BRYAN, Texas (KBTX) — As mortgage rates and interest rates rise across the county, fewer people can afford to enter the housing market.
The number of people taking out mortgages continues to decline. According new data published by Attoma real estate database and search firm, home loan applications fell 32% year-on-year, marking the fastest decline in eight years.
The data also suggests that new loans fell for the fourth consecutive quarter, while refinancing loans fell 22% and purchase mortgages fell 18%.
While many parts of the country have seen declines, residential mortgage lending increased in Bryan-College Station from the fourth quarter of 2021 to the first quarter of 2022.
Real estate experts attribute the difference in housing trends to living in a college town.
“There are still a lot of buyers in the market looking to buy real estate right now,” said Wendy Flynn, real estate agent for Keller Williams Bryan College Station.
“It’s an indication of the strength of our market. This is an indication that there is still a lot of real estate and residential real estate activity in our market,” Flynn said.
Dr. Adam Perdue, an expert with Texas A&M’s Texas Real Estate Research Center, says the stability of the job market, combined with major industries moving to the area, all play a role in the housing market. He says the region’s biggest strength is Texas A&M.
“A&M is the main driver of Brazos County’s economy,” Perdue said. “Public jobs like this are usually more stable, so people don’t have to worry about losing their jobs if and when a recession hits.”
Despite national trends, Perdue says Bryan-College Station appears to be in a good position when it comes to the real estate market. He says his outlook for the future is positive.
“What we think will happen is that the price increases we’ve seen over the past few years will slow down significantly, but absent a session, I think they’ll still be positive.” , Perdue said.
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