BRYAN, Texas (KBTX) – Two local real estate experts say they are optimistic about the state of the housing market in Bryan and College Station.
Interest rates have been falling in recent weeks and are currently hovering around 7%. Mortgage consultant Adam Wells said such numbers could become the new normal.
“People are getting used to the higher prices and higher interest rates that we’re seeing in the market,” he said.
Real estate agent Raylene Lewis said demand will start to increase as interest rates drop as buyers want to take advantage of current rates. But that demand could drive up home prices.
“Sellers need to be prepared, because when interest rates fall there will be a huge increase in transactions. And buyers should know that they should consider buying now, before pent-up demand competes.” There is a need,” said Lewis, who has more than 20 years of real estate experience.
Lewis and Wells predict that more people will buy homes in 2024, even as prices rise. Lower interest rates will allow home buyers to purchase with more confidence.
“There’s a lot of hesitancy around affordability, but as the numbers come down, some of that hesitation will go away,” Wells said.
The growth experienced by Bryan and College Station has resulted in a decrease in housing supply as demand increases. This increases competition, reduces available housing, and increases prices.
“Home prices are up about 4% from this time last year. So our average sales price is $387,000, which indicates a healthy market. We still need a little more supply.” Lewis said.
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