Bryan and College Station real estate Slowdown?

Both Bryan and College Station posted home sales down in August from previous years and the past very strong months. Remember that July of this year was a record breaking year with sales surpassing previous years strongly. This could be an indication that the market is softening slightly here, though it could be that many people that traditionally would have bought in August instead jump started their plans and bought in July.

Overall there were 411 new listings in August. 292 sales occurred with a total number of active listings sitting at 1,139. The average sales price stayed strong at $179,870. Average days on the market stood steady at 105.

In the lower end market up to 99K there were 44 sold and 216 total listings. in the 100-180K market there were 149 sold with 446 total listed. In the 180-299K price range 57 sold with 257 total listed. Over 300K saw 30 sold with 220 total listed.

Again remember that in July we saw an almost equal number of sales and listings in the more popular price categories up to 200K. This could be the beginning of a slight softening or it could be a minor fluctuation.

Stay tuned for more details!

Is It Your Offer, Or Your Agent's Reputation?

I have a beautiful, older house in one of our charming historic districts for sale currently. It is listed at $229,900, a "quick sale" price since the clients are moving out of the country. When we first put it on the market we had three offers and chose the best one. The buyers were represented by a new agent in town but had their prequalification letter and were fairly good to go. They decided since then not to use the local lender they were prequalified through, but instead an out of town lender, DiTech Funding. DiTech sent an appraiser out that isn't familiar with the neighborhood, just did a drive by and didn't use the correct square feet. It ended up appraising for around 20k less than what we had multiple offers on it for. Unfortunately, long story short, though another appraisal was done and it came out at $242K DiTech wouldn't accept that. During this fiasco, however, the new agent was never heard from. We would get the occasional phone call from her manager, or another agent that was helping, but repeatedly this agent wouldn't call back.

Fast forward and the house is back on the market. This same agent, along with two others brought us another very attractive offer. The seller, at this point, doesn't want to consider her offer because of her track record. Fair to her client? Absolutely not, but understandable to anyone.

When choosing an agent the only qualification isn't whether they can get you into the properties. Their reputation with other agents, and the general public, their experience, their knowledge are all necessary to get the job done. When choosing a buyers agent ensure that your agent is very familiar with lending practices and has been an agent for several years, or is a buyers agent for someone with an excellent reputation that will guide the buyers agent.

Don't loose out on the perfect house because of your agent!

College Station Best Buy Alert!!!

Looking for a secure place for your student? Wow, I ran across this listing today and I'm very impressed with the price. I am not the listing agent on this one, and it is a corporate owned unit in a student community off Wellborn Road. This 4 bedroom/3 bath with granite countertops and 1504 square feet is selling for $124,000!

Rentals in the area have been between 1400-1600/per month. Sales show the latest two units sold fo $141K and $142,200.

Other units available are listed at $169,900 and $165K. Please note there are several floorplans and these might be quite different.

These are two story units about seven miles away from campus.

Go into search the MLS and type the reference number 51395 to see the pictures and/or call me today to see the property!

Storm Preparation for College Station and Bryan

Want to know the latest about Hurricane Ike, or any major storm that might roll into town? Go for all the latest information.

Looking for information on what to stock up on for a storm? Here is the place you need to be!

Information currently coming in states that

Due to inclement weather predicted in the wake of Hurricane Ike, the following closures and cancellations have been announced from the City of Bryan:



· Bryan and College Station independent school districts will be closed Friday.

· Texas A&M University and Blinn College will be closed Friday.

· All branches of the Bryan and College Station public library system will be closed Saturday and Sunday. The due dates on library materials are extended to Monday so patrons won’t have late charges. Patrons are asked to not use book drops.

· The Bryan Aquatic Center and Neal Recreation Center will be closed Friday through Sunday.

· College Night in Downtown Bryan on Friday night is canceled. It will be up to the discretion of individual restaurants and entertainment venues whether they stay open, but city-sponsored giveaways will not be effective. The event will be postponed to a later date.

· The Patriot Day 9/11 event originally planned for Veterans Park at 6 p.m. Thursday night has been moved to Southwood Park, 1600 Rock Prairie Road.



Other pertinent information:

· Evacuees are being asked to go directly to Veterans Park on Harvey Road. They should call 211 for more information.

· The George Bush Presidential Library and Museum is extending free admission to all hurricane evacuees. Visitors simply need to identify themselves to staff as evacuees.

· 507 evacuees are currently being sheltered locally. Twenty-eight small animals and 46 large animals are being sheltered locally.

The local shelter capacity is about 2,500.

For the latest about Hurricane Ike go to the City of Bryan hurricane center website.

The weather is fine currently, with the sun up and just a few clouds in the sky. Probably will be changing rapidly tomorrow.

Keep Safe!

Bryan and College Station Schools Closed For Hurricane Ike on 9/12/08

Both Bryan and College Station School Districts have called school off for 9/12/08 because of Hurricane Ike. Reports are out that the City of College Station is also offering the employees extra time off today to prepare for the storm. Here in Bryan and College Station we will be relatively immune to the devestation of the storm, expected to make landfall somewhere between Galveston and Corpus Cristi. High winds, however, will be likely if the storm moves right through, along with flash floods. The roadways will be clogged with evacuuees and gas will be difficult at best to buy. All residents should prepare by filling gas tanks, picking up debris in their yard and securing loose outdoor items. Stock up on water, non-pershible items such as canned foods (make sure you have a manual can opener!) and ready to eat items that require no refrigeration. Please make sure you prepare and BE SAFE!!!

Fannie Mae/Freddie Mac Bailouts Yield Lower Interest Rates

Interest rates plunged nearly 1/2 a point on the news of the Federal bailout for the mortgage powerhouses of Fannie Mae and Freddie Mac. Interest rates that were 6.26 have suddenly fallen to 5.88%, the best deal in the last eight months. Mortgage lenders are warning that this is temporary, and they are bound to go up soon. In the meantime take advantage! On a 200K loan for 30 years the difference would be $49 a month. Almost $600 a year. The average homeowner owns a house for seven years before moving, so that is an average savings of $4,200!

If you are looking to buy, now is the time! Both Bryan and College Station real estate have consistantly been good investments.

Call today! (979)575-7765 for Coti or (979)574-1084 for Chris

Down Payment Assistance in Bryan or College Station

Many first time homebuyers ask about downpayment assistance or special lending programs. For the first time in years there are some new lending programs specifically targeted towards first time buyers and we will focus on those at a later time.

What you must know about downpayment assistance in Bryan or College Station

Both Bryan and College Station have downpayment assistance programs directly through the city. These programs apply to income qualified buyers who have good credit and can qualify for a loan. They are based on the number of people in the family and will loan up to $7,500 in downpayment assistance. The income guidelines are quite strict and are related to the poverty level.

These programs fund in October, so it is especially important that you be one of the first to apply. It's also important to use an agent, such as my team, that is fully qualified to participate in these programs, as there are special provisions to the contract that must be completed. For more information on this program contact us at (979)574-1084 or go to our website www.ChrisTesch.com (for those of you finding this blog independantly).

Federal help is available! For first time homebuyers the federal government will give you a tax refund that to help you buy your first home (you must repay it however!), or a primary residence if you haven't owned a home for 3 years or more. Later I'll do a complete article on the ins and outs of this program. In the meantime contact us for more information. ImportantYou can amend your return to get your money NOW, before the interest rates rise!!!!