BRAZOS COUNTY, Texas — The housing markets in Bryan and College Station are currently seeing greater demand than supply. As people are feeling more comfortable with going outside and moving about, the housing market is seeing an increase in both sellers and buyers.
While the economy slowly recovers and the interest rates remain low from the pandemic, people are jumping on the opportunity to get or sell a house at a good price.
"A year ago, our inventory was down already compared to the year before, but since the pandemic, our inventory has completely dropped down actually over 56% less than it was a year ago," realtor Kristi Fox Satsky said. "So our sales volume has increased by 36% but our inventory has dropped 56% so we have nowhere near enough homes for the number of buyers that we have in this market.”
Satsky says while people are trying to take advantage of these historically low-interest rates, some sellers aren’t ready to let go of their houses.
"A lot of sellers are not comfortable with moving because they either don’t want people in their homes right now due to the pandemic or they’re not sure they can find anywhere else to go so it’s kind of a wicked cycle," Satsky said.
The BCS area is seeing buyers come in from all different markets, and the demand is creating an opportunity for sellers.
"Our sellers are able to get their homes sold for top dollar very quickly, in a multiple offer situation and are able to sell well over their asking price because people are literally fighting over the small inventory that we have," Satsky said. "But if we have more sellers coming on the market, it would make us into a neutral market or if we have too many, with too many foreclosures when they start coming on the market again, then we will end up changing the course of the market here in [Bryan College Station].”
Satsky said if you are looking to buy a house now, you must stand out from all the other competing offers.
"Don’t look at houses unless you have a loan approval letter and if you have a house to sell for, get it sold first. And then go find a house. Because if you go and find a house and expect that the seller will give you time to sell your house first, it’s not going to work." she said. "They’re going to want your house sold, or you have the ability to have the new home purchased before you can sell the other. But the days of contingency, they’re not going to accept that risk when they got 8 other buyers that do not have that risk.”
She adds the housing market might be this chaotic right now because as people see prices increasing, they are worried that the costs will get even higher in a year, so now is the time to lock down these prices.