Saturday, August 30, 2008

Waterwood Townhomes College Station

We've had some great questions about Waterwood Townhomes lately and I wanted to, in addition to addressing them in private emails, post about the availability currently.

Currently there are two Waterwood Townhomes available on the market. One is a three bedroom/three bath offered at $146,500. The other is a four bedroom/four bath priced at $159,900. This, of course, is subject to change, and you should always check to see current availability. Right now is a great time to buy. Most of the parent investors have, of course, already bought and the students are back to school. If you are not going to carry a mortgage on the property it can be an excellent time to buy because it's a great time to negotiate those prices down! If you were going to carry a mortgage it's probably not a good time to buy because you will have on going expenses and no rental income until someone moves in, probably either in December or next July or August.

These townhomes have shown great appreciation in the last few years and are likely to show good gains in the future as well. To view these townhomes call Chris or Coti today at (979)574-1084.

Gig 'Em Aggies!!!!

Monday, August 25, 2008

Bryan & College Station Foreclosures

Many returning Ags, or even first time homebuyers believe that getting a foreclosure deal will give them instant equity in their Bryan or College Station home, condo or duplex. Unfortunately this isn't always, or even generally, the case. Unless you are buying a home that is significantly more pricey than the average home, or significantly less, then the Bryan or College Station house would have sold before foreclosure with no problem. With our average market time of less than 100 days for homes within the popular 120-180K market, only the truly stubborn homeowner, or the truly negligent, will get foreclosed on. These properties, placed on the open market and priced reasonably will likely receive multiple offers as long as they are reasonably cared for, in the metropolitan areas of Bryan or College Station (as opposed to the smaller towns of Franklin, Caldwell, Snook, Hearne, Navasota), and priced right.

The rare decent College Station real estate properties that do go to foreclosure will likely face intense scrutiny and garner multiple offers when finally put up for sale. A typical scenario is the home in Westfield Village that sold in a HUD foreclosure. A HUD foreclosure is a foreclosure for a FHA insured property and notably well priced typically. This home was priced about $10 a square foot under market (about 10% less than market) and was in a great area. The floors needed to be replaced, the house was built with substandard materials and the lot placement left something to be desired with the backyard backing up to a major road. Showing this house was an exercize in frustration with only the rare agent NOT having a client that was interested in it. Multiple offers were gained while other buyers lost out on homes much better suited to their experience waiting to hear how they had fared in the bidding process. When it was all said and done the property sold for over list price and dozens of prospective buyers were disappointed.

A better strategy for securing a great buy on a Bryan or College Station real estate purchase is to look for a property that is vacant and costing the owner each and every day that it's on the market. Other possibilities are purchasing in the off season and finding a house that needs work and has been on the market quite some time. An experienced agent can help you, either with a foreclosure or identifying excellent buys on the market. Sometimes a Bryan or College Station foreclosure is not what it's cracked up to be. However, there is almost always a great property out there at a good price for each person. Call Chris or Coti today to find the right property for you!

Picking The Perfect Bryan or College Station Home for Sale

Picking the right house in Bryan or College Station is, of course, a matter of personal opinion. There are as many distincive homes as there are types of people, and the "right" home for some would be a disaster for others. However, it is important to keep a few things in mind when choosing your next Bryan, Texas or College Station, Texas home.

1. Pick your Realtor carefully. A good Realtor can make the difference between a successful search and a flop. Finding the right agent can be the first step in finding the right home, and negotiating the right price. Look for an agent with experience. Not necessarily a lifetime...sometimes too much can harm the transaction (do you really want your agent to not be in touch with todays prices?), but enough to help you in evaluating homes and negotiating the price. You also want an active agent. Last month was an extraordinarily busy month in real estate in both College Station and Bryan. Despite that only over 350 units were sold in July, 08', the busiest month in the last seven years. We have over 640 agents on the books in our BCS MLS! In July I closed 9 transactions...our srongest 25-50 agents are the ones doing most of the business and are the ones most in touch with the market. Pick your agent amongst those that are actually in the business full time with experience. It will make a better experience all around!

2. Search for your new home with resale in mind! It may seem strange you right now, but money is made on real estate when it's bought, not when it's sold! You need to negotiate the best possible price on the best possible property for it to be a successful transaction!

3. Stay within the market averages! Though it goes against many peoples grain, staying within the average purchase price of homes in the area is a smart move. You may be able to afford much more house that the 120-200K that our market pulls, but you will maximize your resale if you stay within a margin of plus or minus 50 percent when buying. Buying a home for over 300K can be a good investment if your are going to stay in place for quite some time. If, however, you are planning on moving (or would like to be able to entertain the idea) within the next 3-5 years stay at under 300K to maximize your return.

These are just a few of the tips I can give you to maximize your real estate investment. Call today to set up a complimentary meeting to find out how we can work together to maximize your real estate experience! Call Coti or Chris today at (979)575-7765 or (979)574-1084!

Sunday, August 24, 2008

Bryan and College Station Real Estate Soars in July!!!

Wow, big gains were had in the final analysis of July 2008 numbers! According to The Eagle July showed a hotter market for both Bryan and College Station than we have seen in the last seven years.

Sales are up and inventory is down. A very promising sign here for the Brazos Valley! Investors, buyers and sellers should look at these numbers and know that now is the time to get off the fence. If numbers stay this strong there is relatively no doubt that housing prices will appreciate better than average.

If your looking for an investment, a Bryan home or a College Station home call Coti or Chris today! (979)574-1084

Thursday, August 21, 2008

Bryan and College Station Real Estate Market

Many prospective buyers in our market are looking for information on the state of the Bryan and College Station real estate market. It's been a different year, there is no doubt about it! We have seen some issues pop up that haven't been at the forefront of our concerns in previous years. For the most part, however, both Bryan and College Station are having great market years!

Listings priced between 120-160K are going fast! Average days on the market are around 30 with many buyers being beaten out before we can get back to the office from viewing. Inventory is extremely low. Currently College Station has 50 single family homes between the price point of 120K and 160K on the market. Last month, at the height of the "housing crisis" we saw 47 homes like this go under contract. Bryan currently has 57 single family homes listed between the price points of 120K and 160K on the market. Last month Bryan saw 36 homes sold in this range. Still less than a two month supply!This is what constitutes a seller's market. The definition of a sellers market is one in which inventory is at a less than 5 month supply of what is selling.

Moderate price points of 170K-299K are still relatively balanced in both Bryan and College Station real estate markets. Currently indications of a three month supply is seen in both cities. This is still a seller's market but certainly a less strong one.

Higher end price points of 300K and up in both Bryan and College Station single family homes are taking longer and longer to market and move. Currently we are seeing over a six month supply in these price points with much improvement to be had. This is where the hit the seller's market!

One of the biggest real estate issues we have had this year revolves around appraisals. Now, more than ever, it is extremely important to use an in town lender as they will use appraisers who know this market. Many times the appraisal comes back too low for the scenario, even with multiple offers. Case in point is a home that I have listed currently in a Bryan non-traditional neighborhood. This is an older neighborhood with mature trees, very centrally located, and has a definate prestige factor. The appraisal from the buyer's out of town lender came back at a much lower price (24K less) than my client originally bought the house for 3 years ago, but we had 4 offers on the property, 3 at full price. Obviously, with that much interest in the home it is improbable at best that we had listed the property for a value too high. In examining the appraisal two things stuck out. The first was that the appraiser didn't bother going into the property and doing their own measurements. We have documented in two different appraisals that the square footage that BCAD (Brazos County Appraisal District) have and the actual square footage are different. The second item is that the appraiser would only take comparables within a mile of the property sold within the last year. For a property in a College Station neighborhood, or Bryan neighborhood that is large, such as Pebble Creek, Edelweiss, Copperfield, Austin's Colony...that would be an easy task. Not so easy with this beautiful Bryan home!

Negotiating the waters of a real estate transaction can be difficult! Call today for your very best representation! (979)574-1084

Sunday, August 17, 2008

College Station Condos

College Station Condos



Condos are one of the hottest segments of our market. Though we have some that serve small families and singles nicely, our primary condo market is student living. These can be one of the best investments a parents can make. Condos have many advantages over rentals during a students four to six years here at Texas A&M University.

Apprecation is king!

Though some of the scenarios for condos will have you paying just as much for your share as rentals you will walk away with appreciation of, typically 4-7% per year. A typical scenario (with your student paying no rent) is seen in Waterwood Condos. The first year offering for these wonderful 3 and 4 bedroom condos in a gated community was approximately $142,000 for a 4 bedroom, 4 bath condo in 2003. If you had financed this property with 20% down your payment would be $1039 plus the HOA fee of $120 per month (covers exterior maintenance, pool maintenance and lawncare) for a grand total of $1159. Divide this among the 3 other roommates and their rent payment would be under $400 per month. In this scenario if you sold this year you would sell for approximatly $160,000 or an increase of $18,000.

Avoiding the Moving Day Hassles

Students living in apartments and other rental situations often find themselves in the situation of having to move. If the owner of the condo that they are living in, in a rental scenario, has to move then they find themselves having to move as well. Moving is costly and takes time for you, and subsequently them. Buying a condo puts you in control of this potentially frustrating situation.

No Lawn Care WorriesLet's face it. When the kids were home they could do the lawn, but not without a bit of gentle reminding! Avoid this hassle by buying a condo as opposed to a single family home (though I do sell single family homes for students as well and we can go over the pros and cons). Relatively maintenance free you won't be receiving voilation notices from the city of College Station when you go with one of these beautiful properties.

Wide Variety of Options

College Station offers a wide variety of condo options ranging from one bedroom/one bath (typically older with a bit of remodeling needed) for as little as $40K up to a luxury property featuring 4 bedrooms and 4 baths for between $100K and $200K plus.

For your overview of the condo options and a free tour give me a call to set up your complimentary appointment at (979)574-1084, or my Buyers Agent, Coti at (979)575-7765.