WACO, TX — If you are looking to rent or buy a home in Waco, you may notice that properties rarely stay on the market long.
“We’ve had houses that haven’t even been on the website 24 hours and we have already gotten multiple applications. Some of these houses haven’t even been on the market a week and they were gone. We had to get them moved in, everything clean and everything ready so it was very very quick," said Leighton Cromwell. "So it was a little bit insane, but we’ve managed and now we’re going to see how May looks."
While June through August is typically the peak season for buying and renting, April actually had an unexpected spike in real estate.
“When I first bought my house, I said, "You only need what percent to buy a house?" Because the most known number is you have to have 20% down, and one of my friends said you can get in with 3.5% down. In my opinion, real estate, owning, it is one of the quickest ways to build wealth,” said Matt Wood.
Mortgage rates are at an all time low, so even if you’re not looking to buy, now is a great time to look into refinancing your mortgage.
“In the past couple years rates have been in the 4’s maybe mid-4's, so when they drop a full percent like they have, people can save some good money. So it is a good time right now,” said Wood.
Despite the coronavirus pandemic, people are taking advantage of the low mortgage rates, and Waco remains a major hot spot in Texas to live or even own some property.
To refinance, you can usually do it online through your lender and hopefully put some cash back into your pocket. To contact Fairway Mortgage, their website is fairwayindependentmc.com.