Local real estate professionals weigh in on housing market conditions
BRYAN, Texas (KBTX) – Two local real estate professionals said they are optimistic about the state of the housing market in Bryan and College Station.
Interest rates have fallen over the past few weeks, and are currently sitting around 7%. Mortgage loan consultant Adam Wells said numbers like this could be the new normal.
“People getting used to the higher prices that we’re seeing in the market as well as higher interest rates,” he said.
As the interest rate drops, real estate agent Raylene Lewis said demand will start to rise as buyers will want to take advantage of the current interest rate. However, this could lead to home prices going up as a result of that demand.
“Sellers need to get ready because when the interest rates drop the activity is super going to increase. And buyers need to know that they should consider buying now before the competition of pent-up demand,” Lewis, who has over two decades of realty experience, said.
Both Lewis and Wells predict that more people will buy homes in 2024, even as prices rise. The lower interest rates help make homebuyers more comfortable with purchasing, they said.
“Affordability has to do with, with a lot of the hesitation but as those numbers come down, I think that some of that hesitation will go away,” Wells said.
Due to the growth Bryan and College Station has experienced, the housing supply has shrunk as demand rises. This leads to more competition, fewer available homes, and higher prices.
“Home prices are up about 4% from this time last year. So our average sales price is $387,000 and that shows a healthy market. We’re still in need of a little bit more supply,” Lewis said.
