MEDFORD, Ore. — Some mortgage rates are at or near record lows and real estate experts say it’s creating more competition among buyers for homes. A 15 year fixed rate is now 2.56 percent and the 30 year fixed rate is at 3.35 percent.
Local real estate agents say the declining number of foreclosures, and the lack of available properties have led to multiple offers on home sales and they said it’s all combining to drive more buyers into the market.
“Buyers are not feeling the luxury they had a couple of years ago where they could pick and choose and they could wait and see what came on the market,” said Colin Mullane, with Full Circle Real Estate. “Now when something comes on the market that they like, they’re finding themselves competing with other buyers that have been waiting and trying to get at that property.”
Local agents say it’s a sign of a slightly improving market, but they also want to see how the economy continues to turn around.