CORPUS CHRISTI, Texas — Since last year, the average mortgage rate in Corpus Christi has jumped 25%. Experts are said that's because out of towners finding their new home sweet home here in the Coastal Bend.
Dr. Jim Lee is an Economics professor at Texas A&M Corpus Christi. He said some of these people are heading towards less populated areas.
"People trying to move away from the center of big metro area and obviously Corpus Christi is a good choice for them," said Dr. Lee.
Because of this, plus low interest rate houses are being sold left and right.
"The same phenomenon that we experienced with toilet paper; we seem to be experiencing with houses. it's supply and demand and for some reason, it's almost like people started panic buying houses," said Aaron Green, a local realtor for 'Gomez Realtors'.
While the abundance of houses being sold is a good thing for the local economy, there are some cons.
"It's not good for those who are renting a home and for young folks like you who are ready to buy a home, so homes are getting a lot less affordable today than even last year," Dr. Lee added.
Meanwhile, as the cost-of-living climbs, property taxes follow.
"All of taxing districts, whether it's county level, emergency services, education, you know school districts, they're able to take a little more. again, as the tide rises, all of the boats rise with it," said Green.
They say, now is the time to sell your house in Corpus Christi, but the competition is high when trying to buy.
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