The American Airlines Layoffs Situation
I’ve spoken to many friends who either work directly for American Airlines or have an immediate family member who works at American, and while many question exactly how many people in the Owasso and Collinsville area will be effected, no one can deny the sense of fear.
Owasso and Collinsville are home to over 1000 American Airlines employees. I have had the privilege of selling many of them their homes. I was set to list a home for someone who works at American Airlines recently, and got the phone call that they wanted to hold off on moving to a bigger newer home.
While there is a legitimate sense of fear and caution, we shouldn’t be quick to panic. Oklahomans have proven time and time again that we can and will overcome adversity. Whether it be a terrorist attack or a natural disaster, we have grown stronger as a community.
If people panic and try to rapidly sell their homes out of fear, it will saturate the market with homes for sale and thus create a drop in the price of homes. The more supply of homes available, the lower the demand for those homes is and the price decreases.
Luckily, the Tulsa area has seen very little of the effects of the national foreclosure “bubble” because we had steady increases in home values. A saturation of homes for sale could negatively impact our communities. In our humble opinion, it would be wise, if the family can afford, to stay in their homes and let the market recover. They will be able to make more money on their home in the long run if they don’t sell their home in a saturated market after home values decrease.
So in conclusion, while it might be a wise decision to hold off on upgrading to a larger home, selling in a panic could be more costly.
One more important thing. People at American Airlines don’t know any more than the public does. Every person I’ve spoken with has said they hear about everything on the news just like us. Rather than bombard them with questions, just let them know you’re thinking about them and offer your support if they need it.
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