Homebuyers struggling to actually buy homes in BCS
BRYAN, Texas (KBTX) - The BCS area is definitely a seller’s market right now. That means a lot of people looking to buy have to put in offer after offer, and homes are gone much faster compared to last year.
Taylor Tyson and Richard Knapp have been house hunting for two months. One factor that’s making it hard for the newly married couple? A really low supply.
Amy DuBose with the BCS Association of Realtors says for the last year our market has been off.
“Right now they’re at about 1.4 months of inventory so that means if not a single listing came on the market, how long would your market last? 1.4 months is really not that long. A balanced market is 6.5 months,” said DuBose.
Another factor working against the couple? They’re first-time home buyers. They’ve been outbid on three separate homes, including one that went for $15,000 more than their best offer and covered the closing costs.
“Our friends kind of know that that’s been taking precedent and you know, that it’s a big part of our lives,” said Tyson.
According to the BCS association of realtors, homes are selling almost two weeks faster than one year ago. It’s even more dramatic if we look at College Station on its own. In May there were about 70 percent fewer homes on the market compared to one year ago and we’ve seen an almost 70 percent increase in closings.
DuBose says one factor that could be driving this market is an increase in remote work so people can set up wherever they like. She says usually there’s an influx of Texas A&M alums, but now we’re seeing more people from states like California and New York. That includes Tyson and Knapp.
“I’m from Michigan originally and he’s from North Carolina. We came here for jobs and we kind of created a home here and created a family of friends so we know this is where we want to stay and build a home for a while,” said Tyson.
But there is some hope that things will even out. It might just take a few months.
“Summer is going to be tough because it’ll be very competitive still, but as we get through the summer we’re hopeful it’ll kind of restore itself back into a more normal range especially for the months of inventory that are available,” said DuBose.
Her best advice for buyers? Have your paperwork in order and ready to go and listen to your realtor.
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