COLLEGE STATION, Texas — Bryan College Station is home to many students and local families as well. With people losing jobs and schools moving online, the housing market may face fluctuations different from what it is used to.
Open houses and apartment tours have either been canceled or moved online for the safety and health of all parties involved.
“It’s difficult to show any properties to people who are relocating to the area or students that will be coming in the fall," said Aggieland Apartment Finders realtor, Curtis Davis. "If you’re looking for a house, it’s hard to show homes that are occupied, right now. The only thing we’re really showing are vacant units. Or what we’re actually doing is sending them virtual tours online of apartment complexes. So it is a little harder for us as agents to do our job, I think it’s slowing places from being filled up currently"
Many apartment leasing offices are physically closed and applications are strictly online.
“Some apartment complexes are losing leases left and right. Just because they can’t service their clients and customers as normal," said Davis.
While the demand for renting property may have slowed down, things look a little different on the buying side.
“As of right now, I’m still seeing a very steady pace like last year and the year before," said 12th Mortgage Loan Officer, Summer Handy. "Here in the differences and challenges that we’re seeing is that we have extra hoops to jump through. With unemployment with the constant changing up of how many people’s jobs are affected, then we’re having mortgage constraints."
There are additional rules and regulations added into getting a mortgage because of the virus and how it is affecting jobs globally.
“One month ago, something that I could approve a buyer for, I am not able to approve for now. I’ve seen the restrictions on what we’re allowed to lend change," said handy.
Despite these obstacles for renters and buyers, these difficult times are not permanent.
“Once the shelter-in-place gets lifted, I think we’re going to have a mad rush of people that are going to be looking for rentals that’s just going to be a mad rush. People are still going to need places to live. Eventually it’s not going to be all online classes and people want to come down to TAMU. I just think those people will be doing pre-leasing a little bit later this year than what they have in the past," said Davis.
The unstable economy and markets are not strangers to the country.
“We weathered through a really good storm in the financial crisis in 2008-2010, and I want to believe that we are weathering through that storm right now," said Handy.