The news has been bombarding us with information about how low new housing starts are; as well as how "prices are plummeting" on existing homes. In many cases what the reporter is doing is taking statistics from one area and applying them to the nation. No matter how you slice it, Bryan and College Station real estate is very different from San Francisco real estate, or New York real estate or, as as matter of fact, any other real estate market in the United States.
Nationally there has been a downturn in sales. Most of the areas affected by this are in places where double digit increases in value previously were the norm. Bryan College Station, in contrast, has had steady, but slow appreciation with rates ranging from 3% to 7% per year. We have actually had some of our highest appreciation while some markets have suffered.
Our market is a dynamic market. We constantly have professors, college students and administration moving in and out. Bryan-College Station also has many non-university jobs that are just moving into town. This doesn't guarantee that we will never have a slump, but plummeting prices are highly unlikely.
A couple of years ago a very nice reporter for the Wall Street Journal came to College Station to interview me and several other top agents in the area. His first question to me when we were face to face is "show me the houses that haven't been selling in the area". He truly didn't want to hear that the market was robust and that we were, overall, in very good shape. He neglected the fact that our average sales price home (at the time right around 150K) was showing days on the market of less than 90, and in certain segments hardly 30. Some of the other agents cooperated with him by showing him homes that were priced twice our market average that were suffering from market lag. College Station luxury homes do tend to sit on the market a bit longer than the average home. Sales, however, in this segment have recently been picking up. Just goes to show you, if you look hard enough you can always find the black lining in the silver cloud!
Overall we are expecting 2008 to be a great real estate year. It will be slower than the boom times that we were experiencing in the 2002-2005 time frames, but still a very healthy market.
For more information about College Station real estate or our market overall don't hesitate to email me or call me at (979)574-1084. Have a Happy New Year!
Sunday, December 30, 2007
Friday, December 28, 2007
Spring Time and the College Station Condos are Flying
It looks to be an early season this year with parents already calling about College Station condos that are on the market. Just today I spoke with four potential buyers and two potential sellers of College Station condos.
What makes your condo marketable? It's a combination of location, complex amenities, affordability and condition.
Your condo is only as good as the complex it's in. Most of the condominiums we have here have excellent market points, and some down sides as well. Emphasising the positive, while countering the negative is the best strategy. For the condos that aren't directly on shuttle route finding out how close the route is will typically work. Not many are built terribly far from our existing routes. Targeting ads to parents who don't necessarily feel that their student will want to ride the shuttle can work as well. In general the closer the complex is to Texas A&M University the better off you are. However we have some excellent complexes that are tucked away a bit and still sell for premium prices.
Most of our condo complexes offer a small recreation area and a pool. This seems adequate and we certainly haven't seen better statistics with condos that offer volleyball courts or on-site movie screening areas or carwashes. The one amenity that many students and their parents are looking for is the gated community. This always helps for resaleability.
Affordability is very important for students as well as their parents. In general most of our parents are looking for 3 bedrooms at $150K or less and four bedrooms at 160K or less. Homeowner Association Fees can come into play as well with lower fees and similar amenities winning out consistantly.
The condition of your condo is of prime importance. A unit that has been cared for well will sell rapidly and at the best price. Ensure that the carpet is clean and the unit is in good repair with paint touch-ups and frequent cleanings for the best price.
Call me today with any questions you have about this season's sales or listing your condo or home.
What makes your condo marketable? It's a combination of location, complex amenities, affordability and condition.
Your condo is only as good as the complex it's in. Most of the condominiums we have here have excellent market points, and some down sides as well. Emphasising the positive, while countering the negative is the best strategy. For the condos that aren't directly on shuttle route finding out how close the route is will typically work. Not many are built terribly far from our existing routes. Targeting ads to parents who don't necessarily feel that their student will want to ride the shuttle can work as well. In general the closer the complex is to Texas A&M University the better off you are. However we have some excellent complexes that are tucked away a bit and still sell for premium prices.
Most of our condo complexes offer a small recreation area and a pool. This seems adequate and we certainly haven't seen better statistics with condos that offer volleyball courts or on-site movie screening areas or carwashes. The one amenity that many students and their parents are looking for is the gated community. This always helps for resaleability.
Affordability is very important for students as well as their parents. In general most of our parents are looking for 3 bedrooms at $150K or less and four bedrooms at 160K or less. Homeowner Association Fees can come into play as well with lower fees and similar amenities winning out consistantly.
The condition of your condo is of prime importance. A unit that has been cared for well will sell rapidly and at the best price. Ensure that the carpet is clean and the unit is in good repair with paint touch-ups and frequent cleanings for the best price.
Call me today with any questions you have about this season's sales or listing your condo or home.
Tuesday, December 11, 2007
Bryan's New High School Drawing New Homes!
Bryans new high school is coming along nicely! As fast as the high school is going up, the community is seeing new homes pop up in Austin's Colony. Austin's Colony is strategically placed with easy access to not only the new high school, but some fantastic shopping and the new Premier Cinema. Imperial Homes, New Vision, and several other builders are seeing the potential and responding to the demand. Blessed with Harvey Mitchell Elementary and close in to town this subdivision is poised for much more growth and it's become one of our most sought after subdivisions in Bryan.
FHA Loans Making a Comeback in College Station
We've recently seen a resurgence in our first time buyers using FHA financing. FHA doesn't have as many issues as in years past when they mandated "non-allowable" expenses for the buyer. Around 1.5 years ago FHA had a wake-up call and realized that most FHA contracts were going through at higher than average sales prices, which meant, in effect that the buyers WERE paying these fees. FHA still has issues. It is tough to get an older home through the FHA inspection process and the appraiser has to be knowledgable in the rules and regulations. A good look has to be taken of the property before the inspections so that the buyer isn't wasting their money on properties that won't meet the stringent requirements of FHA. Using a real estate agent that is familiar with FHA guidelines is important!
Saturday, December 1, 2007
College Station Luxury Homes Making a Comeback
After months of lagging sales in College Station luxury homes we're seeing a resurgence of this market. Showing on our homes above 500K are booming and many have gone under contract after being on the market formerly for many months. The luxury market never has been tied to the school year like so many of our moderate priced listings, however many College Station real estate agents are talking about the phenominon. I've seen it personally as well with my higher priced listings. It's a great time to sell your College Station luxury home!
Friday, November 16, 2007
Three Secrets to Successfully Buying A Student Condo in College Station
Buying a student condo can be a great investment in College Station. Among the benefits are the increase in equity during the time your student lives there and the learning experience for your student. Watching you complete the purchase can teach them valuable information about real estate transactions.
How do you ensure a successful purchase, one in which the student is happy, you are happy and you are enroute to a gain during the years you own the property?
The first secret is to find an agent VERY familiar with all the condo and townhome projects around town and will familiarize you. All of them have their upsides and downsides and you need an agent that will discuss the pros and cons of each complex and educate you to what is available, and what has traditionally made good equity leaps. There are many choices in our town, and it is a huge mistake to make a decision without seeing what other complexes are available. Many people go for the latest development because of a nice brochure only to find out that their resale value isn't as high as their mortgage.
The second secret is to match the condominium with your students (and their friends) personalities. A more outgoing student sometimes will not be happy in one of our more sedate complexes just like a quiet student won't be happy in party central.
The third secret is to choose roomates very carefully. Sometimes long time friends make the worst roommates. Family, at times, makes the best roommates you can get. If cousins are attending together, and get along well together it can be beneficial. Good friends have often left their college condos never talking to each other again. Family is always family!
Chosen carefully a college condo can be an excellent investment and an asset to your investment portfolio. Call me to schedule a time to look at all your options!
How do you ensure a successful purchase, one in which the student is happy, you are happy and you are enroute to a gain during the years you own the property?
The first secret is to find an agent VERY familiar with all the condo and townhome projects around town and will familiarize you. All of them have their upsides and downsides and you need an agent that will discuss the pros and cons of each complex and educate you to what is available, and what has traditionally made good equity leaps. There are many choices in our town, and it is a huge mistake to make a decision without seeing what other complexes are available. Many people go for the latest development because of a nice brochure only to find out that their resale value isn't as high as their mortgage.
The second secret is to match the condominium with your students (and their friends) personalities. A more outgoing student sometimes will not be happy in one of our more sedate complexes just like a quiet student won't be happy in party central.
The third secret is to choose roomates very carefully. Sometimes long time friends make the worst roommates. Family, at times, makes the best roommates you can get. If cousins are attending together, and get along well together it can be beneficial. Good friends have often left their college condos never talking to each other again. Family is always family!
Chosen carefully a college condo can be an excellent investment and an asset to your investment portfolio. Call me to schedule a time to look at all your options!
Saturday, November 3, 2007
Four Great Ways to Check Out Your Listing Agent
Looking to list your house and wondering who might do the job well? There are things that you can do to ensure that your listing agent will be doing more than playing golf and hoping that your house sells.
1). Do your homework first. 86% or more of homebuyers are starting out on the internet. Do Google searches and Yahoo searches to see who is showing up on-line. Not necessarily at the very, very top because those are sponsored searches that agents are paying up to $5.00 per click for... Agents that do well with their websites show up high in natural searches because their website content is good, drawing more buyers.
2). Interview a few agents. Don't just settle for the neighbor, or your coworkers spouse. Schedule interviews with several agents and plan on having them look at your home, give you an estimate of sales price and tell you about their marketing.
3). While the agent is out at the interview have them sit down with you on the computer and show you where they are advertising their other listings. Do they have extensive web exposure? Do they advertise on Craigs List and V-flyer? Do they have virtual tours too?
4). Have the agent pull up the MLS and show you their current listings. Do they have as many pictures as possible? Are the descriptions for the property good?
These steps can ensure that you get a great agent that will work hard for you. Don't just choose the first name you run across, choose the best!
1). Do your homework first. 86% or more of homebuyers are starting out on the internet. Do Google searches and Yahoo searches to see who is showing up on-line. Not necessarily at the very, very top because those are sponsored searches that agents are paying up to $5.00 per click for... Agents that do well with their websites show up high in natural searches because their website content is good, drawing more buyers.
2). Interview a few agents. Don't just settle for the neighbor, or your coworkers spouse. Schedule interviews with several agents and plan on having them look at your home, give you an estimate of sales price and tell you about their marketing.
3). While the agent is out at the interview have them sit down with you on the computer and show you where they are advertising their other listings. Do they have extensive web exposure? Do they advertise on Craigs List and V-flyer? Do they have virtual tours too?
4). Have the agent pull up the MLS and show you their current listings. Do they have as many pictures as possible? Are the descriptions for the property good?
These steps can ensure that you get a great agent that will work hard for you. Don't just choose the first name you run across, choose the best!
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