LITTLE ROCK, Arkansas — Ever since the pandemic, the housing market has been erratic— with mortgage and interest rates rising some home buyers explained that they are afraid to take the leap to homeowner.
Right now, a first-time home buyer could see an interest rate of around 6 to 7% which is more than during the pandemic, but not the highest it's ever been.
"It's actually still low compared to historically how the interest rate has been, which has been like 10% on up," said Brittani Jackson, a realtor in Arkansas.
The demand for buying houses has been greater than the number of houses for sale.
Jackson has been seeing more construction of homes to meet the demand.
She said before you purchase a new home there are three things you should do:
- Start saving your money now
- Do not buy any other big purchases that could jeopardize your credit score
- Continue to maintain your credit score
She also explained that here in Arkansas you could be seeing an even better deal compared to nationally.
"Yes, it's still very affordable to live here in Arkansas. Actually, you're getting a lot more for your money in Arkansas than you would anywhere else," she said.
Jackson will be hosting a seminar next week for first-time home buyers. She will answer questions about becoming a homeowner. For more information, please click here.