Buyers find it difficult to buy homes at BCS
BRYAN, Texas (KBTX) – The BCS area is definitely a seller’s market right now. This means that a lot of people looking to buy have to bid after offer, and homes are disappearing much faster than last year.
Taylor Tyson and Richard Knapp have been looking for a home for two months. One factor that makes things difficult for the newly married couple? A really low offer.
Amy DuBose of the BCS Association of Realtors said our market has been at a standstill for a year.
“Right now they’re at about 1.4 months of inventory, which means if no ads were put on the market, how long would your market last? 1.4 months is really not that long. A balanced market lasts 6.5 months, ”said DuBose.
Another factor that plays against the couple? They are first-time home buyers. They outbid three separate homes, including one that cost $ 15,000 more than their best offer and covered closing costs.
“Our friends kind of know it’s got the upper hand and you know it’s a big part of our lives,” Tyson said.
According to the BCS Real Estate Association, homes are selling almost two weeks faster than a year ago. It’s even more dramatic if we look at College Station alone. In May, there were about 70% fewer homes on the market compared to a year ago and we saw an almost 70% increase in closings.
DuBose says that one factor that could boost this market is an increase in remote working so people can settle wherever they want. She says there’s usually an influx of Texas A&M alumni, but now we’re seeing more people from states like California and New York. This includes Tyson and Knapp.
“I’m originally from Michigan and he’s from North Carolina. We came here to work and we kind of made a home here and created a family of friends, so we know that’s where we want to stay and build a house for a while, ”Tyson said.
But there is some hope that things will balance out. It may take a few months.
“The summer is going to be tough as it will still be very competitive, but as we get through the summer we hope it will sort of recover into a more normal range, especially for the months of. inventory available, “said DuBose.
Her best advice for buyers? Have your papers in order and ready to go listen to your real estate agent.
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