one point I had six of my prequalified clients bidding on the same property and not one of them got the accepted offer. I feel bad for them, I feel bad for the agents, and then there is my personal aspect,” Jennifer Pack said.
In an area with historically low inventory, Real Estate broker Stacy Grove says although interest rates are high, the housing market isn’t necessarily seeing a decline because of that.
“What we have going for us is a really great economic base. We have a large variety of jobs. We have a lot of people who want to move here because the quality of life is so good. So we’ve not come to a screeching halt. We’re still busy with buyers and sellers everyday,” Grove said.
For local real estate markets like Russell, they’ve had to get creative in ways to help people work through these high interest rates.
And for advice moving forward, Grove said people should do their homework and work with a lender before starting the house hunt.
“Find out what loan programs they offer that would work for you. You need to do all your homework on the finances to find out really how much money do I need to have on a down payment.”
Pack wants those who are still doubtful to know there are ways to navigate through the continuous climbing rates.
“I don’t want people to just think buying a home is not a possibility right now, it is a possibility. When you partner with the right realtor and lender who is looking out for your best interest, what your goals are, there’s a way to do it,” Pack said.
Grove says she’s hopeful we’ll see rates go down by next fall. Although they may not return to low rates we were previously seeing, they may at least drop to the five to six percent range.
Read More: The Rise of Interest Rates in Local Housing Markets | Community